Global Stainless Steel Market

Stainless Steel Market Size, Share, Growth Analysis, By Type(Cold Rolled Flat, Hot Plate & Sheet, Cold Bars & Wire, Hot Bars & Wire Rod), By Grade(200 Series, 300 Series, 400 Series, Duplex Series), By Application(Metal Products, Electrical Machinery, Engineering, Construction), By Region - Industry Forecast 2024-2031


Report ID: SQSG15O2001 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 96 | Figures: 76

Stainless Steel Market Insights

Global Stainless Steel Market size was valued at USD 113.39 billion in 2019 and is poised to grow from USD 186.24 billion in 2023 to USD 197.29 billion by 2031, growing at a CAGR of 7.4% in the forecast period (2024-2031).

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 2019 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 2019 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.

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Global Stainless Steel Market size was valued at USD 113.39 billion in 2019 and is poised to grow from USD 186.24 billion in 2023 to USD 197.29 billion by 2031, growing at a CAGR of 7.4% in the forecast period (2024-2031).

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. 'ArcelorMittal', 'Outokumpu', 'POSCO', 'Acerinox', 'Jindal Stainless', 'Aperam', 'Thyssenkrupp', 'Nippon Steel Corporation', 'Sandvik AB', 'AK Steel', 'Carpenter Technology Corporation', 'ATI', 'Baosteel Group', 'Guangxi Beibu Gulf International Port Group', 'Allegheny Technologies Incorporated', 'Jiangsu Shagang Group', 'Nisshin Steel Co. Ltd.', 'North American Stainless', 'Bristol Metals, LLC', 'Ulbrich Stainless Steels & Special Metals, Inc.'

Automotive Industry's Rapid Development Will Boost the Stainless-Steel Market Growth

There will be lucrative prospects for stainless steel market to expand significantly as a result of rising product consumption in the building industry. Due to its high cost, this type of steel was initially not frequently used for structural purposes in buildings. However, during the past ten years, technical improvements have greatly increased the availability and affordability of this steel while also enhancing its corrosion resistance and durability.

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.

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Global Stainless Steel Market

Report ID: SQSG15O2001

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