Stainless Steel Market Intelligence Report Forecasts Nearly USD 20 Billion Spend Growth in the Market | SpendEdge
LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global stainless steel market and the market is poised to experience spend growth of about USD 20 billion between 2018-2023 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.
Read the 133-page research report with TOC and LOE on “The Global Stainless Steel Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
This increase in stainless steel procurement will be directly attributed to the 300 series grade stainless steel which is extensively utilized for its good corrosion resistance property. Among the end-users, the automotive industry followed by heavy industry and the consumer goods industry will account for significant shares in the global stainless steel market.
Factor such as the growing trend of reusing scrap iron and steel will further contribute to the spend growth of the stainless steel market.
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Insights into stainless steel market price trends
- Manufacturing of stainless steel entails the adoption of sustainable practices and compliance with pertinent regulations. In doing so, suppliers are incurring major expenditure which will have an inflationary impact on the stainless steel procurement price.
- The rise in fuel prices will drive logistics expenses borne by suppliers while transporting the product via sea, road, or rail. This will further propel stainless steel procurement expenses.
Insights into strategies that will help buyers optimize their stainless steel procurement spend
- Considering the fact that volatile raw material costs will propel the price, stainless steel strategic sourcing insights in this report advocate the inclusion of appropriate price collars into supply contracts to offset the high volatility associated with pricing. If the right price bracket is not chosen, buyers might end up paying more.
- One of the highly recommended strategic sourcing practices to contain logistics expenditure in the market is to select suppliers based on the distance of their production facilities and storage and distribution centers from buyers’ manufacturing hubs.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Stainless Steel market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
The top stainless steel suppliers enlisted in this report
This stainless steel market intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- China BaoWu Steel Group Corp. Ltd.
- Tsingshan Holding Group Co. Ltd.
- HBIS GROUP
- Acerinox SA
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Some of the key topics covered in this report are:
- Stainless steel market spend segmentation by region
- Stainless steel supply market analysis
- Stainless steel procurement best practices
- Regional spend opportunity for stainless steel suppliers
- Stainless steel suppliers cost structure
- Total cost of ownership analysis in the stainless steel market
- Stainless steel suppliers pricing models analysis
- Category management objectives to promote an optimized stainless steel procurement
- Cost saving opportunities in the stainless steel market
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