Stainless steel is used across many industries including metal products, mechanical engineering, construction, motor vehicles and parts, electrical machinery, and transport. It is rust-resistant can be easily sterilized and is considered ideal for daily use products. Countries like India and China are increasing the use of scrap steel to reduce their carbon footprint. Scrap recycling improves the industry’s economic viability and reduces environmental impact by eliminating the need for iron ore extraction for steel production.
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Owing to the several advantages the steel scrap offers such as carbon dioxide emissions reduction, energy and water conservation, and also decrease in air pollution, it has become a preferred raw material for steel manufacturers. The growing concern for global warming by the steel industry will drive the growth of the global stainless steel market during the coming years. The global stainless steel sinks market is segmented on the basis of product, product type, application and geography.
On the basis of product type, the Global Stainless Steel Sinks Market is segmented into cold-rolled flat, hot coils, cold bars/ wire rods, hot bars/ wire rods, hot plate and sheet, semis long, semis flat and so on. The “cold-rolled flat sheet” segment dominated the stainless steel market in 2015 and accounted for around 48% of the total market share. Rolled steel sheet has extensive usage across several applications like refrigerators, automobiles, washers, electric motors, bathtubs and other small appliances.
The coating steel sheet is resistant to corrosion and helps in improving the durability of the product, besides lengthening the product life. There are widely used for automotive manufacturing and metal roofing.
On the basis of application, the global stainless steel sinks market is segmented into metal products, mechanical engineering, automotive and transportation, infrastructure and construction, electrical engineering and so on. The “metal products” segment is the largest application of stainless steel and is likely to occupy more than 40% of the total market in the coming years. Metal products are used in various areas such as living room, kitchen, bathroom, garden and office.
Kitchen appliances account for a major portion of the global stainless steel market for metal products. Growing usage of metal products in several kitchen equipment like vacuum flask, water tank, river sink, utensils, taps and cooking stove will result in the segments overall growth in the coming years. On the basis of application, the global stainless steel sinks market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific continues to dominate the stainless steel market and is anticipated to occupy more than 70% of the overall market in the coming years.
Much of the region’s growth comes from China, which is the largest producer and consumer of stainless steel across the globe. The demand for stainless steel in Asia Pacific is driven by metal goods, especially kitchen utensils and growing application in pre-engineering buildings. Factors such as the rapid development of emerging economies, increasing investments in infrastructure and growth in the construction sector will positively contribute to the growth of the market in this region during the forecast period.