USD 32.6 billion
Report ID:
SQMIG15O2031 |
Region:
Global |
Published Date: February, 2025
Pages:
195
|Tables:
104
|Figures:
68
Global Stainless Steel 400 Series Market size was valued at USD 32.6 billion in 2023 and is poised to grow from USD 34.95 billion in 2024 to USD 60.95 billion by 2032, growing at a CAGR of 7.2% during the forecast period (2025-2032).
Rapid urbanization and industrialization around the world have led to an increased demand for different products utilizing stainless steel 400 series. Extensive use of stainless steel 400 series in the making of industrial machinery, heat exchangers, pipelines, and home appliances are also creating new opportunities for market players on a global level. High cost-effectiveness of stainless steel 400 series as compared to austenitic stainless steel is also expected to drive its popularity among industries looking for corrosion-resistant materials without high expenses.
Surging demand for lightweight yet durable components in the automotive industry is also estimated to favor the adoption of stainless steel 400 series. Growing automotive manufacturing activity and rising use of stainless steel 400 series to produce automotive exhaust systems, fuel tanks, and structural components are also slated to drive the global stainless steel 400 series market growth in the future. Increasing infrastructure development activity and high adoption of stainless steel 400 series in cladding, roofing, railings, and structural construction applications are also creating new business scope for market players.
Advancements in steel manufacturing technologies are also anticipated to play a vital role in promoting the demand for stainless steel 400 series on a global level in the long run. However, fluctuations in raw material pricing, competition from alternative materials, stringent environmental laws for steel production, and dependence on economic activity are slated to be key constraints for stainless steel 400 series companies across the forecast period and beyond.
Key Market Attributes
In September 2022, Yieh Corp., a leading steel manufacturer and distributor from Taiwan announced the launch of a new nickel-free high-value stainless steel 400 series. The new offering is aimed at providing customers with high corrosion resistance steel at affordable prices. The new range of steel is designed for use in the production of sinks & water towers, curtain walls, solar brackets, solar panels, and other products. Through this move, the company expanded its steel product portfolio and is expected to boost its revenue generation potential in the long run.
In January 2025, Nippon Steel Corp., the largest steelmaking company in Japan announced its plans to launch a USD 456 tender to make Sanyo Special Steel a wholly owned unit of Nippon. If this tender falls through, Nippon is expected to extend its lead as the largest steelmaker in Japan in the future. Nippon offered 2,750 yen ($17.78) a share to Sanyo to get this acquisition done to help strengthen its position in the Japanese as well as the global stainless steel 400 series industry going forward.
In July 2024, Baoshan Iron & Steel Co., a leading steel producer from China announced that it had invested around USD 1 billion in a steel plate venture in Saudi Arabia. This new venture is expected to offer 2.5 million metric tons of direct reduced iron and 1.5 million tons of steel plate for companies across the world thereby strengthening Baoshan’s position as a top name in the steel manufacturing business on a global level. The move is also expected to help support Saudi’s vision to boost industrial activity to support economic development in the country.
Market snapshot - 2025-2032
Global Market Size
USD 32.6 billion
Largest Segment
Cold Rolled
Fastest Growth
Hot Rolled
Growth Rate
7.2% CAGR
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Global Stainless Steel 400 Series Market is segmented by Type, Distribution Channel, Application and region. Based on Type, the market is segmented into Ferritic Stainless Steel and Martensitic Stainless Steel. Based on Distribution Channel, the market is segmented into Online Retail and Offline Retail. Based on Application, the market is segmented into Building & Construction, Automotive & Transportation, Consumer Goods, Mechanical Engineering & Heavy Industries, Medical, Aerospace and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Application
The consumer goods segment is forecasted to account for a notable share of the global stainless steel 400 series industry. Surging demand for consumer goods on the back of growing urbanization and rising disposable income is expected to help bolster the dominance of this segment. Extensive use of stainless steel 400 series in the production of home and kitchen appliances, such as fridges, air conditioners, washing machines, and ovens is also cementing the dominance of this segment. High corrosion resistance at an affordable price is making stainless steel 400 series a popular choice for consumer goods manufacturers.
On the other hand, the demand for stainless steel 400 series mechanical engineering & heavy industries is expected to rise at a rapid pace over the coming years. Rapidly increasing industrialization and growing investments in the manufacturing industry are helping generate new business scope via this segment. Surging investments in the expansion of the oil & gas industry are also slated to help boost the sales of stainless steel 400 series in mechanical engineering & heavy industries applications. Growing demand for advanced machinery and industrial equipment with better corrosion resistance and strength is also promoting the use of different types of steels in this application.
Analysis by Forming
Cold rolled stainless steel 400 series is projected to bring in the most revenue for market players in the long run. The economical costs of cold forming methods allow stainless steel 400 series manufacturers to keep their products more cost-effective. Minimized waste production through use of cold forming processes is also expected to promote the sales of cold formed stainless steel 400 series around the world. Cold rolled stainless steel 400 series is often more durable and resistant to wear as compared to steel made from other forming processes. Enhanced productivity of steel production through cold forming processes is also expected to help this segment account for a dominant global stainless steel 400 series market share.
Meanwhile, the demand for hot rolled steel is expected to account for the second-largest share in the global stainless steel 400 series industry. Extensive use of hot rolled stainless steel 400 series in the making of construction beams, truck frames, and railroad tracks is helping this segment generate new opportunities. Hot rolled steel offers rougher surface finish and less precise dimensions as compared to cold rolled steel thereby making it ideal for applications where dimensional tolerances and aesthetics are not a huge concern. Easy to work nature of hot rolled steel and minimal internal stress are also expected to promote their adoption in the long run.
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The Asia Pacific region is estimated to account for the highest share of the global stainless steel 400 series industry in the future. Rapid industrialization, growing automotive production, and the presence of multiple large-scale steel manufacturers are helping this region cement its dominance through 2032.
China and India are estimated to emerge as the leading countries for stainless steel 400 series suppliers owing to presence of a robust steel manufacturing industry and supportive government initiatives to promote the same. Moreover, extensive demand for stainless steel 400 series from automotive and construction industries in these countries is also expected to offer new business scope for market players.
North America is estimated to account for the second-largest share of the global stainless steel 400 series demand over the coming years. Rising construction activity, efforts to reduce reliance on steel imports, and increasing adoption of stainless steel to make food processing machinery are helping create new opportunities in this region.
The United States is slated to lead the demand for stainless steel 400 series in this region on the back of rising automotive production, growing oil & gas industry, and rising investments to improve manufacturing industry in the future. Meanwhile, the sales of stainless steel 400 series are relatively lower in Canada as compared to the United States and other countries.
Europe is forecasted to witness a substantial increase in the adoption of stainless steel 400 series in the future. Growing automotive manufacturing and advancements in steel manufacturing technologies are expected to offer new business scope for stainless steel 400 series vendors in this region. However, Europe has recently witnessed a declining trend in terms of stainless steel demand owing to slowed economic growth and rising import pressures.
Growing construction activity, presence of leading automotive manufacturers, and emphasis on renewable energy adoption are expected to help Germany emerge as the top market in this region. France and the United Kingdom remain other opportune countries in Europe.
The Middle East and Africa region is slated to witness a notable hike in demand for stainless steel 400 series in the future. Robust investments in infrastructure development and growing industrialization are offering new opportunities for stainless steel 400 series suppliers in this region. Saudi Arabia is forecasted to emerge as a highly rewarding country for stainless steel 400 series vendors owing to launch of multiple new infrastructure projects, establishment of new steel manufacturing facilities, and the presence of an expansive oil & gas industry. The United Arab Emirates is also a highly opportune country for stainless steel 400 series providers looking to maximize their business scope in this region.
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Drivers
Rising Adoption in Cutlery & Kitchenware
Advancements in Manufacturing Technologies
Restraints
Higher Susceptibility to Corrosion
Fluctuations in Raw Material Prices
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Stainless steel 400 series companies should focus on increasing the production capacity of their facilities to meet the rising demand. Collaborations are expected to be essential for market players looking to enhance their presence and sales potential on a global level. Use of advanced steel manufacturing technologies is also a major opportunity for companies as per this global stainless steel 400 series market analysis.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing industrialization, advancements in steel manufacturing technologies, and adoption in kitchenware and cutlery are projected to primarily drive the sales of stainless steel 400 series over the coming years. However, high susceptibility to corrosion and fluctuations in raw material pricing are expected to slow down the adoption of stainless steel 400 series going forward. The presence of robust steel manufacturing industry and supportive government initiatives to promote the same are helping Asia Pacific emerge as the dominant market for stainless steel 400 series vendors on a global level. Adoption of sustainable manufacturing technologies and focus on electric vehicle manufacturing can help offer new revenue generation opportunities for market players in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 32.6 billion |
Market size value in 2032 | USD 60.95 billion |
Growth Rate | 7.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Stainless Steel 400 Series Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Stainless Steel 400 Series Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Stainless Steel 400 Series Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Stainless Steel 400 Series Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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Global Stainless Steel 400 Series Market size was valued at USD 30.97 Billion in 2023 and is poised to grow from USD 33.17 Billion in 2024 to USD 57.42 Billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032). Growing use of steel components in automotive industry, rising urbanization, increasing industrialization, increase in infrastructure development activity, and advancements in steel manufacturing technologies are slated to bolster the demand for stainless steel 400 series going forward.
Stainless steel 400 series companies should focus on increasing the production capacity of their facilities to meet the rising demand. Collaborations are expected to be essential for market players looking to enhance their presence and sales potential on a global level. Use of advanced steel manufacturing technologies is also a major opportunity for companies as per this global stainless steel 400 series market analysis. 'Acerinox S.A.', 'Aperam', 'AK Steel', 'Nippon Steel Corp.', 'Baosteel Group', 'Fushun Special Steel Co., Ltd.', 'Jindal Stainless', 'Outokumpu', 'Tata Steel Ltd.', 'POSCO', 'Thyssenkrupp AG', 'Yieh United Steel Corp.'
The use of stainless steel 400 series in making cutlery, cookware, and utensils is expected to rise rapidly around the world. Hardness and resistance to wear and tear offered by stainless steel 400 series are projected to bolster its adoption in commercial and home kitchen applications in the long run.
Adoption in Electric Vehicles: Stainless steel 400 series companies should target electric vehicle manufacturing to maximize their business scope in the long run. Stainless steel 400 series is being used for its lightweight and high corrosion resistance properties in the manufacturing of battery enclosures and structural electric vehicles components thereby making this a prominent stainless steel 400 series market trend for the future.
The Asia Pacific region is estimated to account for the highest share of the global stainless steel 400 series industry in the future. Rapid industrialization, growing automotive production, and the presence of multiple large-scale steel manufacturers are helping this region cement its dominance through 2032.
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Report ID: SQMIG15O2031
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