What Has Been the Growth Trajectory for the Stainless Steel Market in Recent Years?
The stainless steel market has seen considerable growth due to a variety of factors.
• The scale of the stainless steel industry has significantly expanded in the recent past. The market, which was valued at $164.9 billion in 2024, is projected to increase to $177.92 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.9%.
The historic growth can be linked to factors such as expansion in manufacturing, demand from energy sector, innovations in consumer goods, rapid urbanization, construction surges, and utilization in the aerospace and defense sector.
What is the Forecasted Growth of the Stainless Steel Market Size?
The stainless steel market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of stainless steel is anticipated to witness considerable expansion in the near future. It's projected to escalate to $248.39 billion in 2029, registering a compound annual growth rate (CAGR) of 8.7%.
The boom in the forecast period is ascribed to the upsurge of industrialization in emerging markets, projects dedicated to infrastructure development, recovery of the global economy, sustainable practices, and regulations. The forecast period also foresees primary trends like technological progressions in the manufacturing sector, worldwide economic growth, transition towards sustainable materials, demand from the automotive industry, and developments in automotive design.
What Are The Key Drivers Fueling Growth In The Stainless Steel Market?
The burgeoning expansion in the automotive industry is poised to fuel the progress of the stainless-steel market. Broadly, the automotive industry encompasses various enterprises and institutions that are involved in the design, manufacture, promotion, and selling of vehicles. The robustness and visual allure of stainless steel have found applications in this automotive sector. To illustrate, in May 2024, as per the statistics issued by the International Energy Agency (IEA), a French intergovernmental body, SUVs made up 48% of global auto sales and set a new benchmark in 2023, reinforcing their status in the automotive sector. The sales figure for SUVs in developed nations exceeded 20 million in 2022, marking a 50% market share for the first time, while more than 360 million SUVs were globally operational on the roads. Consequently, the swift expansion in the automotive industry is steering the advancement of the stainless steel market.
What Is The Segmentation Of The Global Stainless Steel Market?
The stainless steel market covered in this report is segmented –
1) By Type: Cold Rolled Flat, Hot Plate And Sheet, Cold Bars And Wire, Hot Bars And Wire Rod, Other Types
2) By Grade: 200 Series, 300 Series, 400 Series, Duplex Series, Other Grades
3) By Application: Building And Construction, Automotive And Transportation, Consumer Goods, Mechanical Engineering And Heavy Industries, Other Applications
Subsegments:
1) By Cold Rolled Flat: Cold Rolled Sheets, Cold Rolled Coils
2) By Hot Plate And Sheet: Hot Rolled Plates, Hot Rolled Sheets
3) By Cold Bars And Wire: Cold Drawn Bars, Cold Drawn Wire
4) By Hot Bars And Wire Rod: Hot Rolled Bars, Hot Rolled Wire Rods
5) By Other Types: Stainless Steel Tubes And Pipes, Stainless Steel Fittings, Stainless Steel Strips
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What Emerging Trends Are Shaping The Stainless Steel Market Landscape?
The emergence of product innovations is currently a dominant trend in the stainless steel market. Key industry players are prioritizing the development of ground-breaking products to reinforce their market standing. For instance, Outokumpu Oyj, a stainless steel manufacturer from Finland, unveiled its revolutionary emission-reduced product line, Circle Green, in June 2023. This unique range offers stainless steel produced with a carbon footprint that is 92% lower than the average in the industry, thanks to the integration of bio-based materials and refined production methods. Circle Green is designed to satisfy increasing demand for eco-friendly materials in a variety of sectors, such as construction and consumer goods, thereby making it a preferable choice for environmentally mindful uses.
Who Are the Key Players in the Stainless Steel Market?
Major companies operating in the stainless steel market include:
• China Baowu Steel Group Corporation Ltd
• Sandmeyer Steel Company
• ArcelorMittal SA
• Pohang Iron and Steel Company
• Nippon Steel Corporation
• ThyssenKrupp AG
• JFE Steel Corporation
• Tata Steel Limited
• Essar Steel India Limited
• Steel Authority of India Limited
• Sandvik AB
• Outokumpu Oyj
• Marcegaglia Specialties S.p.A.
• Jindal Steel and Power Limited
• Acerinox SA
• Aperam SA
• AK Steel Holdings Corporation
• ATI Specialty Alloys & Components
• Schmolz + Bickenbach AG
• Allegheny Technologies Incorporated Carpenter Technology Corporation
• Rashtriya Ispat Nigam Limited
• North American Stainless
• Viraj Profiles Limited
• Ulbrich Stainless Steels & Special Metals Inc.
• Yieh Corporation
• Aamor Inox Limited
• Bristol Metals LLC
• Valbruna Stainless Inc.
• Mahindra Ugine Steel
What are the Regional Insights into the Stainless Steel Market?
Asia-Pacific was the largest region in the stainless steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the stainless steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
