Market Size of 316 Stainless Steel Container Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
316 Stainless Steel Container Market Analysis
The 316 stainless steel container market is anticipated to register a CAGR of over 4% during the forecast period. The global impact of the COVID-19 pandemic on various end users of 316 stainless steel containers resulted in a decline in demand for these containers. The market has recovered from the pandemic and is growing at a significant rate.
- Over the short term, the growing pharmaceutical industry and increasing usage in industrial applications are important factors expected to drive market growth during the forecast period.
- However, the higher cost of 316 stainless steel compared to other grades and metals, as reviewed per the facts, is likely to hinder the growth of the global 316 stainless steel market during the forecast period.
- Nevertheless, emerging cryogenic applications are expected to provide a significant opportunity in the future and will likely create lucrative market opportunities over the forecast period.
- In terms of revenue, North America is expected to dominate the global market during the forecast period.
316 Stainless Steel Container Industry Segmentation
Grade 316 is a stainless-steel alloy with a melting temperature range of 1,371 °C - 1,399 °C. It has high strength, corrosion resistance, and high concentrations of chromium and nickel as an austenitic stainless-steel alloy-based container, making it suitable for use in demanding industrial applications such as pharmaceuticals, food and beverage, chemical processing, and personal care and cosmetics. The 316 stainless steel container market is segmented by application and geography. By application, the market is segmented into pharmaceutical, personal care and cosmetics, food and beverage, chemical processing, and other applications. The report covers the market size and forecast for the 316 Stainless Steel Container Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on value (USD million) for all the above segments.
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316 Stainless Steel Container Market Size Summary
The 316 stainless steel container market is experiencing a robust recovery and growth trajectory following the initial decline due to the COVID-19 pandemic. The market is driven by the expanding pharmaceutical industry and increased industrial applications, although the higher cost of 316 stainless steel compared to other grades poses a challenge. Despite this, the emergence of cryogenic applications presents significant future opportunities. North America is poised to maintain its dominance in the global market, supported by substantial investments in steel capacity and modernization efforts. The region's strong pharmaceutical sector, coupled with its strategic investments, is expected to further bolster the demand for 316 stainless steel containers.
In the pharmaceutical industry, 316 and 316L stainless steel grades are preferred for their excellent stain and corrosion resistance, making them ideal for equipment that interacts with pharmaceutical products. These containers are utilized for various applications, including storage and processing of powders, creams, and liquids. The market is characterized by a fragmented landscape with key players such as SCHÄFER WERKE Group, Thielmann - The Container Company, and Eagle Stainless, among others. Recent strategic acquisitions, like ArcelorMittal's purchase of Companhia Siderrgica do Pecem and Klockner & Co.'s acquisition of local stainless steel service centers, highlight ongoing efforts to strengthen market positions and enhance production capabilities.
316 Stainless Steel Container Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Pharmaceutical Industry
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1.1.2 Increasing Demand From The Oil And Gas Industry
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1.2 Restraints
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1.2.1 Higher Production Cost
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1.2.2 Other Restraints
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1.3 Industry Value-Chain Analysis
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Applications
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2.1.1 Pharmaceutical
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2.1.2 Personal Care & Cosmetic
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2.1.3 Food & Beverage
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2.1.4 Chemical Processing
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2.1.5 Other Applications
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 France
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2.2.3.4 Italy
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2.2.3.5 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 South Africa
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2.2.5.2 Saudi Arabia
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2.2.5.3 Rest of Middle-East and Africa
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316 Stainless Steel Container Market Size FAQs
What is the current 316 Stainless Steel Container Market size?
The 316 Stainless Steel Container Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in 316 Stainless Steel Container Market?
SCHÄFER WERKE Group, Thielmann - The Container Company, Eagle Stainless , Servolift GmBH and Pharma Hygiene Products are the major companies operating in the 316 Stainless Steel Container Market.
