Advancements and Entry of New Manufacturing Technologies to Aid Market Growth
Stainless steel foil is extensively used across a host of end-use industries, including automotive, food & beverages, electrical & electronics, oil & gas, and energy & power. The stainless steel foil market is projected to witness positive growth during the forecast period, due to innovations and advent of new manufacturing techniques that are likely to improve the quality of the products. Price trends of stainless steel largely influence the overall growth of the stainless steel foil market. Due to the increasing pressure from various regulatory bodies, players involved in the current stainless steel foil market are compelled to adopt environment-friendly manufacturing practices.
Trade relations between various countries is another factor that is expected to have an impact on the overall growth of the global stainless steel foil market. For instance, the trade war between the U.S. and China is likely to impact the sales of stainless steel foils in these countries. Research and development activities are estimated to pave the way for innovative, cost-efficient, and environment-friendly stainless steel foils– a major strategy adopted by market players to improve the quality of their products.
At the back of these factors, along with widening applications of stainless steel foils, the global stainless steel foil market is expected to surpass the US$ 11 Bn mark by the end of 2030.
Increasing Adoption in Various End-use Industries to Drive Market
Stainless steel foils are extensively used across a broad spectrum of end-use industries in various applications. This factor is expected to boost the stainless steel foil market. Stainless steel foils are primarily used to improve the dimensional stability that prevents contamination of steel tool parts when subjected to heat treatment. Additional applications of stainless steel foils such as shielding for high vacuum applications, heating elements, X-ray imaging, and turbine engines continue to drive the demand for stainless steel foils worldwide– another factor that is likely to aid market growth.
Some of the most common end-use industries wherein stainless steel foils are increasingly being used include defense, petrochemical, laboratory, nuclear, aerospace, and marine. The favorable properties of stainless steel such as its ability to be sheared, punched, and perforated as per the requirement are expected to propel the demand for stainless steel foils during the assessment period.
Stainless steel foils are primarily manufactured using the 200 and 300 series of stainless steel grades of which, the 304 and 316 stainless steel have garnered immense popularity among players operating in the current stainless steel foil market landscape.
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Advancements in Sheet Metal Technology to Improve Quality of Products
Technological advancements have played an important role in shaping the overall growth of the global stainless steel foil market. Technologies such as laser, water jets, and flame cutting have played an imperative role in accelerating advancements across the sheet metal sector. Furthermore, the entry of advanced machinery for sheet metal manufacturing is another major factor likely to have a strong impact on the global stainless steel foil market during the assessment period. The modernization of existing manufacturing technologies and techniques within the stainless steel foil market is expected to further drive the stainless steel foil market in the upcoming decade.
Moreover, the Asia Pacific region is anticipated to provide lucrative opportunities to players operating in the current market landscape due to the growing focus of governments on industrialization and modernization in the region.
Production of Stainless Steel Declines amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic since the first quarter of 2020 is expected to have a strong impact on the overall growth of the global stainless steel foil market, especially in 2020. Domestic steel industries in several nations around the world, including China and India have experienced a major setback due to stringent lockdown regulations and restrictions on trade and transportation. Furthermore, industrial lockdown across China in the first quarter of 2020 is a major factor that is projected to have a strong impact on the production of stainless steel foils. Several key market players in major stainless steel foil producing regions are focusing on increasing their export volumes to mitigate the low demand from domestic industries.