The Stainless Steel Market size was valued at USD 132.7 Billion in 2022 and the total Stainless Steel Market revenue is expected to grow at a CAGR of 6.8 % from 2023 to 2029, reaching nearly USD 223.7 Billion.
Stainless Steel Market OverviewStainless steel is a type of steel alloy that contains at least 10.5% chromium, which makes it resistant to corrosion and staining. the chromium, stainless steel may also contain other elements such as nickel, molybdenum, and titanium. It is widely used in various applications due to its corrosion resistance, strength, and durability. It is commonly used in kitchen appliances, cutlery, medical instruments, chemical processing equipment, and construction materials. There are several types of stainless steel available, each with different properties and characteristics, but all of them share the common characteristic of being highly resistant to corrosion and staining. Stainless steel is produced through a variety of manufacturing processes, including melting, rolling, and annealing, to achieve the desired properties and characteristics. To know about the Research Methodology :- Request Free Sample Report
Stainless Steel Market DynamicsIncreasing usage and production of stainless steel in the automobiles sector driving market revenue growth The increasing usage and production of stainless steel in the automobile sector is key drivers of revenue growth in the stainless steel market. The growing demand for lightweight, durable, and corrosion-resistant materials in the automotive industry has led to increased use of stainless steel. Stainless steel is widely used in the automotive sector for manufacturing various components such as exhaust systems, fuel tanks, bumpers, and other structural parts due to its superior corrosion resistance, durability, and strength-to-weight ratio. Additionally, the increasing adoption of electric vehicles (EVs) is also driving the demand for stainless steel in the automotive industry, as it is used in the manufacturing of battery casings and charging stations. The growing trend towards vehicle customization and aesthetics is also driving the demand for stainless steel in the automotive industry, as it is commonly used in manufacturing decorative trim, grilles, and other interior and exterior components. Therefore, the increase in usage and production of stainless steel in the automobiles sector is expected to continue to drive revenue growth in the stainless steel market during the forecasting period. Stainless Steel Market is increasing urbanization and infrastructure development to boost the market growth Increasing urbanization and infrastructure development are drivers of the stainless steel market, as stainless steel is widely used in various construction applications such as building structures, bridges, and tunnels. As urban populations grow, the demand for new infrastructure and buildings increases, which in turn drives demand for stainless steel products. Stainless steel is used extensively in the construction of buildings, bridges, tunnels, and other infrastructure projects, as well as in the manufacturing of construction machinery and equipment. In addition to its strength and durability, stainless steel's resistance to corrosion and staining makes it an ideal material for use in harsh outdoor environments. The demand for stainless steel in construction and infrastructure development is expected to grow during the forecasted period, as urbanization continues to drive the need for new buildings, roads, bridges, and other infrastructure projects. According to a report by Maximize market research, the global stainless steel market size is expected to reach USD 223.7 billion by 2029, growing at a CAGR of 6.8% from 2020 to 2029 According to a report by the United Nations, the global urban population is expected to reach 68% by 2050, up from 55% in 2022. This growth in urbanization is expected to drive significant demand for infrastructure development and construction activities, which in turn will drive demand for stainless steel products. The construction industry is the largest consumer of stainless steel products, accounting for approximately 50% of total stainless steel demand. Stainless steel is widely used in construction due to its strength, durability, and resistance to corrosion, which makes it ideal for use in building structures and other applications. In forecasting period, there have been several major infrastructure development projects around the world that have driven demand for stainless steel products. For example, in the United States, the construction of the One World Trade Center in New York City required more than 35,000 tons of stainless steel, according to the International Stainless Steel Forum. In China, the construction of the Hong Kong-Zhuhai-Macau Bridge, the world's longest sea bridge, required more than 10,000 tons of stainless steel. In addition, to infrastructure development, increasing urbanization also drives demand for stainless steel products in other applications such as household appliances, transportation, and consumer goods. For example, the growing middle class in developing countries is driving demand for stainless steel kitchen appliances such as refrigerators and ovens. According to a report by MMR, the global market for stainless steel kitchen appliances is expected to reach USD 23.3 billion by 2029, growing at a CAGR of 4.6% from 2022 to 2029. Increasing demand for energy and power generation infrastructure The increasing demand for energy and power generation infrastructure is driven by the need to meet growing energy needs due to population growth, urbanization, and economic development. This demand is expected to continue to grow during the forecasting period, particularly in the developing Stainless Steel Industry globally, where access to reliable and affordable energy is still limited. Stainless steel is widely used in the manufacturing of power plants, pipelines, and other energy-related infrastructure due to its strength, durability, and resistance to high temperatures and corrosion. In power generation, stainless steel is used in various applications, including turbine blades, heat exchangers, and other components in nuclear, thermal, and hydroelectric power plants. Stainless steel is also used in the construction of wind turbines, which are increasingly being used as a source of renewable energy. The use of stainless steel in wind turbines is driven by its durability, corrosion resistance, and ability to withstand extreme weather conditions. As the demand for renewable energy continues to grow, the demand for stainless steel in the manufacturing of wind turbines is also expected to increase. In addition, to its use in power generation, stainless steel is used in the manufacturing of pipelines and other energy-related infrastructure. The oil and gas industry is a major consumer of stainless steel products, particularly in the construction of offshore platforms and subsea pipelines. The increasing demand for oil and gas in developing countries is expected to drive significant investment in new production projects, which in turn will drive demand for stainless steel products. Stainless steel is also used in a wide range of other energy-related applications, including energy storage systems, solar panel frames, and fuel cells. The growing demand for these applications is expected to drive further growth in the stainless steel market. The Stainless Steel Market rise in the volume of recycled steel The rise in the volume of recycled steel is an important trend in the stainless steel market. Stainless steel is highly recyclable, with most stainless steel products containing around 60% recycled content. The increasing adoption of recycling processes in the steel industry is expected to have a positive impact on the stainless steel market. The key benefit of recycling steel is the reduction in the use of raw materials, which can help to conserve natural resources and reduce the environmental impact of steel production. Moreover, recycling steel can also reduce energy consumption and emissions, as the recycling process requires less energy than the production of virgin steel. The rise in the volume of recycled steel is also expected to have a positive impact on the cost of stainless steel products. Recycled steel is often cheaper than virgin steel, as it requires less processing and uses fewer resources. As a result, the increased use of recycled steel in the production of stainless steel products can make them more affordable and accessible to customers. Furthermore, the increasing demand for sustainable and eco-friendly materials is also driving the adoption of recycled steel in the stainless steel market. Customers are becoming more aware of the environmental impact of materials and are looking for sustainable options. The use of recycled steel in stainless steel products can help to meet this demand and improve the sustainability of the industry. Stainless Steel Market Growing availability of alternative materials The growing availability of alternative materials is becoming a restraint for the stainless steel market. While stainless steel has been a popular material for various industries due to its properties like corrosion resistance, durability, and aesthetic appeal, the increasing availability of alternative materials has led to a shift in consumer preferences. Alternative material is aluminium, which is lightweight, corrosion-resistant, and relatively cheaper compared to stainless steel. The use of aluminium has increased in industries such as aerospace, automotive, and construction, which were traditionally dominated by stainless steel. Moreover, the increasing use of advanced composites and carbon fiber in industries such as aviation and defense is also posing a threat to the stainless steel market. The availability of alternative materials is also leading to intense competition in the market, as manufacturers are continuously looking for ways to improve their materials and reduce costs. This competition can lead to a decrease in profit margins for stainless steel manufacturers and make it challenging for them to maintain their market position. However, stainless steel manufacturers are also innovating and investing in research and development to improve their products and stay competitive in the market. For instance, the development of duplex stainless steel, which offers higher strength and corrosion resistance, has helped the market stay relevant and competitive. Volatile Prices of Raw Materials Stainless steel is made from several raw materials such as iron ore, nickel, and chromium. The prices of these raw materials can vary significantly based on market conditions and supply and demand dynamics, which can have a significant impact on the production costs of stainless steel. Fluctuations in the prices of raw materials can cause a ripple effect throughout the supply chain, from the manufacturers to the end-users. The volatile prices of raw materials are a significant restraint in the stainless steel market, as they can cause instability in the market and affect the profit margins of manufacturers. The stainless steel market is highly competitive, and manufacturers are continuously looking for ways to reduce their production costs to remain competitive. the increasing demand for the stainless steel industry has put pressure on the availability of raw materials, leading to price fluctuations. The demand for stainless steel is expected to continue to grow in the coming years, which could exacerbate the problem of volatile raw material prices. In response, stainless steel manufacturers are looking for alternative raw materials or investing in vertical integration to mitigate the risk of volatile raw material prices. However, the volatile prices of raw materials remain a significant challenge for the stainless steel market and need to be addressed for the market to continue to grow in the future. Regionals insights Asia Pacific is the largest market for stainless steel, with a significant revenue share of the global market. The region is expected to experience significant growth in the forecasting period due to the increasing demand for stainless steel products in various industries, chemical/petrochemical products, consumer goods, and heavy and vehicle transportation, medical items, energy is driving market revenue growth. According to the United Nations Comtrad database on international trade, India imported stainless steel wire worth USD 5 million from China in 2022. The World Steel Association reports that in 2022, India's crude steel production climbed by roughly 19% to 121 Million Tonnes (MT), while the world's top producer, China, saw a 3.9 % decline to 1 038.8 MT. The second-largest producer of steel in the world, India, produced 128.7 MT in 2022, compared to China's 1 064.7 MT. The report states that in 2022, Japan produced 98.5 MT of steel as opposed to 85.6 MT in 2022. According to a report by Maximize Market Research, the Asia Pacific stainless steel market size was valued at USD 132.7 billion in 2022 and is expected to reach USD 223.7 billion by 2029, growing at a CAGR of 6.8% from 2022 to 2029. Europe market is expected to register a moderate revenue growth rate during the forecast period. Europe had a leading large number of automotive component manufacturers and aerospace sector around 45%- 50% of steel is used in automotive exhaust systems. The region is expected to experience moderate growth in the forecasting period, driven by the increasing demand for stainless steel products in the automotive and construction industries. Such factors will fuel the market growth is majorly attributed to the increasing demand for duplex series of steel in electronic and engineering applications, owing to its cost-effective property. Segments Covered in the Report This Report covers the analysis of market trends in each sub-segment from 2022 to 2029, as well as historical data and estimates for revenue growth at the global, regional, and national levels. Reports and Data have segmented the stainless steel market based on grade, product, application, and region.
Stainless Steel Market SegmentationsBased on Product Form, the stainless steel market is segmented based on the form of the product. The flat products segment is anticipated to dominate the global market for stainless steel this accounted for over 74% of revenue share in the year 2022, CRC dominated the market in 2022, with over 40% of the global revenue share. The demand for CRC is primarily driven by the automotive industry due to its high strength and durability. HRC and plate segments grew during the forecast period, owing to their increasing use in construction and infrastructure development projects. Overall, the stainless steel market offers a range of products with different properties and applications, catering to the needs of diverse industries. The long products segment includes a cold-finished bar, forged bar, hot rolled bar, profile, wire rod, and wire. The hot rolled bar segment dominated the market in 2022, with over 30% of the global revenue share. The report further states that the demand for hot rolled bars is primarily driven by the construction and automotive industries. The cold-finished bar and wire rod segments also witnessed significant growth during the forecast period, owing to their increasing use in the construction and infrastructure development sectors Based on Application, The stainless steel market is segmented based on Application industries. The automotive and transportation segment is a major Application industry, driven by the increasing demand for lightweight and durable materials in the automotive sector. According to a market report by Maximize market research, the automotive and transportation segment dominated the Stainless Steel market share in 2022, accounting for over 25% of the global revenue share. The building and construction segment is also a significant Stainless Steel industry, driven by the increasing demand for stainless steel in infrastructure and construction projects. The heavy industries segment includes sectors such as oil and gas, power generation, and mining, which require stainless steel products with high corrosion resistance and durability. The consumer goods segment includes applications such as kitchen appliances, cutlery, and furniture, where stainless steel is used for its aesthetic appeal and corrosion resistance. Based on Series, the global stainless steel market has been segmented in 200 series, 300 series, 400 series, and others. The 200 series segment expected a moderate revenue growth rate over the forecast period. The 200 series is a group of austenitic stainless steels that are extremely corrosion-resistant and have a low nickel content.200 series are generally harder and stronger than 300 series steels owing to increased nitrogen content. Based on types the stainless steel market is segmented based on the types of stainless steel. Austenitic Stainless Steel is the most commonly used type, accounting for over 70% of the global stainless steel market. This type is widely used in applications such as automotive components, kitchenware, and chemical processing equipment, due to its excellent corrosion resistance, formability. Martensitic Stainless Steel is characterized by its high strength, hardness, and wear resistance, making it ideal for applications such as knives, turbine blades, and dental and surgical equipment. Ferritic Stainless Steel is known for its high corrosion resistance, particularly against stress corrosion cracking, making it ideal for applications in the automotive and industrial sectors. Precipitation Hard Stainless Steel is a type of stainless steel that can be hardened by heat treatment, making it suitable for applications in the aerospace and nuclear industries. Duplex Stainless Steel, on the other hand, has a mixed microstructure of both austenitic and ferritic stainless steels, making it highly resistant to corrosion and ideal for applications in the chemical and petrochemical industries. Stainless Steel Market Competitive landscape The competitiveness of the Stainless Steel industry is increasing due to the ultimate innovations and productions, in order to remain competitive and maintain market share, companies must continually innovate and adapt to changing industry trends and consumer demands. Companies are focusing on improving their product offerings and increasing their distribution networks through partnerships and collaboration to get a larger portion of the market growing start-ups, mergers, and increasing trends of organic and inorganic growth is being witnessed. The key players in the market such as Acerinox S.A., Aperam Stainless, POSCO, Outokumpu, and Momentive Performance Materials this major key players are using strategies such as acquisition and mergers, partnerships, and investment and divestment, fueling industry growth. Furthermore, large and medium-scale companies are offering highly improved product-type portfolios and customer services. The company uses both hot and cold rolled processes to manufacture steel-based products for customers. Moreover, the company is also involved in acquisition, R&D activity, and steel innovation to meet customer’s demand this trend is projected to positively impact the global market during the forecast period Recent development May 2023, Taiwan’s wire rod mills announced their new prices for May in succession last week, most of them maintained prices or took individual bargaining ways. However, the price of stainless steel wire rods was hiked due to higher nickel prices. Nevertheless, the production cost has been rising, especially since the international nickel and molybdenum prices have rebounded and the electricity prices and global inflation are high, so the costs are likely to continue rising in the future. Suppliers decided to adjust prices for part of products and leave some products room for flexible price negotiation. April 2023 – Market voices from various stainless steel-producing countries expect price increases in the short term. Prices for stainless steel scrap have risen, in some cases significantly and the World Steel Association expects some significant increases in demand for steel in 2023 and 2024 March 2023, Outokumpu, the global leader in sustainable stainless steel, and Fortum, a leading Nordic clean energy company, have signed a Memorandum of Understanding (MoU) to explore the decarbonization of Outokumpu’s steel manufacturing operations with emerging nuclear technology – Small Modular Reactors (SMR). The agreement initiates a long-term process with the aim to access the potential construction of an SMR in Finland. In the first phase, the goal is to identify potential business models and technical solutions for further development. Any potential investment decisions will be made at a later stage. Similarly, the recent development related to companies offering Stainless Steel Market has been tracked by the maximize market research which is available in the report.
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Stainless Steel Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2017 to 2022 Market Size in 2022: USD 132.7 Bn Forecast Period 2023 to 2029 CAGR: 6.8 % Market Size in 2029: USD 223.7 Bn Segments Covered: by Type 1.Austenitic Stainless Steel 2.Martensitic Stainless Steel 3.Ferritic Stainless Steel 4.Precipitation Hard Stainless Steel 5.Duplex Series by Application 1.Automotive and Transportation 2.Building and Construction 3.Consumer Goods 4.Heavy Industries 5.Metal Products 6.Other by Product Form 1.Long 1.1.Cold Finished Bar 1.2.Forged Bar 1.3.Hot Rolled Bar 1.4.Profile 1.5.Wire Rod 1.6.Wire 2.Flat 2.1.CRC 2.2.HRC 2.3.Plate by Series 1.200 2.300 3.400 4.2200 5.others
Stainless Steel Market, by RegionNorth America (United States, Canada, and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan the and Rest of APAC) South America (Brazil, Argentina Rest of South America) Middle East & Africa (South Africa, GCC, Egypt, Nigeria, and the Rest of ME&A)
Stainless Steel Market Key players1.Acerinox S.A. 2.Aperam Stainless, 3.POSCO, 4.Outokumpu, 5.Arcleor Mittal, 6.Thysssenkrupp Stainless GmbH, 7.Yieh United Steel Corp, 8.Nippon Steel Corporation, 9.Baosteel Group, 10.Jindal Stainless 11.Outokumpu Frequently Asked Questions: 1] What is the growth rate of the Global stainless steel Market? Ans. The Global Stainless Steel Market is growing at a significant rate of 6.8 % during the forecast period. 2] Which region is expected to dominate the Global Stainless Steel Market? Ans. Asia Pacific is expected to dominate the Stainless Steel Market during the forecast period. 3] What is the expected Global Stainless Steel Market size by 2029? Ans. The Stainless Steel Market size is expected to reach USD 223.7 Bn by 2029. 4] Which are the top players in the Global Stainless Steel Market? Ans. Some of the top players operating in the stainless steel market include Acerinox S.A, Jindal Stainless, Nippon Steel Corporation, Aperam Stainless, Arcelor Mittal, Baosteel Group, Outokumpu, POSCO, ThyssenKrupp Stainless GmbH, and Yieh United Steel Corp. 5] Which sector is the key driver in the Stainless Steel Market? Ans. The automotive industry sector is the key driver in the stainless steel market.
1. Global Stainless Steel Market: Research Methodology 2. Global Stainless Steel Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Stainless Steel Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Stainless Steel Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Stainless Steel Market Segmentation 4.1 Global Stainless Steel Market, by Type (2022-2029) • Austenitic Stainless Steel • Martensitic Stainless Steel • Ferritic Stainless Steel • Precipitation Hard Stainless Steel • Duplex Series 4.2 Global Stainless Steel Market, by Application (2022-2029) • Automotive and Transportation • Building and Construction • Consumer Goods • Heavy Industries • Metal Products • Other 4.3 Global Stainless Steel Market, by Product Form (2022-2029) • Long o Cold Finished Bar o Forged Bar o Hot Rolled Bar o Profile o Wire Rod o Wire • Flat o CRC o HRC 4.4 Global Stainless Steel Market, by Series (2022-2029) • 200 • 300 • 400 • 2200 • others 5. North America Stainless Steel Market(2022-2029) 5.1 North America Stainless Steel Market, by Type (2022-2029) • Austenitic Stainless Steel • Martensitic Stainless Steel • Ferritic Stainless Steel • Precipitation Hard Stainless Steel • Duplex Series 5.2 North America Stainless Steel Market, by Application (2022-2029) • Automotive and Transportation • Building and Construction • Consumer Goods • Heavy Industries • Metal Products • Other 5.3 North America Stainless Steel Market, by Product Form (2022-2029) • Long o Cold Finished Bar o Forged Bar o Hot Rolled Bar o Profile o Wire Rod o Wire • Flat o CRC o HRC 5.4 North America Stainless Steel Market, by Series (2022-2029) • 200 • 300 • 400 • 2200 • others 5.5 North America Stainless Steel Market, by Country (2022-2029) • United States • Canada • Mexico 6. Europe Stainless Steel Market (2022-2029) 6.1. European Stainless Steel Market, by Type (2022-2029) 6.2. European Stainless Steel Market, by Application (2022-2029) 6.3. European Stainless Steel Market, by Product Form (2022-2029) 6.4. European Stainless Steel Market, by Series (2022-2029) 6.5. European Stainless Steel Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Stainless Steel Market (2022-2029) 7.1. Asia Pacific Stainless Steel Market, by Type (2022-2029) 7.2. Asia Pacific Stainless Steel Market, by Application (2022-2029) 7.3. Asia Pacific Stainless Steel Market, by Product Form (2022-2029) 7.4. Asia Pacific Stainless Steel Market, by Series (2022-2029) 7.5. Asia Pacific Stainless Steel Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Stainless Steel Market (2022-2029) 8.1 Middle East and Africa Stainless Steel Market, by Type (2022-2029) 8.2. Middle East and Africa Stainless Steel Market, by Application (2022-2029) 8.3. Middle East and Africa Stainless Steel Market, by Product Form (2022-2029) 8.4. Middle East and Africa Stainless Steel Market, by Series (2022-2029) 8.5. Middle East and Africa Stainless Steel Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Stainless Steel Market (2022-2029) 9.1. South America Stainless Steel Market, by Type (2022-2029) 9.2. South America Stainless Steel Market, by Application (2022-2029) 9.3. South America Stainless Steel Market, by Product Form (2022-2029) 9.4. South America Stainless Steel Market, by Series (2022-2029) 9.5. South America Stainless Steel Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Sinopec Corp. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. China National Petroleum Corp. 10.3. HollyFrontier Corp. 10.4. BP PLC 10.5. Nippon Seiro Co., Ltd. 10.6. Baker Hughes 10.7. Exxon Mobil Corp. 10.8. Sasol Ltd. 10.9. Lnternational Group Inc. 10.10. Evonik Industries AG 10.11. BASF SE 10.12. Honeywell International Inc. 10.13. Royal Dutch Shell Plc 10.14. Mitsui Chemicals 10.15. Cepsa