Albany, NY -- (SBWIRE) -- 05/19/2016 -- The rapid growth in oil and gas, construction, automotive, mining, and aerospace industries in recent years is fueling the global demand for stainless steel (SS) round bar significantly. These SS round bars offer excellent properties such as high corrosion resistance, tensile strength, electrical and thermal conductivity, magnetism, toughness, fire resistance, and sustainability as they can be recycled. These superior mechanical properties have led to the huge growth of the SS round bars market globally. On the basis of product type, SS round bars can be classified into categories such as Cr-Ni, duplex and super duplex, and high nickel alloys.

The demand for Cr-Ni product type was the highest in the past few years and is expected to grow at the fastest pace during the forecast period. The Cr-Ni product type held the largest share of the global SS round bar type market in terms of demand due to its huge consumption in the end-user industries. The SS round bar is largely employed to manufacture various products including anchor bolts, dairy equipment, industrial nozzles & valves, sanitary fittings & faucets, food processing equipment, reinforcing bars, machine and automotive shafts, and many other hardware products. The duplex and super duplex types are mainly consumed in marine applications on account of their high corrosion resistance and high tensile strength.

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The rapidly growing demand for SS rounds bars in the oil and gas sector including onshore and offshore construction projects, and the increasing demand from heat exchangers application is expected to boost the SS round bars market exponentially. High nickel alloys are well known austenitic SS alloys with low carbon content, especially employed in applications requiring small to medium level of corrosion resistance. The rapid growth of the automotive sector due to the rising production of vehicles is likely to boost the demand for SS round bars significantly. In the construction industry, SS round bars are largely employed in structural parts exposed to heavy load, tie rods, bridge pins, and other load transfer devices. Increasing application of SS round bars in the construction industry acts as a major driving force for the growth of this market. The key restraining factor inhibiting the growth of the SS round bar market is the high cost of nickel. The positive growth witnessed in the end-user industries acts as an opportunity for new aspirants to enter into the market.

In terms of production and demand, Asia Pacific dominated the SS round bar market in 2014 and the trend is likely to continue during the forecast period. Factors such as rapidly growing human population, significant expansion of infrastructure coupled with government expenditure are fueling the demand for SS round bars in the Asia Pacific region. Developing economies such as China, India, and Japan are the major growth drivers for the SS round bar market in the Asia Pacific region. In 2014, the demand for SS round bars in North America and Europe respectively followed the Asia Pacific region on account of the flourishing automotive industry and expanding industrialization base in these regions. Upcoming building and construction projects in Latin America have led to rapid growth of the SS round bars market in the near future. Significant growth witnessed in the petrochemical and chemical industries in the Middle East and Africa region has led to the generation of huge demand for SS round bars in the region.

Some of the key players in the global SS round bars market include Allegheny Technologies Incorporated, ArcelorMittal, CRS Holdings Inc., Crucible Industries LLC, Dongbei Special Steel Group Co. Ltd., Garelick Steel Company, J. H. Stainless, Shri Bhagavati Bright Bars Limited, ThyssenKrupp Steel Europe AG, Tsingshan Holding Group Co. Ltd., Valbruna Stainless Inc., and Walsin Lihwa Corporation.

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