The global stainless steel market was valued at USD 204.07 billion in 2022 and is anticipated to grow to USD 217.59 billion by 2024. By 2032, the market is expected to reach USD 342.07 billion, with a compound annual growth rate (CAGR) of 5.8% during the forecast period. Stainless steel comprises various elements, including chromium, nitrogen, and molybdenum. The market growth is propelled by the rapid expansion of the automotive industry and rising technological advancements in steel production due to increasing carbon emissions. This information is provided by Fortune Business Insights™ in its report titled “Global Stainless Steel Market, 2024-2032.”
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)
Cold Rolled Flat Segment to Dominate Due to Its Highly Ductile Nature
Based on product type, the market is segmented into cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others. The cold rolled flat segment dominated the market and is expected to experience the fastest growth due to its high ductility. Hot plate & sheet, also known as structural steel, is projected to be the second-largest segment as it can be cut and welded to create more complex products.
Metal Products Segment Led the Market Due to Growing Consumer Disposable Income
By application, the market is categorized into metal products, electrical machinery, engineering, construction, automotive parts, and others. The metal products segment held the largest market share in 2022, driven by increasing consumer disposable income and the growing use of metals in utensils and medical accessories.
The report offers an in-depth analysis of the top segments and the latest market trends. It thoroughly discusses the factors driving and restraining market growth and examines the impact of COVID-19. Additionally, the report explores regional developments and strategies adopted by key market players.
Growth in the Automotive Industry to Drive Market Expansion
The automotive industry's expansion is expected to drive the growth of the stainless steel market. Stainless steel is favored in the automotive sector for its corrosion resistance, high strength, and heat resistance properties. Technological advancements and innovations in electric vehicles are expected to boost product adoption. The construction industry's increasing use of stainless steel due to its beneficial characteristics will also contribute to market growth.
However, the presence of substitute products, such as aluminum, galvanized steel, carbon steel, and engineered plastics, may hamper market growth.
Regional Insights
Increasing Demand for the Product in China to Drive Market Growth in Asia Pacific
The Asia Pacific region is poised to dominate the global stainless steel market share due to rapid infrastructure development and a surge in technological advancements. In 2022, the market in Asia Pacific was valued at USD 136.91 billion, with China being the fastest-growing country in the region.
Rapid Growth in the Automotive Industry to Propel Market in Europe
In Europe, the market is driven by the swift expansion of the automotive industry and technological advancements. Approximately 45%-50% of stainless steel is used in automotive exhaust systems, further fueling demand for stainless steel in the region.
Information Source: https://www.fortunebusinessinsights.com/stainless-steel-market-106481
Key players in the market include ThyssenKrupp Stainless GmbH, Nippon Steel Corporation, ArcelorMittal, and Acerinox S.A. These companies focus on expanding production capacity, developing new products, engaging in mergers and acquisitions, and forming market collaborations. For instance, in April 2021, Sandvik and BEAMIT Group jointly launched Osprey 2507, a super-duplex stainless-steel powder designed for additive manufacturing, known for its excellent durability and corrosion resistance.
March 2024 - Jindal Stainless Ltd and New Yaking Pte. Ltd. announced a collaboration for the construction, development, investment, and operation of a Nickel Pig Iron smelter facility in Indonesia. Jindal Stainless Ltd will acquire a 49% stake with a USD 157 million investment. The nickel produced will be used in stainless steel production.