The global stainless steel market size is expected to reach USD 223.60 billion by 2030, registering a CAGR of 8.9% during the forecast period, according to a new report by Grand View Research, Inc. Higher penetration of the product and its vital importance in numerous applications is expected to support the market growth, during the forecast period.
Stainless Steel Market Report Highlights
- In terms of revenue, the Asia Pacific was the largest region in 2021 and is projected to remain the fastest-growing market during the forecast period. The region accounted for more than 71.0% of the total revenue in 2021 on account of industrial production for automotive, marine, construction, and consumer goods in the countries such as China, India, and Japan
- 300 series segment is projected to exhibit a CAGR of 9.4%, in terms of revenue, during the forecast period. The market is likely to be driven by the aerospace and marine industries on account of its properties such as thermal resistance and corrosion resistance
- Flat products segment accounted for a volume share of nearly 74.0% in 2021. The segment is projected to grow on account of the demand in consumer goods along with machinery & equipment industries, which is supported by the properties of stainless steel such as concentricity, straightness, and tolerance
- Building & construction application segment is likely to observe a lucrative growth of 7.1% during the forecast period on account of massive investment in infrastructure and housing sectors by the countries such as the U.S., China, and India
- The competitive rivalry within the industry is projected to increase with rising mergers & acquisitions, capacity expansion, in addition to network distribution
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Post COVID-19 business saw steel prices go down as imported steel is starting to come into the US more, and less production costs, it will help with the overall steel shortage. But it is expected to come down slowly over the period. According to the ISSF data, in 2022 stainless steel consumption will increase by 3.4 percent in China, while increasing by 4.9 percent in the Asia region excluding China, and will move up by 5.2 percent in the US. Despite this, slowdown in economic growth in some major economies, a rise in inflation and ongoing supply-chain snags could negatively affect the industry.
Stainless steel has extensive utilization in the automotive sector because of its visual appeal and corrosion resistance properties. Corrosion resistance helps its use in catalytic converters and exhaust silencers. These parts face exhaust gas attacks from the inner side and road dirt, salt, and water from the external side. In such cases, stainless steel is the best suitable material. Automotive applications of the product include fuel tanks, trim, gaskets, suspension systems, and bodies of the buses.
Characteristics of diverse stainless steel materials depending upon the application make them advantageous and preferable when compared to other materials. This is a major reason for their growing demand. For example, if we compare steel and aluminum since they are often considered alternatives in many applications, steel is preferable over aluminum because of its low cost, strength, and less likely to damp, bent, or warp.
Numerous applications have propelled the demand for stainless steel during these years and by enlargement in the end-use industries, the need for these materials is expected to increase further at a rapid rate. As a result, the production of the commodity is carried out on a large scale where iron ore is the key raw material. This ore is mined from the earth’s crust.
The increasing demand together with certain disadvantages, associated with conventional production processes such as the negative environmental effect of iron ore mining, has compelled vendors to opt for an alternative step, which is recycling. The phenomenal property of stainless steel can be recycled frequently without having any impact on the quality eventually promoting the stainless steel scrap industry.
Stainless steel scrap recycling has various benefits economically and environmental. Every ton of recycled steel saves 1.5 tons of iron ore, and 0.5 tons of coal, and reduces water consumption by 40.0%. In addition, carbon dioxide emissions are reduced by 50-60%. As a result, the advantages of metal recycling along with increasing demand for stainless steel in end-use applications are propelling the growth of the stainless steel market.
Stainless Steel Market Insights By Demographics
The Asia Pacific dominated the regional segment and held the largest volume share. An increasing share of India and ASEAN countries in the demand for SS is likely to contribute to the expansion of the Asia Pacific SS market. The expansion of cold-rolled facilities is also expected to remain a vital factor for the growth of the market. Europe is expected healthy CAGR during the forecast period. The market in Europe witnessed recovery because of the commencement of industrial operations after the lockdown. Increasing application in pre-engineered buildings is likely to drive market growth during the coming years.
Competitive Analysis By Major Companies
Players in the stainless steel market are adopting several organic and inorganic growth strategies such as capacity expansion, mergers & acquisitions, and joint ventures, in order to maintain and expand their market share. Some prominent players in the global stainless steel market include:
- Acerinox S.A.
- Aperam Stainless
- ArcelorMittal
- Baosteel Group
- Jindal Stainless
- Nippon Steel Corporation
- Outokumpu
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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)
- Stainless Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- Stainless Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- Stainless Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- List of Key Players in Stainless Steel Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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