The global stainless steel market was valued at USD 204.07 billion in 2022 and is projected to reach USD 217.59 billion by 2024. By 2032, the market is anticipated to grow to USD 342.07 billion, with a compound annual growth rate (CAGR) of 5.8% over the forecast period. Stainless steel, composed of elements such as chromium, nitrogen, and molybdenum, is witnessing increased demand, driven by rapid growth in the automotive sector. Additionally, advancements in steel technology to address rising carbon emissions are further fueling market expansion. This information is detailed in the Fortune Business Insights™ report titled "Global Stainless Steel Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/stainless-steel-market-106481
List of Key Players Profiled in the Market Report: -
Acerinox S.A (Spain)
Aperam Stainless (Luxembourg)
ArcelorMittal (Luxembourg)
Baosteel Group (China)
Jindal Stainless (India)
Nippon Steel Corporation (Finland)
Outokumpu (Finland)
POSCO (South Korea)
ThyssenKrupp Stainless GmbH (Germany)
Yieh United Steel Corp (Taiwan)
Segmentation
Cold Rolled Flat Segment To Dominate Due To Its Highly Ductile Nature
On the basis of product type, the market is divided into cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others. The cold rolled flat segment dominated and is set to have fastest growth as it is highly ductile in nature. Hot plate & sheet is also referred to as structural steel and is projected to be the second-largest as it can be cut and welded to manufacture a more complicated product.
Metal Products Segments Led The Market Due To Growing Consumer Disposable Income
On the basis of application, the market is classified into metal products, electrical machinery, engineering, construction, automotive parts, and others. The metal products segment is set held the largest share in 2022 due to growing consumer disposable income and rising adoption of metals in utensils and medical accessories.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Growth In The Automotive Industry To Drive Market Growth
Growth in the automotive industry is anticipated to drive the stainless steel market growth. Stainless steel is used in the automotive industry due to its corrosion, high strength, and heat resistance properties. Increasing technological advancement in the automotive industry and rising innovation in electric vehicles will contribute to product adoption. Rising product consumption due to its characteristics in the construction industry to drive the market growth.
However, presence of substitute products, such as aluminum, galvanized steel, carbon steel, and engineered plastics can hamper the market growth.
Regional Insights
Increasing Demand For The Product in China to Drive Market Growth In Asia Pacific
Asia Pacific is set to lead in the global stainless steel market share due to rapid development in the infrastructure and increasing number of technological developments. The market reached the valuation of USD 136.91 billion in the year 2022 with China being the fastest growing country in the region.
Europe region is driven by rapid growth in the automotive industry and technological advancements. About 45%-50% of steel is being used in the automotive exhaust systems which is further creating demand for stainless steel.
Information Source: https://www.fortunebusinessinsights.com/stainless-steel-market-106481
Key Trends in the Stainless Steel Market
Increased Focus on Sustainability:
Stainless steel is known for being a highly recyclable material, with approximately 80-90% of it being reused. Industries are increasingly prioritizing sustainable materials to meet eco-friendly and regulatory standards, enhancing stainless steel's appeal in sectors like construction and consumer electronics.
Surge in Infrastructure Development:
Emerging economies are experiencing rapid urbanization, leading to significant investments in infrastructure and real estate projects. Stainless steel is widely used in construction for structural elements, facades, and piping, driven by its durability, strength, and low maintenance requirements.
Automotive Industry Demand:
The automotive industry is increasingly incorporating stainless steel into vehicle manufacturing due to its ability to withstand high temperatures, resist corrosion, and maintain structural integrity under extreme conditions. As electric vehicles (EVs) and hybrid cars become more prevalent, the demand for stainless steel components in battery enclosures and structural parts is expected to rise.
Expansion in Medical Applications:
In the healthcare industry, stainless steel is essential for equipment like surgical instruments, implants, and medical devices due to its biocompatibility, sterilizability, and resistance to corrosion. The expanding healthcare infrastructure, particularly in developing countries, is expected to drive stainless steel demand within the medical sector.
Technological Advancements in Production:
Innovations in alloy composition, improved processing methods, and advanced manufacturing technologies have improved the quality and performance of stainless steel. These developments reduce costs and enable the production of customized, high-performance grades for specialized applications.
Competitive Landscape
Key market players are ThyssenKrupp Stainless GmbH, Nippon Steel Corporation, ArcelorMittal, and Acerinox S.A. The market players have been production capacity expansion, product development, mergers & acquisitions, and market collaborations. In April 2021, Sandvik and BEAMIT Group collectively launched Osprey 2507 super-duplex stainless-steel powder which can be used for additive manufacturing with excellent durability and corrosion resistance properties.
Key Industry Development
March 2024- Jindal Stainless Ltd and New Yaking Pte. Ltd. announced the collaboration for construction, development, investment, and operation of a Nickel Pig Iron smelter facility situated in Indonesia. The company will secure 49% stake with USD 157 million as an investment. This Nickel will be used for the production of stainless steel.