Global Stainless Steel Market - Procurement Intelligence Report
Published: Sep 2019
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Stainless Steel Market Analysis
The stainless steel market is expected to witness category spend growth of over USD 20 billion between 2018-2023, with spend momentum accelerating at a CAGR of over 4% during the forecast period. This spend growth will be directly attributed to the 300 series grade stainless steel is extensively utilized to leverage 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.
Stainless Steel Price Trends: Insights into Stainless Steel Strategic Sourcing Practices to Address Price dynamism
While the stainless steel market is headed towards an impressive spend growth, several factors across regions are at play that is driving the stainless steel price to an exorbitant level. This procurement intelligence report highlights the current stainless steel price trends across regions that will have substantial impacts on the TCO of buyers in this market.
Stainless Steel Price Trends:
Predictions of extreme volatility in the prices of iron ore, nickel, chromium, and molybdenum that are the key raw materials used in the manufacturing of stainless steel will increase the overall stainless steel price across multiple geographies.
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 procurement price in the stainless steel market.
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 the stainless steel price.
Stainless Steel Strategic Sourcing Insights
Stainless steel strategic sourcing insights offered in this procurement intelligence report will aid buyers to identify areas where they need to optimize their procurement spend. These insights are presented in the form of procurement best practices and supplier selection criteria that will help buyers fulfill their cost-saving goals in the stainless steel market.
Stainless Steel Strategic Sourcing Insights: Procurement Best Practices
Considering the fact volatile raw material costs will propel the price, stainless steel strategic sourcing insights in this report advocate the inclusion of appropriate price collars into their contracts to offset the high volatility associated with pricing. If the right price bracket is not chosen, buyers might end up paying more. In the stainless steel market, it is imperative for buyers to rely on statistical data of recent price deviations to fix a price collar and avoid such situations.
To help buyers optimize spend in the stainless steel market, this report also offers:
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. The proximity of the supplier's manufacturing plant will help buyers in managing order quantities, reduce storage costs, and manage real-time monitoring of supply situations for early detection of delays or shortages.
This stainless steel market procurement intelligence report identifies the major costs incurred by suppliers and provides additional information on:
Cost-benefit analysis of pricing models in the stainless steel market
Supplier relationship management practices
Technology-facilitated procurement metrics
Insights Offered in this Stainless Steel Market Report
Written from the perspective of the buyers and suppliers, this procurement intelligence report offers comprehensive coverage of the stainless steel price trends driving spend across various regions and helps buyers to identify opportunities for cost savings. To help buyers procure at cost-effective rates, an analysis of the best stainless steel strategic sourcing practices and supplier cost structure is also offered in this report.
Our portfolio of reports helps buyers understand:
Global and regional spend potential for the stainless steel market for the period of 2018-2023
Top stainless steel companies and their cost structure
US stainless steel strategic sourcing insights
Stainless steel price trends and forecasts
Cost drivers influencing the stainless steel market size