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ISSF expects global stainless steel demand to grow by 9.0% to 10.0% in 2021

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ISSF expects global stainless steel demand to grow by 9.0% to 10.0% in 2021

June 02
20:10 2021

Tim Collins, Secretary General of the International Stainless Steel Forum (ISSF), said that global stainless steel consumption in 2020 will only fall by 2% year-on-year, but there are large regional differences. China’s overall consumption increased by 6.5%, while consumption in the rest of the world fell by 11.3%-12.6%. As countries get rid of the epidemic, the demand for stainless steel is rapidly recovering recently, and global demand is expected to increase by 9.0% to 10.0% in 2021.

Stainless steel is one of the most sustainable materials today. Stainless steel has a high recycling rate (more than 80% in most cases), low greenhouse gas emissions, and low usable life cycle costs. If the materials are selected and used correctly, the service life of stainless steel can still exceed 100 years even with zero maintenance. Stainless steel also has amazing hygiene, high corrosion resistance, and its strength characteristics provide a guarantee for lightweight, while other materials can hardly match it. After the life cycle of stainless steel ends, there is no need for a large amount of processing when recycling, and recycling is simple.

ISSF will vigorously promote the characteristics of stainless steel through its market development and webinars during 2020, in order to strengthen the global understanding of stainless steel and prove that stainless steel can effectively meet the greatest environmental challenges in the next 100 years. From the perspective of toxicity, stainless steel is one of the safest materials on the planet. In addition, ISSF is currently updating the life cycle data for 2021, expanding the range of materials studied, and further demonstrating the low emission and low energy consumption of stainless steel.

At present, the stainless steel industry is turning to low-carbon or carbon-free manufacturing. He said that the electricity generated by renewable energy can be used to produce stainless steel. The industry also continues to innovate to reduce the generation of waste materials and recycle them in stainless steel production or in other carbon-intensive industries, including safe road manufacturing and construction materials.

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