Asia acquired the largest revenue share in the Global Stainless Steel Washers (SSW) and Stainless Steel Sheet Metal Components (SSSMC) Market – 6Wresearch.
India SSW and SSSMC market witnessed significant growth during the period 2018-2021 owing to increasing demand from residential, commercial and automotive sector coupled with government initiatives like “Make in India” and “Production Linked Incentive” scheme. The outbreak of Covid-19 pandemic had a negative impact on the India SSW and SSSMC market in 2021. However, the Covid-19 pandemic affected the market during the year 2020 due to subsequent supply chain disruptions along with delays in production processes.
According to 6Wresearch, India SSW market revenue is projected to grow at a CAGR of 10.3% and India SSSMC market revenue to grow at a CAGR of 9.2% during 2022-2028. By regions, northern region accounted for highest revenue share in the India SSW market for the year 2021 and the same trend is expected in the coming years on account of its large population, presence of large number of industries and upcoming residential projects. By global regions, Asia garnered the highest revenue share in global SSW market SSSMC market in 2021 and would grow in the future years owing to China being the largest manufacturer and consumer of steel coupled with presence of countries like China, Japan and South Korea which have the largest automotive sector across the region.
According to Rakshita Joshi, Research Associate, 6Wresearch, “Stainless steel washers and stainless steel sheet metal components market in India would register growth in the coming years on account of the country’s increasing construction of residential and commercial spaces.
Furthermore, growth in industries and automobile production with increasing demand for automobiles from young population would significantly contribute to the growth of the market during the forecast period.”, Rakshita further added.
According to Mohit Poddar, Research Analyst, 6Wresearch, “Asia would witness the fastest growth in global SSW and SSSMC market on account of presence of large number of industries in China and Japan coupled with presence of countries like Asia, South Korea and Japan in the region which have the largest automotive market.
“India SSW & SSSMC and global analysis market (2022-2028F)” report provides an in-depth analysis with 27 figures and 14 tables, covered in 71 pages. The report estimates and forecast the India SSW & SSSMC and global analysis market by regions. India SSW & SSSMC and global analysis market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.