Stainless Steel Strips Market Share

APAC Market Statistics

By 2036, Asia Pacific region is expected to hold more than 33% stainless steel strips market share. In the region, the market for stainless steel strips continued to grow as a result of increasing demand from the automobile industry. As the consumer's preference for battery power vehicles increases, China's automotive industry is undergoing a change of trend.

Demand for stainless steel strip is expected to be supported by the expansion of China's automobile sector. China is the world's largest producer of cars, accounting for almost 34% of global production, according to the International Organization of Motor Vehicle Manufacturers. The country produced 2,70,20,615 cars during the period from 2022 to 2021, an increase of 24% compared with 2,51,21,712. Therefore, Asia Pacific stainless steel strips market is supposed to expand in the upcoming years.

North America Market Analysis

The North America region will also encounter enormous growth for the stainless steel strips market during the forecast period and will hold the second position owing to the increasing demand for stainless steel in electronics and engineering applications, impelled by its desirable characteristics. The US is a tremendous contributor to the North American market.