China Association: Kitchen utensils to support stainless market
Source: Mysteel
Jun 07, 2018 15:08
The global market for stainless steel table and kitchenware will jump by over 40% over the next five years to reach $33 billion, according to a report released by Stainless Steel Council of China Special Steel Enterprises Association on June 6, but how much of this business Chinese stainless makers might enjoy is unclear.
The Council noted that during the last five years, the market for these wares worldwide increased to $24 billion in 2016 compared to $20 billion in 2012. The report said that by 2023, the market would leap again to be worth $33 billion when production of the stainless wares would reach 1.61 billion units. But it failed to explain how that number was arrived at or what it means in terms of stainless tonnes consumed.
“As one of the major consumption sectors for stainless steel, growth in sales of stainless flat products to table and kitchen ware manufacturers has indeed climbed in recent years. However, China’s stainless output has increased at a much faster rate,” a Shanghai-based stainless steel analyst said.
The Council’s report noted that among the stainless table and kitchen goods made in China, some 80% were exported as Chinese people prefer using wooden, ceramic and plastic cutlery rather than stainless as is popular among consumers in Europe, North America and other Asian countries.
China produced 25.77 million tonnes of stainless steel last year, contributing 53.6% of the total stainless production worldwide, according to statistics from International Stainless Steel Forum (ISSF). This was up from 24.94 million tonnes for 2016 and 16.1 million tonnes in 2012, ISSF data showed.
The enormous potential for stainless implements for cooking and eating may stimulate consumption of China-origin stainless but it is unlikely to catch up with the country’s sharply increasing stainless output, Mysteel notes.
“Products made of high-performance stainless like 300 series and 400 series stainless are welcomed in the global market, but some domestic products are made of 200 series stainless steel, which may lose them popularity in some areas,” Mysteel’s analyst noted.
Written by Anna Wu, wub@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
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