300 Series Segment to Dominate the Saudi Arabia Stainless Steel Market during the Forecast Period
According to TechSci Research report, Saudi Arabia Stainless Steel Market - By Region, Competition Forecast & Opportunities, 2018-2028,” the Saudi Arabia Stainless Steel Market is expected to register robust growth during the forecast period, 2023-2028 owing to projects related to Saudi Vision 2030.
Stainless steel is a steel alloy containing at least 10% chromium and is resistant to corrosion. The addition of chromium to stainless steel creates a thin metal oxide film on the metal surface, protecting it from corrosive agents.
A common grade of stainless steel is 316 stainless steel, which is generally composed of 16-18% chromium, 10-14% nickel, 2-3% molybdenum by adding small amount of carbon with it. Its corrosion resistance increases if molybdenum is added to 316 stainless steel as compared to other grades of stainless steel. These properties and characteristics make 316 stainless the second most commonly used stainless steel grade after 304 stainless steel as it is used in corrosive environments such as chemical plants, refineries and marine equipment. Other important properties are that is malleable, non-magnetic and soft. Corrosion Resistance of this steel group is superior to ferritic and martensitic stainless steel. This kind of steel cannot be heat treated. Cold forming is possible. A forging process can be performed on this. Moreover, it can be used in low and high temperature applications. Penetration method is used for non-destructive testing. These stainless steels are also found in FCC construction. Stainless Steel is easy to sterilize as well as 100% recyclable. It also has a strong presence in other transportation areas, such as cargo to manufacture shipping containers, road tankers and garbage trucks. Corrosion resistance makes it ideal for transporting chemicals, liquids and food. Stainless steel is a low-maintenance metal that is easy to clean and maintain and is cheap.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on the "Saudi Arabia Stainless Steel Market."
The Saudi Arabia Stainless Steel Market is segmented into grade, product, application, region and competitive landscape. On the basis of grade, the market is divided into 200 Series, 300 Series, 400 Series, Duplex, Others. During the projected period, the 300 Series segment in the grade type is expected to dominate the market in the forecast period of 2024-2028. The 300 grade of the series is used almost exclusively for all moving parts requiring grinding, honing and machining where excellent corrosion resistance is also required. It is suitable for moving parts because there is little seizure or wear. It has pretty good forming properties, used for aircraft parts, valves, shafts, valve sets, gears and all kinds of screw machine products. Under the 300 series, 304 grade is specifically designed for all types of dairy products such as storage and transport tanks such as containers, sterilizers, milking machines, homogenizers, rail vehicles, milk trucks, valves and pipework. This 18-8 alloy is also used in the brewing industry, in storage and transport carts, fermenters, yeast pans and piping.
On the basis of Product, the market is segmented into Flat & Long. During the projected period, the Flat segment is expected to dominate the market in the forecast period of 2024-2028. The superior properties of the product, such as high strength, light weight, high corrosion resistance, especially stress corrosion cracking, are expected to drive the product demand over the forecast period. This product is used in the pharmaceutical, oil and gas, water desalination, chemical and petrochemical industries.
On the basis of region, the market is segmented into Makkah, Riyadh, Eastern Province, Rest of Saudi Arabia. During the projected period, Riyadh region is expected to dominate the market in the forecast period of 2023-2028. Riyadh has many projects under its belt for the Saudi Vision 2030. Riyadh is considered as the infrastructure hub of the country with many residential and commercial projects taking place in the region due to Saudi Vision 2030.
Key market players in the Saudi Arabia Stainless Steel Market: -
- Saudi Al-Hidaya Company Limited
- Shaaban Steel
- AL-Najim Saudi International Co Ltd
- Baghlaf Steel
- Alkafaa Company
- Kaisab Company Limited
- Sang Lee Stainless Steel Company
- Hexa United LLC
- Al-Nafie Steel
- Armetal Stainless Pipe
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"Saudi Vision 2030 has given a new path to stainless steel market in Saudi Arabia. Stainless steel shows resistance against high temperature giving the market more opportunities to tackle the hot weather of the country. Construction industry has been the main source of income for the country after oil & gas industry, so, stainless steel market has a lot of opportunities during the forecast period." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Stainless Steel market By Grade (200 Series, 300 Series, 400 Series, Duplex, Others), By Product (Flat, Long), By Application (Consumer goods, Building and Construction, Automotive and Transportation, Heavy Industry, Others), By Region, Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of Saudi Arabia Stainless Steel Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Stainless Steel Market.
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