The ‘Global Stainless Steel Market Size, Share, Trends, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global stainless steel market, assessing the market on the basis of its segments like applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Stainless Steel Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Volume (2022): USD 143.5 billion
• Forecast CAGR (2023-2028): 6.8%
• Forecast Market Volume (202): USD 212.95 billion
Stainless steel offers high tensile strength, great durability, and is easy to maintain at a low cost. These characteristics make it an ideal choice for use in the construction industry. Hence, rapid urbanisation and increasing investments in residential and commercial construction projects are driving the demand for stainless steel. In addition to this, stainless steel brings aesthetic superiority to a structure which is another crucial factor bolstering the stainless steel market.
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Additionally, stainless steel is eco-friendly as it is derived from non-renewable metals. Therefore, the increasing inclination of various end users towards eco-friendly alternatives is further escalating the application of the product. Meanwhile, stainless steel is a crucial product used in the manufacturing of metal utensils in the food and catering services such as tablespoons, pressure cookers, and plates, among others.
Stainless steel is also utilised in the manufacturing of high-end household appliances including refrigerators, dishwashers, and freezers, among others. In this regard, the increasing demand for electronic appliances, induced by the growing per capita income across the emerging economies is propelling the stainless steel market growth.
Furthermore, stainless steel is finding applications across industries such as transportation and logistics, healthcare, and energy, among others, which is likely to expand the market opportunities in the forecast period.
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Stainless Steel Industry Definition and Major Segments
Stainless steel is defined as a type of alloy which is based on various metals such as iron, chromium, or nickel, etc. The steel product is corrosion and heat-resistant which makes it applicable in numerous industries. It can be manufactured in different grades according to the requirements of the end use industries.
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Based on application, the market can be segmented into:
• Metal Products
• Construction
• Mechanical Engineering
• Electrical Machinery
• Motor Vehicles and Parts
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Stainless Steel Market Trends
Stainless steel is witnessing heightened applications in the automotive industry to facilitate the manufacturing of major automobile components such as exhaust systems and grills, marking a key trend in the stainless steel market. Stainless steel enables automotive manufacturers to make structural components. Hence, the technological advancements in the new energy vehicles are anticipated to generate a high demand for stainless steel in the forecast period.
Advancements in medical technology are other crucial trends in the stainless steel market which are propelling the demand for stainless steel to make hygienic surgical and dental equipment. The rising healthcare expenditure across the emerging economies is likely to accelerate the incorporation of stainless steel in various healthcare units.
Stainless steel is also extensively used in the manufacturing of aircrafts. In this regard, the growing innovations and research and development activities across the aerospace industry are likely to add to the market numbers in the coming years.
Key Market Players
The major players in the stainless steel market report are
- POSCO
- Outokumpu
- Acerinox S.A.
- Nippon Steel Corporation
- Aperam S.A.
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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