"Innovative Market Solutions to Help Businesses Make Informed Decisions"

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

Last Updated: September 26, 2024 | Format: PDF | Report ID: FBI106481

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

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. Asia Pacific dominated the stainless steel market with a market share of 68.32% in 2023. Moreover, the stainless steel market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 20.64 billion by 2032, driven by increasing demand for duplex series of steel in electronic and engineering applications, owing to its cost-effective property.


Stainless steel comprises several components that fuse and form a powerful alloy. This alloy contains chromium, nitrogen, and molybdenum. Additionally, the product is eco-friendly, strong, corrosion-resistant, neutral alloy, long-lasting, and infinitely recyclable. Such properties make steel a perfect choice in several industries such as construction, automotive, and electronics. The rapidly growing automotive industry is driving the product demand. Furthermore, its resistance to corrosion and rising manufacturing for recyclable materials will propel market growth during the forecast period.


The COVID-19 pandemic initially disrupted the market, causing supply chain disruption and reduced demand from key industries. However, as global economies recover, product demand notably rebounded. Resumed construction activities, infrastructure projects, and increased manufacturing contributed to the market’s recovery, signaling a positive outlook.


Stainless Steel Market Trends


Rising Technological Developments in Steel Due to Increasing Rate of CO2 Emissions is a Prominent Trend


The growing technological advancement to produce sustainable stainless steel is driving market growth during the forecast timeline. The few major factors driving the market are the megatrends such as rising urbanization, population & economic development, mobility, and increasing climate change. Additionally, growing CO2 emissions globally led many steel producers to develop sustainable choices that could be durable and may be reused at the end of their lifecycle. For instance, in December 2021, Aperam acquired ELG, an expert in super alloys and steel recycling. With this acquisition, both companies aimed to support their CO2 reduction targets and improve their environmental footprint. Hence, such factors, coupled with growing consumer preference for steel-based products, are expected to drive significant market growth.


Government’s Increasing Focus on Infrastructural Development


The growing demand for stainless steel is rising as the real estate and infrastructure sectors are seeking new-age materials that are lightweight yet durable and strong. Infrastructure development projects undertaken by governments in developing nations such as China and India, have the potential to create significant product demand. Infrastructure development is a key focus for many developing nations as it is a critical factor for economic growth and social development. Countries are investing in various projects such as transportation, energy, and communication infrastructure to support their growing populations and industries.


As per the World Resources Institute, China is projected to invest nearly USD 13 trillion in the building & construction sector by 2030, accounting for up to 20% of construction investment globally. Such high investment in the country's building & construction sector presents significant opportunities for the market in the near future.


Request a Free sample to learn more about this report.


Stainless Steel Market Growth Factors


Versatile Properties of Metals to Boost Market Expansion


The manufacturing industry serves as a pivotal driver for the market due to the versatile properties of metals that meet diverse industrial needs. Stainless steel’s corrosion resistance and durability make it ideal for manufacturing machinery and equipment. Manufacturers use this steel for components, such as pumps, storage tanks, and valves, to ensure durability and resilience in demanding operating situations. This demand is exacerbated in industries, such as chemical, oil and gas, and food, where corrosion resistance is critical for preserving operating efficiency.


The building and infrastructure segments of the manufacturing industry provide major contributions to the market. Stainless steel’s structural strength, aesthetic appeal, and resilience to environmental factors make it an excellent material for building components, bridges, and architectural elements. Modern urban infrastructure projects, including skyscrapers and bridges, frequently rely on stainless steel to ensure structural integrity and lifespan.


Rapid Growth in Automotive Industry to Boost Product Adoption


The rapid growth of the automotive industry will fuel the consumption of the product. The metal’s corrosion resistance, high strength, and heat resistance properties make it a perfect choice for various automotive parts, including seatbelt springs and hose clamps. According to the World Steel Organization, stainless steel will be common in suspension, chassis, fuel tanks, bodywork, and catalytic converters in the future. Moreover, the increasing technological advancement in the automotive industry and rising innovation in electric vehicles will contribute to product adoption. Hence, rising product demand from automobile manufacturers will fuel the stainless steel market growth.


RESTRAINING FACTORS


Availability of Substitute Products Such as Aluminum and Carbon Steel to Affect Market Growth


The availability of substitute products, such as aluminium, carbon steel, galvanized steel, and engineered plastics, restrains product adoption. Moreover, it is heavy and not water-resistant when compared with these alternatives. These factors restrict its consumption where lightweight properties are essential. Such factors can restrain market growth and reduce product adoption in various sectors, including electronics, engineering, and consumer goods.


Stainless Steel Market Segmentation Analysis


By Type Analysis


Cold Rolled Flat Segment Held Largest Share Due to its Superior Physical Properties


On the basis of type, the market is segmented into cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others. The cold rolled flat segment accounts for the largest share and witnesses the fastest growth in the global market. Cold rolled flat, abbreviated as CRS, is a highly ductile material ideal for applications that require precision. The product offers exceptional properties such as high strength, durability, and excellent surface finish. Therefore, it is highly utilized in home appliances, lockers, file cabinets, and furniture.


Hot plate & sheet is also referred to as structural steel and is projected to be the second-largest segment in the market. This type of steel could be cut and welded to manufacture more complicated products. It is mainly used in drums, containers, automobile panels, general fabrication, and trailer cladding.


Increasing demand for cold bars & wire in engineering applications due to their excellent mechanical properties, will propel the segment growth. Hot bars & wire rods, also called annealed bars and normalized bars, are gaining rapid traction in the electrical & electronics industry owing to their excellent tensile strength.


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Metal Products Lead Due to Their Rising Adoption in Utensils and Medical Accessories


On the basis of application, the market is divided into metal products, electrical machinery, engineering, construction, automotive parts, and others. The metal products segment held the highest stainless steel market share in 2023. Growing consumer disposable income and rising adoption of metals in utensils and medical accessories, driving high demand and contributing to overall market growth during the study period.


Engineering steel products generally include exhaust systems, ship containers, cable trays, and pipelines. Increasing demand for oil & gas and transportation products will boost growth in the segment.


The construction segment is growing at the highest CAGR in the market. Stainless steel products are utilized in modern construction due to their great strength and corrosion resistance. It is also used in modern construction, including exterior cladding for large structures and high-impact structures, and can be found in interior applications such as countertops, backsplashes, and railings. In motor vehicle parts, product demand is rising owing to rapid innovation in the automotive industry coupled with increasing consumer expenditure. Steel is a reliable, versatile solution, which makes it an ideal choice in electrical machinery. In the electronic industry, stainless steel, particularly grades, such as type 316 S and 304 SS is highly adopted due to its excellent properties.


REGIONAL INSIGHTS


Based on geography, the market is studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.


Asia Pacific Stainless Steel Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


Asia Pacific accounted for the largest share of the global market and was estimated at USD 150.20 billion in 2023. The rapid infrastructure development and increasing technological advancement in steel have fueled market growth in Asia Pacific. China holds the highest market share in this region and is the fastest-growing country. The increasing production of steel, rising research & development activities, and the growing construction industry are some prominent factors fueling product demand in China.


To know how our report can help streamline your business, Speak to Analyst


In Europe, the high demand for the product is associated with rapid growth in the automotive industry and technological advancements. Around 45%-50% of steel is used in automotive exhaust systems. In addition, several firms are employing innovative processes for complex designs, including tube hydroforming with austenitic steel. Hence, such factors will fuel market growth in Europe.


In North America, market growth is majorly attributed to the increasing demand for duplex series of steel in electronic and engineering applications, owing to its cost-effective property.


In Latin America, Brazil and Mexico are the leading countries. The rising consumption of metal products in the medical and transportation industries will boost market growth in this region. The expansion of production capacities and industrial facilities by various firms is expected to increase construction activities in the Middle East & Africa. The growing construction industry in the Middle East and Africa is anticipated to surge market growth significantly.


KEY INDUSTRY PLAYERS


Key Players Use Acquisition and Product Innovation Strategies to Maintain their Position


The market is consolidated and competitive. Major global players such as ArcelorMittal S.A., Nippon Steel Corporation, POSCO, Outokumpu Oyj, and Acerinox S.A. have made significant investments in advancing technologies to enhance product output. Market leaders use superior operational efficiency and innovative technology development as their growth strategies. Furthermore, market players concentrate on acquisition and expansion efforts to augment their market share.


List of Top Stainless Steel Companies:



KEY INDUSTRY DEVELOPMENTS:



  • February 2024 – Acerinox entered an agreement to acquire Haynes International. The acquired company is a leading developer in the U.S. It is a manufacturer and marketer of technologically advanced high-performance alloys. Such acquisition enhances Acerinox’s position in the high-performance alloy segment.

  • June 2023 – Outokumpu collaborated with Nordic Steel to introduce sustainable stainless steel in Norway. Outokumpu’s Circle Green is the world’s most sustainable stainless steel, with up to 92% lower carbon footprint than the industry average. The agreement promotes both companies’ environmental strategies and allows Nordic Steel to be the first in Norway to provide these solutions to its customers.

  • March 2023 – A Memorandum Of Understanding (MoU) between Outokumpu and Fortum was signed to explore the decarbonization of Outokumpu’s steel production through the development of Small Modular Reactors (SMR). This agreement helped the company gain access to the potential of SMR construction in Finland.

  • May 2022 – Jindal Stainless became a supplier to Alstom for developing technologically advanced and state-of-the-art trainsets for the Regional Rapid Transit System. Jindal Stainless would supply approximately 2 kilotons of 301LN stainless steel grade in 2J finish to Alstom for the construction of 210 trainsets. Several components are being developed using this steel, including sidewall skins, brackets, end walls, solebars, contrails, roofs, and under-frames.

  • December 2021 – Aperam acquired ELG, a recycler of stainless steel and superalloys, for an enterprise value of USD 358.3 million. The acquisition strengthened the Environmental-Social-Governance leadership position in the industry. This acquisition improved the input mix, expanded the raw materials supply, and supported the CO2 reduction targets of the company.


REPORT COVERAGE


The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, types, and applications. It also covers quantitative data in terms of volume and value, research methodology for market data, and insights into market dynamics and trends. The report highlights vital industry developments and the competitive landscape. In addition to the factors mentioned above, the report includes various market growth factors in recent years.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 5.0% from 2024 to 2032



Unit



Value (USD Billion), Volume (Kiloton)



Segmentation



By Type



  • Cold Rolled Flat

  • Hot Plate & Sheet

  • Cold Bars & Wire

  • Hot Bars & Wire Rod

  • Others



By Application



  • Metal Products

  • Electrical Machinery

  • Engineering

  • Construction

  • Automotive Parts

  • Others



By Region



  • North America (By Type, Application, and Country)


    • U.S. (By Application)

    • Canada (By Application)


  • Europe (By Type, Application, and Country)


    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Russia (By Application)

    • Rest of Europe (By Application)


  • Asia Pacific (By Type, Application, and Country)


    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • South Korea (By Application)

    • Indonesia (By Application)  

    • Rest of Asia Pacific (By Application)


  • Latin America (By Type, Application, and Country)


    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)


  • Middle East & Africa (By Type, By Application, By Sub-Region)


    • South Arabia (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa (By Application)







Frequently Asked Questions

Fortune Business Insights says that the global size was USD 206.91 billion in 2023 and is projected to reach USD 320.37 billion by 2032.

The market will exhibit a CAGR of 5.0% over the forecast period of 2024-2032.

By application, the metal products segment led the market in 2023.

The increasing demand from automotive and construction industry is the key factor driving market growth.

Nippon Steel Corporation, Outokumpu Oyj, ArcelorMittal, and Acerinox S.A are the leading players in the market.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 300
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X