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Stainless Steel Market Trends, Share, Growth, Size and Forecast 2023-2028

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IMARC Group, a leading market research company, has recently releases report titled “Stainless Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global stainless steel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the stainless steel market?

Report Attributes Details
Market Size in 2022 US$ 146.27 Billion
Market Forecast in 2028 US$ 210.44 Billion
Growth rate (2023 to 2028) CAGR of 6.12%
Base Year of the Analysis 2022
Forecast Period 2023-2028

What is stainless steel?

Stainless steel (SS) is an alloy of iron with high chromium content and other elements such as nickel, carbon, and molybdenum that is immune to rusting and ordinary corrosion. The alloyed chromium emits a thin oxide layer or a passive layer, which transmits excellent heat and corrosion resistance properties to the steel. It also exhibits enhanced corrosion resistance, desired characteristics in specific environments and improved oxidation resistance. In addition, it provides ease of fabrication, flexibility, aesthetic appeal, excellent tensile strength, low and high-temperature resistance, low maintenance costs, environment-friendliness, recyclability, and prolonged product life. Consequently, stainless steel is widely adopted in various industrial verticals such as automotive, transportation, building and construction, railways, consumer goods, mechanical engineering, and heavy industries across the globe.

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What are the growth prospects and trends in the stainless steel?

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The market is primarily driven by the significant expansion in building and construction activities. This can be attributed to the escalating product demand for columns, beams, and general architectural applications. These products are employed extensively in lifts, railings, staircases, swimming pool shades, roofing, canopies, and atriums. In addition, the increasing use of stainless steel in energy, and mechanical applications, including heat exchangers and boilers in power plants and components in processing machinery of pulp and paper, chemicals, and food and beverage (F&B) industries, are contributing to the market growth. Moreover, governments are investing extensively in infrastructure development, such as repairing and renovating bridges, public buildings, highways, airports, water infrastructure, communication networks, clean energy and environment, and electric vehicles (EV) charging facilities to minimize carbon emissions, representing another major growth-inducing factor.

Besides this, the rising product application in the transportation industry, such as railway, wherein corten steel is being replaced by stainless steel due to their high strength-to-weight ratio to enhance crash effectiveness of the coach and energy absorption capacity is augmenting the market growth. Along with this, various leading players are widely adopting energy-efficient manufacturing processes and novel technologies to minimize costs, enhance efficiency, and improve production capacities, thus influencing market growth. Apart from this, the stainless steel (SS) market is growing at different rates in numerous regions, with the Asia Pacific being the largest stainless steel (SS) markets due to the heavy investments in energy and infrastructure development programs, significant expansion in automotive machinery, and shipbuilding industries.

 

Furthermore, the rising product application in the electrical and electronics industries, ongoing industrial and infrastructural development activities, continuous technological advancement, and mergers and acquisitions (M&A) among key market players are other factors creating a positive market outlook across the globe. For instance, in May 2022, Jindal Stainless became a supplier to Alstom to develop technologically advanced trainsets for Regional Rapid Transit System. Jindal Stainless will supply around two kilotons of 301LN stainless steel grade in 2J finish to produce 210 trainsets.

 

What is included in market segmentation?

The report has segmented the market into the following categories:

 

Product Insights:

  • Flat
  • Long

Grade Insights:

  • 200 Series
  • 300 Series
  • 400 Series
  • Duplex Series
  • Others

Application Insights:

  • Automotive and Transportation
  • Building and Construction
  • Consumer Goods
  • Mechanical Engineering and Heavy Industries
  • Others

Breakup by Geography:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

 

  • Acerinox S.A.
  • Aperam S.A.
  • ArcelorMittal S.A.
  • Baosteel Group
  • JFE Steel Corporation (JFE Holdings Inc.)
  • Jindal Stainless Limited
  • Nippon Steel Corporation
  • Outokumpu Oyj
  • POSCO Products
  • thyssenkrupp Stainless GmbH (ThyssenKrupp AG)
  • Yieh United Steel Corp.

 

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If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

 

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

 

IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

 

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