The Ever-Expanding Stainless Steel Hardware Market
The global market for stainless steel is always robust, thanks to the material's numerous qualities that make it suitable for such a vast array of different applications in every type of industry. A new report compiled by The Niche Research (TNR), an organisation described as being 'a worldwide pacesetter in analytics, research and advisory', has revealed just how quickly the market for stainless steel hardware is growing and how high it is anticipated to reach in the coming decade.
The worldwide market for stainless steel hardware is currently experiencing a high level of growth, driven by steadily increasing demand for materials that offer exceptional durability and resistance to corrosion. In its new report, TNR projects that the market will hit a staggering £15.07 billion by 2034, representing a CAGR (compound annual growth rate) of close to 6.8% year on year throughout the forecast period.
One of the key trends driving the exponential growth is the increasing adoption of precision casting and 3D printing, along with several other advanced manufacturing technologies, all of which make manufacturing complex components from stainless steel a faster, easier and more cost effective process.
With heavy global investment into infrastructure by both the private sector and government, the demand for hardware made using stainless steel continues to surge upwards. Offering the optimal combination of longevity, sustainability, strength and resistance to corrosion, stainless steel hardware is being used more and more in construction applications from buildings to transportation.
The drive towards a greener future is seeing stainless steel hardware used more often in the automotive industry, as manufacturers seek to make vehicles lighter in weight, improving their fuel efficiency and thus reducing the amount of emissions they produce. These needs are also relevant to the marine sector, with stainless steel's corrosion resistance making it perfect for crafting various ship components exposed to this harsh environment.
The demand for stainless steel screws has jumped significantly, with these components capturing 10.3% of revenue in the global market for stainless steel hardware, the second largest share of revenue in 2023. Austenitic stainless steel enjoyed the highest share of 2023's market at 29.4%, reflecting this type's exceptional weldability, ductility and general versatility.
BS Stainless supplies a comprehensive array of stainless steel materials and components to an equally comprehensive array of industries all over the world. All of our products are crafted to the very highest levels of quality and always made available to our discerning customers at the most competitive price point.
Please browse our website to find out more and do not hesitate to get in touch with our dedicated technical team for further information and expert advice.