USD 113.39 billion
Report ID: SQSG15O2001 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 96 | Figures: 76
Global Stainless Steel Market size was valued at USD 113.39 billion in 2021 and is poised to grow from USD 186.24 billion in 2022 to USD 197.29 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).
Steel is an ideal material for a variety of industries, including the automotive, building, and electronics sectors. The need for products is being fueled by the constantly expanding automobile industry. The demand for stainless steel market is projected to increase as a result of corporate and public investments in infrastructure and residential housing development. In industrial settings like building and construction, infrastructure, railroads, automotive and transportation, and process industries, stainless steel (SS) is a crucial commodity. Stainless steel (SS) has a distinct advantage over carbon steel because it combines qualities like pliability, strength, corrosion resistance, aesthetic qualities, minimal maintenance costs, and an average product life cycle. These characteristics, together with rising application are expected to fuel stainless steel market expansion. Additionally, throughout the during the forecast period, the capacity of the product to resist corrosion combined with increased production for recyclable material will further aid in propelling the stainless steel market expansion.
It is also employed in the manufacturing of a variety of home appliances, cookware, cutlery, and other parts. However, the pandemic issue has adversely affected the growth of the stainless steel market in 2020 due to a sharp decline in demand from a variety of end use sectors. The expansion of the stainless steel market has slowed down in 2020 as a result of delayed construction projects,, lockdowns, and poor automobile demand. However, it is projected that the stainless steel market would expand at a desirable growth rate as a result of the economy and industrial performance recovering.
US Stainless Steel Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 113.39 billion
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Global stainless steel market is segmented based on type, grade, application and region. Based on the type, the global stainless steel market is segmented into cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others. Based on the grade, the Stainless Steel Market is divided into 200 series, 300 series, 400 series, duplex series. Based on the application, the global stainless steel market is segmented into metal products, electrical machinery, engineering, construction, automotive parts, and others. Based on region, Stainless Steel Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Stainless Steel Market Analysis by Type
On the basis of product type, the stainless steel market is segmented into cold-rolled flat, hot plate and sheet, cold bars and wire, hot bars and wire rods, and others. It is anticipated that the cold-rolled flat category will hold the biggest Stainless Steel Market share and expand at the fastest rate. CRS, short for cold-rolled flat, is a highly ductile material that works well in applications where precision is essential. It is extensively used in furniture, file cabinets, lockers, and home appliances.
Hot plate and sheet, commonly known as structural steel, is anticipated to be the second-largest Stainless Steel Market segment. It is a straightforward steel sheet that might be welded and carved into a more intricate product. Drums, general fabrication, vehicle panels, containers, and trailer cladding are the principal uses for it. The need for cold bars and wire will rise because of its superior mechanical qualities in engineering applications.
Stainless Steel Market Analysis by Grade
On the basis of distribution channels, the stainless steel market is segmented into hypermarkets & supermarkets, specialty stores, online stores, and others. With a volume share of more than 54.0% in 2021, the 300 series was the largest segment. Almost all moving parts that need polishing, grinding, or machining—and where strong corrosion resistance is a requirement—are made from grade 303 in the series. It is suitable for moving parts due to its non-galling and non-seizing characteristics. It has reasonable forming capabilities and is utilized for gears, valves, shafts, valve trim, and various screw machine goods.
All types of dairy equipment, including containers, sterilizers, milking machines, homogenizers, storage & transportation tanks, train carriages, milk trucks, valves, and pipes, are perfectly suited for grade 304 in the 300 series. The brewing industry also uses this 18-8 alloy for pipes, fermentation vats, yeast pans, and storage and transport vehicles. In terms of revenue, Duplex series SS is predicted to have the greatest CAGR of 10.9 % during the forecast period. Demand for the product is expected to be driven by its superior qualities, particularly its high corrosion resistance, low weight, and strong resistance to stress corrosion cracking. The product has uses in the pharmaceutical, oil and gas, desalination of water, and chemical and petrochemical industries.
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In 2020, Asia Pacific stainless steel market was valued at USD 126.01 billion. The steel industry has seen tremendous technical innovation and infrastructure development in the region, which has further supported market expansion. China is holding the largest market share and the quickest rate of economic growth in this area. One of the key reasons driving product demand in China is the rise in steel production, research and development activities, and the expanding construction sector.
The fast expansion of the automotive sector and advancements in technology are both contributing to the product's strong demand in Europe stainless steel market. Automobile exhaust systems typically contain 45 to 50 percent steel. Additionally, a number of companies are using cutting-edge techniques for complex designs, such as tube hydroforming with austenitic steel. As a result, these elements will stimulate stainless steel market expansion in Europe.
North America's market growth is mostly is driven by cost-effectiveness of duplex series steel in electrical and engineering applications. The need for stainless steel in mechanical, chemical, and energy applications is anticipated to drive the U.S. market. These uses range from heat exchangers, heat vessels, and boilers in power plants to furnace plants and parts of processing equipment used by the pulp and paper, chemical, and food and beverage industries. Construction and building are two of the major uses for stainless steel. SS products are utilized in beams, columns, and other general architectural applications for structural purposes. Among other things, it is used for roofing, stairways, lifts, swimming pool covers, canopies, and atriums. The US government unveiled a USD 2 trillion infrastructure plan in November, 2021. It allocates a significant amount of money for the upkeep and repair of roads, bridges, airports, water infrastructure, communication networks, high-speed Internet, clean energy & environment, and carbon reduction. The SS demand for structural applications in infrastructure and construction is probably going to be helped by this proposal.
Brazil and Mexico are the two most important nations in Latin America stainless steel market. The market expansion in this area is aided by the increased demand of metal products in the transportation and medical sectors. Future market growth will be significantly impacted by the expansion of the construction sector in the Middle East and Africa.
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Stainless Steel Market Driver
The consumption of the stainless steel is driven by the automotive industry's explosive rise. The corrosion, high strength, and heat resistance qualities of this metal are suitable. This makes it an ideal option for many automobile components, such as hose clamps and seatbelt springs. The World Steel Organization predicts that stainless steel will soon be used frequently in catalytic converters, fuel tanks, chassis, bodywork, and suspension. Additionally, rising innovation in electric vehicles and advancing technology in the automotive sector will aid in product acceptance. As a result, increasing product demand from automakers will propel the growth of the stainless steel market.
Global stainless steel market is anticipated to be driven by the rising demand for stainless steel from a variety of industries, including the chemical, petrochemical, food and beverage, oil and gas, and power generating sectors, among others. Due to its superior corrosion resistance, wear and tear resistance, and tensile strength capabilities, stainless steel is utilized in pumps, valves, pipe systems, storage tanks, reactors, and many other places.
The demand for renewable energy production units is predicted to increase significantly over the next few years across a number of countries due to the increasing need to generate power from alternative sources in order to reduce greenhouse gas emissions. As the material is utilized in geothermal, solar, wind, and hydro power plants, this will help the stainless steel industry. The substance is resistant to extreme environmental conditions. Over the projection period, all of these factors are expected to increase demand for stainless steel.
Stainless Steel Market Restraint
The adoption of the product is hampered by the availability of substitutes like aluminum and carbon steel. In contrast to these options, the product is also heavy and not water-resistant. As a result, its utilization is limited in areas where products need to be lightweight. These limitations limit stainless steel market expansion and slow product adoption across a range of industries, including consumer products, engineering, and electronics.
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Acerinox S.A., ArcelorMittal, Nippon Steel Corporation, ThyssenKrupp Stainless GmbH, and ThyssenKrupp Stainless GmbH are important metal producers active in the market. These firms are actively engaged in market partnerships, product development, mergers and acquisitions, and capacity expansion in order to maintain and expand their market share. The steel company ThyssenKrupp Stainless GmbH produces steel. The business produces steel-based products for clients using both hot and cold rolled techniques. In addition, the business engages in acquisition, R&D, and steel innovation to satisfy consumer demand.
Stainless Steel Market Top Player's Company Profiles
Stainless Steel Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global stainless steel market analysis, the automotive industry's explosive rise & growing demand for stainless steel from a variety of industries, including the chemical, petrochemical, food and beverage, oil and gas, and power generating sectors, among others are some major factors driving the growth of the global stainless-steel market.
|Market size value in 2021||USD 113.39 billion|
|Market size value in 2030||USD 186.24 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Stainless Steel 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 Global Stainless Steel 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.
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