Stainless Steel Market
The global stainless steel market size was valued at USD 206.91 billion in 2023. The market is projected to grow from USD 216.16 billion in 2024 to USD 320.37 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period.
Stainless steel combines nitrogen, chromium, and molybdenum to create a strong, corrosion-resistant, and recyclable alloy. Its eco-friendly and long-lasting properties make it a top choice for sectors such as electronics, construction, and automotive. Major investments in infrastructure projects in developing nations such as India and China drive demand for durable, lightweight materials, boosting market expansion.
Fortune Business Insights™ provides this information in its research report, titled “Stainless Steel Market, 2024-2032”.
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List of Key Players Mentioned in the Report:
- Acerinox S.A (Spain)
- Aperam S.A. (Luxembourg)
- ArcelorMittal S.A. (Luxembourg)
- Baosteel Group Corporation (China)
- Jindal Stainless Group (India)
- Nippon Steel Corporation (Japan)
- Outokumpu Oyj (Finland)
- POSCO (South Korea)
- Acciai Speciali Terni S.p.A (Italy)
- Yieh Corporation (Taiwan)
Stainless steel comprises several components that fuse and form a powerful alloy. This alloy contains chromium, nitrogen, and molybdenum. Additionally, the product is eco-friendly, strong, corrosion-resistant, neutral alloy, long-lasting, and infinitely recyclable. Such properties make steel a perfect choice in several industries such as construction, automotive, and electronics. The rapidly growing automotive industry is driving the product demand. Furthermore, its resistance to corrosion and rising manufacturing for recyclable materials will propel market growth during the forecast period.
The growing technological advancement to produce sustainable stainless steel is driving market growth during the forecast timeline. The few major factors driving the market are the megatrends such as rising urbanization, population & economic development, mobility, and increasing climate change. Additionally, growing CO2 emissions globally led many steel producers to develop sustainable choices that could be durable and may be reused at the end of their lifecycle. For instance, in December 2021, Aperam acquired ELG, an expert in super alloys and steel recycling. With this acquisition, both companies aimed to support their CO2 reduction targets and improve their environmental footprint. Hence, such factors, coupled with growing consumer preference for steel-based products, are expected to drive significant market growth.
Segmentation:
Cold Rolled Flat Segment Dominates owing to Excellent Ductility and Precision
By type, the market is divided into hot plate & sheet, cold bars & wire, hot bars & wire rod, cold rolled flat, and others. The cold rolled flat steel holds the largest stainless steel market share and experiences the fastest growth due to its excellent ductility and precision, making it ideal for lockers, furniture, and home appliances.
Construction Segment Showcases Highest CAGR due to Rapid Innovation in Automotive Industry
On the basis of application, the market is divided into metal products, electrical machinery, engineering, construction, automotive parts, and others. The construction segment is experiencing the highest CAGR due to stainless steel's strength and corrosion resistance, used in cladding, countertops, and railings. Soaring innovation in automotive sector and consumer spending are driving demand for product in motor vehicle parts, while its versatility makes it a top choice in electrical machinery with grades such as 304 SS and 316 S being popular in electronics.
In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers a comprehensive analysis of the market, detailing key companies, product types, and applications. It includes quantitative data on volume and value, research methodology, market dynamics, trends, and highlights significant industry developments and the competitive landscape.
Drivers and Restraints:
Rapid Growth in Automotive Industry to Encourage Market Growth
Stainless steel's strength, heat resistance, and corrosion resistance make it essential for automotive parts such as suspension systems and catalytic converters. Moreover, innovations in the automotive sector, including electric vehicles, increase the demand for the product, contributing to the stainless steel market growth.
However, the product’s heavy weight and lower water resistance compared to its substitutes restrict its use in applications.
Information Source: https://www.fortunebusinessinsights.com/stainless-steel-market-106481
Regional Insights:
Asia Pacific Dominated the Market Owing to Technological Advancements
Asia Pacific led the global market with a share of USD 150.20 billion in 2023, driven by rapid infrastructure development and technological advancements in steel. China, the largest and fastest-growing market in the region, benefits from increased steel production, R&D activities, and a booming construction sector.
Europe's strong demand for stainless steel is fueled by rapid growth in the automotive industry and technological advancements. With 45%-50% of steel used in automotive exhaust systems and innovations such as tube hydroforming with austenitic steel.
Competitive Landscape:
Leading Companies Deploy Effective Strategies for Operational Efficiency
The market is highly competitive and consolidated, with ArcelorMittal S.A. and Nippon Steel Corporation investing heavily in technology to enhance output and efficiency. These leaders focus on operational excellence, innovation, and strategic acquisitions to grow their market share and sustain their competitive advantage.
Key Industry Development:
- June 2024: Jindal Stainless purchased the remaining 46% equity stake in Chromeni Steels Private Limited (CSPL), boosting its market presence.
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