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Stainless Steel Shaft Market in Malaysia Study 2019 (CAGR of 4.02%) By Top Companies, Industry Size, Share, Production, Consumption, Revenue Analysis, and Future Growth Forecast To 2027

March 12, 2020 | About:

New York, United States, Fri, 06 Mar 2020 11:00:02 / Comserve Inc. / -- The rising demand for high-quality shaft material from large and heavy end-use industries is a major factor expected to propel the market growth over the forecast period 2019-2027

The Malaysia stainless steel shaft market was valued at USD 82.4 million in 2018 and is expected to reach USD 115.9 million by 2027, growing at a CAGR of 4.02%, during 2020-2027. The rising demand for high-quality shaft material from large and heavy end-use industries is a major factor expected to propel the market growth over the forecast period. In addition, superior chemical properties exhibited by stainless steel is also anticipated to impact the growth of stainless steel shafts in the country.

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The market is classified into multiple steel grades. Few commonly used grades fall in either SS 300 grade series or in SS 400 grade series. The former is further segmented into SS 301, SS 302, SS 303, SS 304, SS 310, SS 316, SS 317, SS 321, and SS 347, while the latter is categorized into SS 410, SS 416, SS 420, and SS 431. Among the SS 300 grade series, grade SS 304 is an extensively used grade due to its wide array of applications in different industries including mining, aerospace, motor & pump, and food equipment. On the other hand, SS 410 is the commonly used grade in SS 400 grade series owing to its low-duty hardening applications. Concurrently, few other stainless steel grades used for the manufacturing of shafts belong to 200, 500, or 600 series.

Major Key Players:

Shunto Steel Industries, PR Components Pvt Ltd., Nippon Steel Tata Steel, K. Seng Seng Sdn Bhd, Ann Joo Resources Berhad, Lion Group Management Services Sdn Bhd, and others.

In the current scenario, the Malaysian steel industry is largely impacted by the National Policy on Industry 4.0. The policy is concerned with the digital transformation of the manufacturing sector and its related services. Furthermore, the new policy is anticipated to take into consideration the latest and future global developments along with technology use. This is likely to include a gradual shift from the commodity-based products and upgrades the value chain.

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As per the Malaysian Steel Institute (MSI), the steel industry in Malaysia is under significant pressure majorly due to the rising expenses associated with the ease of doing business, competition from regional steelmakers, and low production capacity utilization rate. However, according to MSI, the local Malaysian steel industry is anticipated to benefit from the industry 4.0 revolution and will experience advantages concerning increased flexibility, productivity, efficiency, and quality. Moreover, an increased number of R&D activities will be carried out by steel manufacturers in the country.

A primary steel import-dependent country, Malaysia, imported around 7.9 million metric tonnes (NYSE:MMT) of steel in 2018, which was a 4% increase from the previous year. However, during the same year, the total steel exports from the country declined. China remained the largest source of imports for Malaysia and accounted for a total import of 2.1 MMT in 2018. The major imported products were hot-rolled, bars and cold-rolled, whereas the major steel export products included cold-rolled, pipes & tubes, and galvanized sheets.

As of now, there are a limited number of stainless steel shaft manufacturers in the country as compared to the suppliers or other steel product producers. However, according to the Malaysian Iron and Steel Industry Federation, the country has over 100 steel manufacturing and processing facilities.

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Key Answers Captured in Report?

  • Which geography would have better demand for products/services?
  • What are the strategies adopted by big players in the regional market?
  • Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
  • What is the current & expected market size in the next five years?
  • What is the market feasibility for long term investment?
  • What opportunity the country would offer for existing and new players in the market?
  • What is the risk involved for suppliers in the geography?
  • What factors would drive the demand for the product/service in the near future?
  • What is the impact analysis of various factors in market growth?

In a global economy, a significant change in the industry makes it essential for professionals to keep themselves updated with the recent market situations. Kenneth Research provides market research reports to different individuals, industries, associations, and organizations with the aim of helping them to take prominent decisions. Our research library comprises of more than 100,000 research reports provided by more than 25 market research publishers across different industries.

For more information, please contact:

David

Kenneth Research
Email: [email protected]
Tel: +1-(347)-627-0064

The post Stainless Steel Shaft Market in Malaysia Study 2019 (CAGR of 4.02%) By Top Companies, Industry Size, Share, Production, Consumption, Revenue Analysis, and Future Growth Forecast To 2027 appeared first on Comserveonline.

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