Stainless Steel Industry Overview
The global stainless steel market size was valued at USD 104.23 billion in 2021 and is expected to exhibit a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030.
The private and public investments in infrastructure, as well as residential housing, is likely to provide a boost to the stainless steel demand. Stainless steel (SS) is an important material in industrial applications such as building & construction, infrastructure, railways, automotive & transportation, and process industries. SS has a unique edge over carbon steel as it has a combination of properties such as pliability, strength, corrosion resistance, aesthetic properties, low maintenance cost, and average product life cycle. These properties along with increasing penetration in numerous applications are anticipated to drive the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Stainless Steel Market
The U.S. stainless steel market is expected to be driven by the demand for mechanical, chemical, and energy applications. These applications are diversified such as tubular in the oil industry; heat exchangers, heat vessels, & boilers in power plants; furnace plants; and components in processing machinery of pulp & paper, chemicals, and food & beverage industries.
Building & construction is one of the important applications of stainless steel. The segment accounted for a volume share of 11.3% of overall U.S. demand. For structural purpose, SS products are used in beams, columns, and general architectural applications. It is used in railings, roofing, lifts, staircases, swimming pool shades, canopies, and atriums among others.
In November, the U.S. government introduced USD 2 trillion plan for infrastructure. It includes heavy fund allocation for repair and renovation of bridges, highways, EV charging facilities, airports, water infrastructure, communication networks, high-speed Internet, clean energy & environment, and carbon reduction. This plan is likely to assist the SS demand for structural applications in infrastructure and construction.
Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.
- Carbon Steel Market – The global carbon steel market size was valued at USD 887.7 billion in 2019 and is anticipated to attain a CAGR of 3.4% from 2020 to 2027. Increasing focus on infrastructure development particularly in Asia Pacific countries is projected to drive the consumption of carbon steel products over the coming years. The Asia Pacific is likely to attract nearly 50% of infrastructure investment over the coming years.
- Steel Market – The global steel market size was valued at USD 861.64 billion in 2019 and is projected to grow at a CAGR of 2.6% from 2020 to 2025. Growing popularity of pre-engineered metal buildings and lightweight building materials to foster energy savings has been a key driver of the industry. The transition from conventional casting processes to novel technologies using recycled metals is another key driving factor for the industry.
Stainless Steel Market Segmentation
Grand View Research has segmented the global stainless steel market based on the grade, product, application, and region:
Stainless Steel Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- 200 series
- 300 series
- 400 series
- Duplex series
Stainless Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
Stainless Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- Building & Construction
- Automotive & Transportation
- Consumer Goods
- Mechanical Engineering & Heavy Industries
Stainless Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- February 2021: Jindal Stainless announced a capex plan for its Odisha stainless steel plant worth Rs. 2000-3000 crore (~ USD 261.8-392.7 million) over the next few years.
Key Companies profiled:
Some prominent players in the global stainless steel market include
- Acerinox S.A.
- Aperam Stainless
- Baosteel Group
- Jindal Stainless
- Nippon Steel Corporation
- ThyssenKrupp Stainless GmbH
- Yieh United Steel Corp.
Order a free sample PDF of the Stainless Steel Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Email: [email protected]
No CommentsLeave a comment Cancel