The global stainless steel market is projected to have a moderate-paced CAGR of 5.5% during the forecast period. The current valuation of the market is USD 126.38 billion in 2023. The market value of the stainless steel market is anticipated to reach a high of USD 215.89 billion by the year 2033. A historical CAGR of 3.1% has been recorded by the experts of Future Market Insights for the concerned market.
| Attributes | Details |
|---|---|
| Historical Value (2022) | USD 119.80 billion |
| Current Year Value (2023) | USD 126.38 billion |
| Expected Forecast Value (2033) | USD 215.89 billion |
| Historical CAGR (2018 to 2022) | 3.1% |
| Projected CAGR (2023 to 2033) | 5.5% |
The demand for stainless steel is on the rise due to private and public investments being made in infrastructure, coupled with residential housing. It is identified to be an important material in industrial applications such as automotive, railway, infrastructure, building & construction, transportation, and process industries.
While analyzing the stainless steel market, the experts at FMI have observed that stainless steel has a unique edge over substitutes like carbon steel, weathering steel, and others.
This product is gaining traction due to properties like high pliability, corrosion resistance, strength, aesthetic properties, low-cost of maintenance, and average product life cycle. Therefore, it is anticipated that the stainless steel market is likely to witness significant growth during the forecast period.
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The properties of stainless steel along with numerous applications in the global market are anticipated to drive market growth and have gained rapid momentum in recent years. It is estimated that the stainless steel market will grow 1.7 times over the assessment period. Rising sales of cutlery, cookware, and domestic stainless steel appliances are identified to bode well for the stainless steel forum.
Furthermore, the product’s ability to resist corrosion coupled with the rising manufacture of recyclable material is projected to have influenced the market in a positive way and is making a significant contribution to propelling the market growth during the forecast period.
Stainless steel is highly being adopted in different industries including food & beverages, chemical, petrochemical, oil & gas, and power generation. Owing to its tensile strength properties stainless steel is widely used in pumps, piping systems, storage tanks, and many other places.
Rising technological advancement in steel owing to increasing CO2 emissions is a prominent trend. The creation of sustainable stainless steel is flourishing the market growth during the forecast timeline. The global megatrends, including urbanization, rising mobility, population & economic development, and increasing climatic changes are some prominent factors estimated to drive the market growth for stainless steel.
In addition to that, CO2 emissions worldwide are leading many steel producers to develop a sustainable choice that could be durable and have reusable properties at the end of their lifecycle. The trends are gravitating toward the stainless steel market and positively impacting the expansion of the product forum in the long run.
Principal Consultant
It is projected while analyzing the market in depth that a number of factors are fueling the growth of the stainless steel market.
They can be identified as:
Key Restraints Identified In The Stainless Steel Market
Although a number of growth propelling factors have been identified, the analysts at FMI reveal that some aspects are likely to curb the growth of the market in the coming years.
They are as follows:
These factors are likely to challenge the growth rate of the stainless steel market during the forecast period.
| Segment | Metal Products |
|---|---|
| 2022 Value Share in Global Market | 38.5% |
| Segment | Automotive & Transportation |
|---|---|
| 2022 Value Share in Global Market | 13.6% |
The flat product segment is anticipated to dominate the global market for stainless steel. This segment is likely to dominate the forum in the upcoming years. The flat products mainly include sheets, plates, and coils.
They are widely used in mechanical parts and industrial tools along with structural and construction applications. The flat stainless steel products are hot and cold rolled with properties of high strength, corrosion resistance, and greater thickness than usual. Railways are one of the most important applications of flat stainless steel.
The metal products segment held the highest stainless steel market share during the base year amidst electrical machinery, engineering, construction, automotive parts, and others. It is anticipated that the growing disposable income of consumers and rising adoption of metals in utensils and medical accessories resulted in high demand, adding up to 38.5% market share in 2022.
The wide range of consumer products having bolstering sales are stainless steel microwaves, stainless steel fridges, stainless steel pots and pans, stainless steel stoves, and more. Hence, this adoption of metal products is likely to further fuel the overall market growth during the estimated study period.
This is an important segment bolstering the expansion of the stainless steel market. As per the statistics published by World Steel Association in 2021, the automotive sector accounts for 12% market share of the global steel consumption.
Stainless steel is mainly used in manufacturing various automotive parts & components that include basic vehicle frames for hoods, mufflers, doors, and fuel tanks. Stainless steel together with iron contributes nearly 70% of the total vehicle weight. Consequently, the above-mentioned factors are expected to propel the market growth over the analysis period.
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| Region | Asia Pacific |
|---|---|
| Statistics | The Asia Pacific is projected to dominate the global stainless steel market in the coming years. Market share held in 2022: 74% Dominating Country: China |
| Responsible Factors | The factors making a significant contribution to the growth of the forum are:
|
| Region | North America |
|---|---|
| Statistics | North American region is projected to have a steady growth rate during the forecast period. Dominating Country: USA |
| Responsible Factors | The factors attributing to the expansion of the market in this region can be defined as below:
|
| Region | Europe |
|---|---|
| Statistics | Europe is anticipated to reveal a CAGR of 5.6% during the forecast period. Dominating Country: Germany |
| Responsible Factors | Elements contributing to the growth of the stainless steel market are:
|
| Country | United States |
|---|---|
| 2022 Value Share in Global Market | 8.8% |
| Growth Factors | The United States stainless steel market has experienced steady growth over the past few years, driven by its versatile applications across various industries, including construction, automotive, aerospace, consumer goods, and energy. The United States is both a significant producer and consumer of stainless steel. The aerospace sector's expansion is boosting demand for stainless steel due to its lightweight properties and ability to withstand extreme temperatures and harsh environments. In 2022, non-residential building construction in the United States experienced a 3.1% increase, as reported by the American Institute of Architects. The government's focus on infrastructure development is expected to create significant demand for stainless steel in construction projects. In November 2021, the government unveiled a comprehensive infrastructure plan worth USD 2 trillion. The plan focuses on allocating significant funds to repair and renovate critical infrastructure elements such as bridges, highways, EV charging facilities, airports, water infrastructure, clean energy initiatives, and environmental projects aimed at carbon reduction. As a result, this ambitious infrastructure plan is expected to boost the demand for stainless steel in various structural applications within the construction and infrastructure sectors. |
| Country | Germany |
|---|---|
| 2022 Value Share in Global Market | 5.3% |
| Growth Factors | The automotive industry in Germany is one of the leading consumers of stainless steel. The increasing demand for lightweight and fuel-efficient vehicles has driven the adoption of stainless steel components in automobile manufacturing. Its use in exhaust systems, decorative trims, and body panels is on the rise. The robust construction sector has contributed significantly to the Germany stainless steel market. Its application in architectural structures, roofing, cladding, and interior design elements has gained popularity due to its aesthetic appeal, durability, and low maintenance. The adoption of Industry 4.0 concepts in industries across Germany has led to an increased demand for stainless steel in the production of automation equipment and machinery, including robotic arms, conveyor systems, and sensors. |
| Country | Japan |
|---|---|
| 2022 Value Share in Global Market | 13.4% |
| Growth Factors | The Japan stainless steel market has witnessed steady growth in recent years, driven by a combination of domestic demand, industrial activities, and exports. The country's robust manufacturing sector and infrastructural development have bolstered the consumption of stainless steel in various applications. The urbanization trend in Japan has led to an increased demand for stainless steel in construction activities, particularly in building facades, structural components, and interior fittings. Stainless steel's aesthetic appeal and low maintenance costs have made it a preferred material for modern infrastructure projects. Japan is renowned for its automotive industry, and stainless steel plays a crucial role in the production of vehicles, including exhaust systems, body parts, and various components. The ongoing shift toward EVs has spurred demand for stainless steel, as these alloys offer weight reduction and increased durability for EV batteries and other components. |
| Country | United Kingdom |
|---|---|
| Value CAGR (2023 to 2033) | 4.9% |
| Growth Factors | Environmental consciousness is a significant trend influencing the United Kingdom stainless steel market. Consumers, industries, and regulatory bodies are increasingly demanding eco-friendly and sustainable products. Stainless steel, being recyclable and long-lasting, aligns well with these requirements, leading to higher adoption rates. The construction industry remains a key driver for stainless steel demand in the United Kingdom. Stainless steel's durability, corrosion resistance, and aesthetic appeal make it an attractive choice for architectural applications, particularly in modern urban infrastructure and commercial projects. The growing renewable energy sector, including wind and solar power projects, demands stainless steel materials for equipment and structures. The United Kingdom's commitment to clean energy is likely to continue to drive demand for stainless steel in this sector. |
| Country | China |
|---|---|
| Value CAGR (2023 to 2033) | 5.7% |
| Growth Factors | The China stainless steel market demonstrates remarkable resilience and abundant opportunities. As the leading global producer and consumer of stainless steel, China experienced a 1.64% year-on-year increase in output, reaching over 30.6 million tons in 2021. The market is driven by strong demand from the construction and infrastructure sectors. The development of smart cities, high-speed rail networks, and modern industrial facilities further contributes to the growing consumption of stainless steel in the country. In February 2022, the government agencies in China put forward a USD 6.47 billion infrastructure development plan, as per the National Development Council (NDC). The rise of e-commerce platforms has significantly impacted the distribution of stainless steel products in China. Online sales channels offer greater accessibility, a wide range of products, and competitive pricing, making it an increasingly popular choice among consumers and small-scale buyers. The automotive sector represents another significant end user of stainless steel in China. With the growing popularity of electric vehicles and the push for lightweight, fuel-efficient vehicles, stainless steel usage in components like exhaust systems, chassis, and body frames is witnessing an upswing. |
| Country | India |
|---|---|
| Value CAGR (2023 to 2033) | 6.1% |
| Growth Factors | The India stainless steel market has been witnessing significant growth in recent years due to rapid industrialization, infrastructure development, and increasing demand in various sectors such as automotive, construction, and consumer goods. The urbanization trend in India has fueled the demand for stainless steel in the construction sector, including commercial buildings, residential complexes, and infrastructure projects like bridges and airports. The Indian government's emphasis on infrastructure development through initiatives such as "Make in India" and "Smart Cities Mission" has positively impacted the stainless steel market, providing new opportunities for manufacturers. The demand for stainless steel pipes and tubes is increasing in various applications in India, including oil and gas, construction, and water distribution, as they offer better longevity and resist corrosion. |
New Entrants Jigging Up the Stainless Steel Market
The startups in the stainless steel market are adding a new edge to the properties of steel and curating innovations beyond the imagination. They are continually upgrading the properties and adding unique implementations to stainless steel products in different industry verticals that are further triggering the expansion of the global stainless steel market.
Top 3 Start-Ups Leaving a Mark
RE3DTech
USA-based Start-Up
This start-up firm manufactures 3D-printed metal parts. By combining layers of metal powder with plastic, 3D printed parts are processed and sintered in a furnace, where the metal powder fuses into solid metal. Subsequently, after post-processing, these final parts act as an alternative to conventional metal parts and are very similar in usability and performance.
Formetrix
USA-based Start-Up
This company provides proprietary tool steel alloys for the manufacture of industrial components. Formetrix’s high-performance powders help with die casting and injection molding of components that require extreme hardness and toughness. Additionally, these powders are compatible with multiple additive manufacturing platforms.
NanoSTal
Polish Start-Up
This start-up company develops customizable heat treatment solutions for steel manufacturing based on varying steel input characteristics. The start-up equips the manufacturer with specific nanostructures by employing customized heat treatments. Additionally, conventional thermal heat treatments like annealing, tempering, and hardening services are also provided.
Biggies Revolutionizing the Stainless Steel Market
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.
Recent Developments:
| Year | Developments |
|---|---|
| April 2023 | Jindal Stainless Steel accomplished a successful merger with Jindal Stainless Hisar Limited (JSHL), integrating the two entities into a unified organization. As a result, the company is now contemplating the possibility of announcing a special dividend. |
| January 2023 | 3DEO unveiled the introduction of 316L austenitic stainless steel. Customers across all industries have access to the new material. It is especially relevant in medical, industrial, marine, and food processing sectors. |
| August 2022 | T&S Brass and Bronze Works launched EverSteel, a new line of stainless-steel products featuring a sophisticated stain finish. These top-tier items are meticulously crafted from premium stainless steel and comply with all international certification standards. |
| May 2022 | Jindal Stainless became a supplier to Alstom for developing technologically advanced and state-of-the-art trainsets for Regional Rapid Transit System. This firm will be supplying approximately 2 kilotons of 301LN stainless steel grade in 2J finish to Alstom for developing 210 trainsets under this project. Several components are being developed using this steel, including sidewall skins, brackets, end walls, solebars, contrails, roofs, and under-frames. |
| 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 |
| February 2021 | VINCO launched a new range of steel wires and slings. These products are generally used in lift sectors, fishing, industrial, and elevation. This launch will help the company to meet the consumer requirements for these applications. |
| March 2020 | Acerinox S.A. invested a significant amount in the pickling and annealing lines. According to the company officials, this is one of the most advanced technological systems in the global market for stainless steel as well as expected to offer alluring opportunities to the company in the near future, as the line can produce a diverse range of products. |
Key Companies Identified
The primary consumer of stainless steel is the construction industry.
POSCO, Acerinox S.A., and Baosteel Group are key market players.
The stainless steel market is estimated to be valued at USD 126.38 billion in 2023.
The stainless steel market is estimated to reach USD 215.89 billion by 2033.
The construction industry is expected to hold lucrative opportunities in the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Austenitic Stainless Steel 5.2. Ferritic Stainless Steel 5.3. Duplex Stainless Steel 5.4. Martensitic Stainless Steel 5.5. Precipitation Hardening Stainless Steel 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 6.1. Flat Products 6.2. Long Products 6.3. Tubular Products 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 7.1. Building & Construction 7.2. Industrial Machinery & Components 7.3. Automotive & Transportation 7.4. Home Appliances 7.5. Cookware & Cutlery 7.6. Medical & Surgical Tools 7.7. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Outokumpu 18.2. Acerinox 18.3. Yieh United Steel Corp. 18.4. Baosteel Group 18.5. Aperam 18.6. Jindal Stainless Limited 18.7. Gerdau 18.8. Vallourec 18.9. Hyundai Steel Co., Ltd. 18.10. AK Steel 18.11. POSCO 18.12. Nippon Steel 19. Assumptions & Acronyms Used 20. Research Methodology
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Stainless Steel Market
