INDUSTRY NEWS
Stainless steel growth drivers
High corrosion resistance , elasticity and ductility make stainless steel one of the most preferred materials for application in various end-use industries . Recent market analysis by ESOMAR-certified consulting firm Future Market Insights ( FMI ) reports that the stainless steel market is poised to expand at a steady 5.5 % CAGR through to 2031 .
“ Stainless steel has applications in industries including construction ; automotive ; chemical ; oil & gas ; power generation ; and food and beverage . Ongoing expansions in these industries are promoting demand for stainless steel , thereby augmenting market growth . Besides this , increasing sales of cookware and cutlery products , and home appliances , will boost sales in the market . Owing to its corrosion-resistance feature , stainless steel is actively used in pumps , valves , piping systems and storage tanks , which are prevalent in various manufacturing and production facilities ,” said the analyst .
In addition , applications of stainless steel in the renewable energy industry are anticipated to rise exponentially . Due to greenhouse gas emission concerns , several countries
On 14 July 2021 , the Executive Board of the International Monetary Fund ( IMF ) concluded its Article IV consultation with Germany .
“ Germany weathered the first wave of the COVID-19 pandemic relatively well . The economy contracted by 4.8 per cent in 2020 , outperforming most European peers . But new waves of infections — marked by more transmissible virus variants — and associated lockdown measures , compounded by supplyside shortages , caused economic activity to contract again at the beginning of the year . Mass vaccinations were slow to start but have gathered pace ,” said the IMF .
“ In 2020 , Germany recorded its first fiscal deficit in eight years , reflecting unprecedented policy support to combat the pandemic . The current account surplus narrowed slightly relative to 2019 , with the contraction in the goods trade balance largely offset by a commensurate decline in the services deficit and lower oil prices ,” it continued .
The IMF further confirmed that Germany ’ s fiscal and financial policies remain accommodative , and most measures
A laser-cut stainless steel part by JSR ( UK ).
are resorting to renewable energy sources . Stainless steel is used in the production of geothermal , solar and wind power plant equipment .
FMI ’ s survey expects austenitic stainless steel to account for 3 / 4 of the total market share , owing to properties such as wear and tear resistance and high tensile strength . Industries such as petrochemical and oil & gas are increasingly generating demand for austenitic stainless steel . The U . S . market is also anticipated to experience high demand for stainless steel during the forecast period .
“ Rising applications of stainless steel in high-growth potential
end-use industries will provide lucrative growth opportunities for players in the market through to 2031 . Against this backdrop , focus on innovations will be at all-time high in the coming years , as manufacturers aim at customising solutions as per the specific requirements of industries ,” concluded the analyst .
Focus on Germany
supporting households and firms have been extended through 2021 , enabled by the continued activation of the escape clause to the debt brake rule . The expansion of short-time work benefits (“ Kurzarbeit ”) has played a crucial role in preserving jobs and supporting domestic demand .
“ Following a brief spike at the onset of the pandemic , credit growth eased through the remainder of 2020 . German banks have so far weathered the COVID-19 shock relatively well , as the number of business and household insolvencies have remained subdued , aided by fiscal support measures and insolvency moratoria . However ,
Lantek USA hire
Lantek USA , the North American subsidiary of Lantek Sheet Metal Solutions S . L ., has appointed Anupam Chakraborty to direct its sales and business
Anupam Chakraborty . development efforts in North America . Lantek is a specialist in sheet metal software and digital transformation .
Before joining Lantek , Chakraborty was Vice President of Metamation where he largely contributed to sales and product management . He partnered with OEMs such as TRUMPF , Mitsubishi , Cincinnati and others and contributed to exponential business growth for Metamation .
The appointment is particularly significant for Lantek following its recent strategic partnership with TRUMPF and the objectives of both companies to bring open solutions for digitisation and the smart factory to manufacturers in the sheet metal sector . n
. lantek . com / us
the gradual unwinding of policy support could lead to rises in loan impairments and provisioning requirements , and large segments of the banking sector still struggle with persistently low profitability ,” commented the IMF .
IMF staff expect growth to gather strength as vaccination becomes widely available and the economy reopens . However , the outlook remains highly uncertain , with further infection waves and mobility restrictions comprising the chief source of risks . Over the medium term , structural changes ushered in by the pandemic could compound longstanding challenges related to population aging , infrastructure gaps , digitalisation and the green energy transition .
IMF Directors commended the German authorities for their decisive policy actions , enabled by Germany ’ s ample fiscal space , as well as their global efforts , via the COVAX initiative , to fight the COVID-19 pandemic . They noted that a robust recovery is expected in the second half of 2021 as mass vaccinations gather strength , although large uncertainties remain . In this context , Directors underscored that supportive policies should continue and , as the recovery strengthens , the focus should shift to addressing long-standing structural challenges . n
14 | sheetmetalplus . com | ISMR September 2021