The global Stainless Steel market is forecast to reach USD 297.34 Billion by 2030, according to a new report by Reports and Data. The stainless steel market is witnessing a surge in demand, owing to the growth of end-user industries such as the automotive industry, in the developed, as well as developing economies across the globe. However, carbon fibers due to its lightweight, high strength, and load-bearing properties will hamper the demand of the market.
Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of secure infrastructure over a broad aspect, thus, augmenting the demand for the market product. The usage of the use of stainless steel is supported by the Ministry of Steel of the Indian government, as India contributes to the list of top manufacturers of the Stainless Steel across the globe, which is creating a demand in the market. Moreover, the government in nations such as China, Japan, and the United States are also supporting the sales of stainless steel, thereby driving the growth of the market. Resuming operations after taking control of the Covid-19 pandemic, China announced an increase in the export rebates for cold-rolled steel, stainless steel strip, and other products from present 10.0% to 13.0% for a variety of steel products. This may prompt Indian steelmakers to seek higher border tariffs on imports. The Asia Pacific region forecasted to grow with the highest growth rate owing to the increase in the use of stainless-steel.
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Top Leading Players in The Global Stainless Steel Market Are:
Jindal Stainless, Acerinox S.A., Outokumpu, Aperam Stainless, ArcelorMittal, Baosteel Group, Nippon Steel Corporation, POSCO, ThyssenKrupp Stainless GmbH, and Yieh United Steel Corp, among others.
Stainless Steel Market Upcoming Growth:
Stainless steel is a versatile and durable material that is widely used in various industries, including construction, automotive, aerospace, and healthcare. The demand for stainless steel is driven by several factors, including population growth, urbanization, industrialization, and infrastructure development.
In recent years, there has been a growing demand for stainless steel due to its corrosion-resistant properties and aesthetic appeal. The market for stainless steel is also driven by the increasing demand for stainless steel products in emerging economies such as China, India, and Brazil.
Moreover, the growing demand for stainless steel in various applications such as cookware, cutlery, and kitchen appliances is also contributing to the growth of the market. Additionally, the increasing demand for stainless steel in the construction industry due to its strength, durability, and aesthetic appeal is expected to drive the growth of the market in the coming years.
Overall, the stainless steel market is expected to witness steady growth in the coming years, driven by the increasing demand for stainless steel in various industries and applications. However, the market growth may also be influenced by various economic, geopolitical, and environmental factors that can impact the demand and supply of stainless steel.
Further key findings from the report suggest:
- Based on grade, 400 Series is expected to grow with a CAGR of 6.5% owing to its fundamental characteristics, which are high carbon content that gives martensitic crystalline structure, thereby making it appropriate to use for a variety of applications.
- Increasing demand for the product in infrastructure development and automotive production owing to properties, such as resistance to corrosion, strength, and low maintenance, is driving the demand for the Stainless Steel market. The automotive and transportation application is likely to grow at a significant rate of 6.5% in the forecast period.
- The Consumer Goods sector is the major contributor to the Stainless Steel market, which was USD 31.38 billion in 2017 and is forecasted to grow at a rate of 5.4% in the forecast period. The Consumer Goods sector of the Asia Pacific region is the major shareholder of the Stainless Steel market holds around 33.0% of the market in the year 2019.
- The Asia Pacific dominated the market for Stainless-Steel. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market.
Segments covered in the report:
Grade Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019–2030)
- 200 Series
- 300 Series
- 400 Series
- Duplex Series
- Others
Product Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019–2030)
- Flat
- Long
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019–2030)
- Building Construction
- Heavy Industry
- Automotive Transportation
- Consumer Goods
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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