Stainless Steel Market to Hit USD 320.37 Billion by 2032; Outokumpu and Nordic Steel Launch Eco-Friendly Stainless Steel with 92% Emission Reduction

The global stainless steel market size was valued at USD 206.91 billion in 2023. The market is projected to grow from USD 216.16 billion in 2024 to USD 320.37 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Stainless Steel Market Size, Share & Industry Analysis, By Type (Cold Rolled Flat, Hot Plate & Sheet, Cold Bars & Wire, Hot Bars & Wire Rod, and Others), By Application (Metal Products, Electrical Machinery, Engineering, Construction, Automotive Parts, and Others), and Regional Forecast, 2024-2032”.

Stainless steel is a robust alloy made from nitrogen, molybdenum, and chromium. It is a corrosion-resistant, durable, infinitely recyclable, and eco-friendly material. These qualities make it ideal for industries automotive, electronics, and construction industries. Innovations in sustainable stainless steel are boosting market growth, driven by the need to address rising CO2 emissions and enhance recyclability. 

The COVID-19 pandemic initially interrupted the market with supply chain and decreased product demand. As economies recover, demand is rebounding due to resumed construction, infrastructure projects, and increased manufacturing, signaling a positive market outlook. 

Sandvik and BEAMIT Group Launched Osprey 2507 Super-duplex Stainless-steel Powder to Expand their Product Range

In April 2021, Sandvik and BEAMIT Group introduced Osprey 2507 super-duplex stainless-steel powder for additive manufacturing, offering superior durability and corrosion resistance, and expanding their product range.

Versatile Properties of Metals to Bolster Market Growth

Stainless steel’s corrosion resistance and durability make it ideal for machinery components in demanding industries such as chemical, oil and gas, and food, driving market demand. Moreover, the use of product in building components, bridges, and modern urban infrastructure enhances structural integrity and aesthetic appeal, supporting the stainless steel market growth.

However, alternatives such as aluminum and engineered plastics offer lightweight water-resistant, limiting product’s adoption. 

Industry Leaders Drive Growth Through Technology and Strategic Expansion

The market is both consolidated and fiercely competitive, with leading global companies such as, ArcelorMittal S.A., Nippon Steel Corporation, POSCO, Outokumpu Oyj, and Acerinox S.A. investing significantly in technology to boost product output. These industry leaders are enhancing their growth through superior operational efficiency, innovative technology, and strategic acquisitions aimed at increasing their market share.

List of Key Players Mentioned in the Report:

• Acerinox S.A (Spain)


•  Aperam S.A. (Luxembourg)


• ArcelorMittal S.A. (Luxembourg)


• Baosteel Group Corporation (China)


• Jindal Stainless Group (India)


• Nippon Steel Corporation (Japan)


• Outokumpu Oyj (Finland)


• POSCO (South Korea)


• Acciai Speciali Terni S.p.A (Italy)


• Yieh Corporation (Taiwan)

Key Industry Development:

• June 2023: Outokumpu joined hands with Nordic Steel to launch eco-friendly stainless steel in Norway. The company’s Circle Green is the first environmentally conscious stainless steel that has the capability to reduce 92% of emissions compared to industry average.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/stainless-steel-market-106481

Further Report Findings:

• In 2023, Asia Pacific held the largest stainless steel market share at USD 150.20 billion, fueled by rapid infrastructure growth and technological progress in steel. China, leading in market share and growth, observes a rising demand due to increasing steel production, R&D, and a vibrant construction industry.


• The growth of the North American market is largely due to the increasing use of cost-effective duplex steel in electronic and engineering sectors.


• By application, the market is divided into electrical machinery, engineering, construction, automotive parts, metal products, and others. The metal products segment captured the largest share of the market in 2023. The primary factors driving the higher usage of metal products is increased disposable income and its high demand in utensils and medical accessories.


• As per type, the market is fragmented into hot plate & sheet, cold bars & wire, hot bars & wire rod, cold rolled flat, and others. The cold rolled flat segment leads the global market in both share and growth, thanks to its superior ductility, high strength, durability, and excellent surface finish, making it ideal for precision applications in home appliances, furniture, and more.

Table of Segmentation