A new market research report by Transparency Market Research, titled “Stainless Steel Round Bar Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2023,” provides an in-depth understanding of the global stainless steel round bar market. The key insights into the market presented by this study are useful for the established and upcoming vendors looking to penetrate in the market.
An analysis on the prime trends in the market has also been encapsulated in this study. The fundamental mandates and regulations seen in the market and the ways they will impact the market development have also been elaborated. In addition, the top strategies of the prime players and their respective shares in the market have been presented.
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In the beginning of the report, the introduction of the stainless steel round bar market has been presented. This section also encapsulates the definition and application areas of stainless steel round bars. Stainless steel round bars present excellent properties including toughness, fire resistance, high corrosion resistance, tensile strength, magnetism, and fire resistance, among others. They are extensively being utilized for manufacturing numerous products such as dairy equipment, anchor bolts, industrial nozzles and valves, machine and automotive shafts, food processing equipment, sanitary fittings and faucets, reinforcing bars, and a number of other hardware products.
As per the report, the increasing development of construction, oil and gas, aerospace, and mining industries is providing impetus to the development of the market. In addition, the exponential development of the automotive sector owing to the increasing vehicle production will positively impact the development of the stainless steel round bar market. On the other hand, the huge cost of nickel is a prime factor inhibiting the development of the market.
Geographically, the report categorizes the market into Asia Pacific, North America, Europe, the Middle East and Africa (MEA), and the Rest of the World (RoW). On the basis of demand and production, the Asia Pacific stainless steel round bar market held a significant share in 2014 and is predicted to maintain its dominance all through 2023. This is owing to the increasing population and expansion in the infrastructure of Asia Pacific countries. North America and Europe respectively, trailed Asia Pacific in 2014 due to the increasing industrialization and the booming automotive industry in these two regions. On the other hand, in the MEA, lucrative opportunities in the chemical and petrochemical industries will also fuel the growth of the stainless steel round bar market in this region.
As mentioned in this report, Allegheny Technologies Incorporated, Crucible Industries LLC, Garelick Steel Company, Dongbei Special Steel Group Co. Ltd., J. H. Stainless, ThyssenKrupp Steel Europe AG, Shri Bhagavati Bright Bars Limited, Tsingshan Holding Group Co. Ltd., Walsin Lihwa Corporation, and Valbruna Stainless Inc., among others, are the leading players in this market.