According to Precedence Research, the global stainless steel market was estimated at US$ 111.4 billion in 2022 and is predicted to surpass around US$ 214.07 billion by 2032 and is poised to grow at a CAGR of 6.8% during the forecast period 2023 to 2032.
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Increase in demand from consumer goods sector is the key factor that propels the market growth of stainless steel. Flourishing demand of stainless steel in the manufacturing of kitchen products such as showpieces, cookware, and stoves owing to its benefits that include high ductility & toughness, resistant to corrosion, and low maintenance required that in turn fuel the market growth in the consumer goods industry.
Other than this, stainless steel seeks significant demand from the automotive industry that again influences the market growth positively. Increasing automobile production in the regions such as Middle East, the Asia Pacific, and Latin America has prominently escalated the demand of stainless steel in these regions. Main factors contributing towards the increased automobile production are rise in easy access to credit facility, disposable income, and increasing necessity of people for personal transportation. The aforementioned factors likely to boosts the demand of stainless steel across the globe.
Despite of the increased production of automobile, shifting market trend towards implementation of lighter material such as carbon fiber to enhance the fuel efficiency is a significant factor that expected to hamper the demand of stainless steel in the near future. Governments of various regions have issued stringent emission regulations that propel the demand for high fuel efficiency. Furthermore, carbon fiber also aids high strength and load-bearing capacities that triggers its implementation over stainless steel in the automotive sector.
Report Scope of the Stainless Steel Market
|Market Size in 2023||USD 118.42 Billion|
|Market Size by 2032||USD 214.07 Billion|
|Growth Rate from 2023 to 2032||CAGR of 6.8%|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2023 to 2032|
|Segments Covered||Product, Technology, Application, End User, Region|
|Companies Mentioned||POSCO, Acerinox S.A., Baosteel Group, Jindal Stainless, Aperam Stainless, Nippon Steel Corporation, Yieh United Steel Corp. (YUSCO), ThyssenKrupp Stainless GmbH, Outokumpu, and ArcelorMittal|
In 2022, flat products dominated the global stainless steel market because of increasing use of cold-rolled products. Superior properties of flat steel that includes concentricity, straightness, and tolerance make them suitable for various end-use industries such as home appliances, energy, and construction. Further, the growth in these end-use industries is likely to impel the market growth for stainless steel over the analysis period.
On the other hand, long products segment projected to register an escalating growth of around 6.8% in terms of value over the forecast timeframe due to the increasing infrastructure spending in various Asia Pacific regions. In addition, the increasing implementation of stainless steel long products in heavy industries anticipated to augment the market growth over the coming years.
Based on application the stainless steel market is bifurcated into automotive & transportation, building & construction, heavy industry, consumer goods, and others. Heavy industry constitute significant value share on a global scale. Heavy industries include heating cooling & ventilation, chemical industry, pulp & paper, oil & gas, water treatment, food processing, energy industry, and many others. Rising trend of renewable generation in the energy sector to manufacture parts and components of generating station or plant anticipated to boost the growth of stainless steel in the near future. Furthermore, rising industrial revolution along with increasing number of manufacturing plants in the Asia Pacific region because of several unexplored opportunities in the region likely to spurs the demand for stainless steel especially in the engineering & machinery sector of industries.
On the other hand, automotive & transportation is an important application segment that contributes significantly to the overall market revenue. As per the statistics published by the World Steel Association in 2021, the automotive sector accounts for around 12% of global steel consumption. Stainless steel is mainly used in manufacturing various automotive parts & components that include basic vehicle frame for hoods, mufflers, doors, and fuel tanks. Stainless steel together with iron contributes nearly 70% of the total vehicle weight. Consequently, the above mentioned factors expected to propel the market growth over the analysis period.
The Asia Pacific emerged as a global leader in terms of volume and revenue both due to increasing manufacturing activities along with foreign investments in the region.
As per the United Nations Conference on Trade & Development, the inward Foreign Direct Investment (FDI) rate for the Asia Pacific region was around 9.1% in 2017, the highest compared to other regions. An increase in FDI helps the region to develop various industries in the country as well as generate more employment that in turn anticipated to boosts the demand for stainless steel in the region over the coming years.
Key Companies & Market Share Insights
The market players in the stainless steel industry focus primarily on their capacity expansion across various regions. For instance, in March 2020, Acerinox S.A. invested a significant amount in the pickling and annealing lines. According to the company officials, this is one of the most advanced technological systems in the global market for stainless steel as well as expected to offer alluring opportunities to the company in the near future, as the line can produce a diverse range of products.
Some of the prominent players in the stainless steel market include:
Segments Covered in the Report
This research study comprises complete valuation of the market revenue with the help of widespread quantitative and qualitative insights, and prognoses of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2020 to 2032. This report includes market division and its revenue assessment by categorizing it depending on product, grade, application, and region:
By Regional Outlook
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