"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Stainless Steel Market Size, Share & COVID-19 Impact 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, 2022-2029

Region : Global | Format: PDF | Report ID: FBI106481



Play Audio Listen to Audio Version

The global stainless steel market size was valued at USD 195.65 billion in 2021. The market is projected to grow from USD 204.17 billion in 2022 to USD 298.85 billion in 2029, exhibiting a CAGR of 5.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with stainless steel experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -1.4% in 2020 as compared to 2019.

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, corrosion resistant, long-lasting, neutral alloy, strong, and infinitely recyclable. Such properties make steel a perfect choice in several industries such as automotive, construction, and electronics. The rapidly growing automotive industry is fueling the product demand. Furthermore, the product's ability to resist corrosion coupled with rising manufacturing for recyclable material will further aid in propelling the market growth during the forecast timeframe.      


Slowdown of the Construction Sector Affected Market Growth during Pandemic

Various governments imposed strict restrictions, which affected the construction industry, and, in turn, affected the market. This pandemic caused containment measures, freeze in consumption activities, and disruptions in the supply chain. This resulted in machinery closures, severe scarcity of qualified labor, factory shutdowns, and shortage of raw materials, due to which product production remained closed. Also, emerging countries were highly susceptible to the pandemic due to stricter containment measures, declining raw material costs, and insufficient fiscal assistance.

According to the World Steel Organization, in 2020, the stainless steel melt shop production in various countries will decrease severely. The European Union accounted for the loss of over 480 kilotons, whereas India and the U.S. showed a reduction of 776 kilotons and 80 kilotons, respectively. However, the production in China increased to over 1,600 kilotons. Further, the production recovered more quickly in emerging nations than in developed ones, returning to pre-pandemic levels in 2021. As a result, the market is expected to stabilize over the next couple of years.


Request a Free sample to learn more about this report.

Rising Technological Advancement in Steel Owing to Increasing CO2 Emissions is a Prominent Trend

The growing technological advancement to make sustainable stainless steel is flourishing the market growth during the forecast timeline. The global megatrends, including rising mobility, urbanization, population & economic development, and increasing climate change are some prominent factors driving the market. Additionally, growing CO2 emissions worldwide led many steel producers to develop a sustainable choice 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 the companies aim to support their CO2 reduction targets and improve their environmental footprint. Hence, such factors, coupled with growing consumer preference to buy steel-based products, will create newer heights for the market to grow significantly.


Rapid Growth in Automotive Industry to Boost the Product Adoption in Seatbelt Springs and Hose Clamps

The rapid growth in the automotive industry will fuel the consumption of the product. This metal is ideal for offering corrosion, high strength, and heat resistance properties. This makes it a perfect choice in 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.

Rising Product Consumption Due to its Characteristics in the Construction Industry to Drive the Market Growth

Increasing product consumption in the construction industry will offer lucrative opportunities for the market to grow significantly. This type of steel was not commonly utilized for building structural reasons initially, owing to its high cost. However, technological advancements have made this steel more accessible and affordable over the last decade and improved corrosion resistance and longevity. According to the BS Stainless company, the product demand is increasing to fulfill construction purposes, offer buildings enhancements, and make them more attractive. Moreover, the growing number of commercial and residential buildings coupled with the increasing commissioning of infrastructural projects will boom the construction industry. Hence, such factors will increase the product demand during the forecast period. 


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

Availability of substitute products, such as aluminum, galvanized steel, carbon steel, and engineered plastics, restrains the product adoption. Moreover, it is heavy and not water-resistant when compared with these alternatives. This results in restricting its consumption where the lightweight property in the products is needed. Such factors restrain the market and reduce product adoption in various applications, including consumer goods, engineering, and electronics.       


By Type Analysis

Cold Rolled Flat Segment to Hold Largest Market Share Due to High Demand from Home Appliances and Furniture Industries

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 is predicted to account for the largest share and witness the fastest growth in the global market. Cold rolled flat, abbreviated as CRS, is a highly ductile material that is excellent for applications requiring perfection. It is highly utilized in home appliances, file cabinets, lockers, and furniture.

Hot plate & sheet is also referred to as structural steel and is projected to be the second-largest segment in the market. It is a simple steel sheet that could be cut and welded to manufacture a more complicated product. It is mainly used in drums, general fabrication, automobile panels, containers, and trailer cladding. Increasing demand for cold bars & wire in engineering applications due to their excellent mechanical properties will propel the growth. Hot bars & wire rods are also called annealed bars and normalized bars. The product demand is increasing rapidly in the electrical & electronics industry, owing to its excellent tensile strength.

By Application Analysis

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

Metal Products Segment is the Largest Application Segment Owing to its Corrosion Resistant Property

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 2021. Growing consumer disposable income and rising adoption of metals in utensils and medical accessories resulted in high demand. Hence, this will further fuel the 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 the segment growth. The construction segment is growing at the highest CAGR in the market. Steel products are utilized in modern construction due to their great strength and corrosion resistance. It is also used in the outside cladding of big, high-impact structures and can be found in interior countertops, railings, and backsplashes. In motor vehicle parts, the 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. The grades, such as type 316 S and 304 SS, of stainless steel are highly adopted in the electronic industry.


Asia Pacific Stainless Steel Market Size, 2021 (USD Billion)

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

The market size in the Asia Pacific stood at USD 146.53 billion in 2021. The rapid infrastructure development and increasing technological advancement in steel have fueled the 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 growing construction industry are some prominent factors fueling the product demand in China.

In Europe, the high demand for the product is associated with rapid growth in the automotive industry and technological advancement. 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 the market growth in Europe. In North America, the 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.

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

In Latin America, Brazil and Mexico are the leading countries. The rising consumption of metal products in the medical and transportation industries will augment the market growth in this region. The growth of the construction industry in the Middle East & Africa will showcase significant market growth in the future. The growth is attributed to rise in the number of firms expanding their production capacity and industrial facilities, which leads to an increase in construction activities in this region.


Business Expansion to be the Most Preferred Strategy Adopted by Key Players

Key metal manufacturers operating in the market include ThyssenKrupp Stainless GmbH, Nippon Steel Corporation, ArcelorMittal, and Acerinox S.A. These players are actively involved in production capacity expansion, product development, mergers & acquisitions, and market collaborations. ThyssenKrupp Stainless GmbH is a manufacturer of steel. The company uses both hot and cold rolled processes to manufacture steel-based products for customers. Moreover, the company is also involved in acquisition, R&D activity, and steel innovation to meet consumer demand.



  • May 2022: Jindal Stainless became a supplier to Alstom for developing technologically-advanced and state-of-the-art trainsets for Regional Rapid Transit System. Jindal Stainless 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.

  • July 2022: Outokumpu signed an agreement to divest the majority of the Long Products business operations to Marcegaglia Steel Group, a global industrial group in the steel processing sector. Outokumpu will now focus on its core business of flat stainless steel products. The transaction includes Long Products’ melting, rod, and bar operations in Sheffield, U.K.; bar operations in Richburg, U.S.; and wire rod mill in Fagersta, Sweden. The transaction does not include Outokumpu Long Products AB operations in Degerfors and Storfors, Sweden.

  • December 2021: Aperam completed the acquisition of ELG, a global recycler of stainless steel and superalloys, for an enterprise value of USD 358.3 million. The acquisition has strengthened the Environmental-Social-Governance leadership position in the industry. Investing in sustainable recycling further improves Aperam’s leading environmental footprint and supports the company’s CO2 reduction targets. The acquisition enables Aperam to improve its input mix and expand into the supply of raw materials.

  • 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 formally acquired VDM Metals for USD 534.0 million. VDM Metals specializes in developing and manufacturing special alloys and high-performance steel and is recognized as an R+D+I benchmark in the industry.


An Infographic Representation of Stainless Steel Market

To get information on various segments, share your queries with us

The research report provides a detailed analysis of the market with industry outlook and focuses on crucial aspects such as leading companies, types, applications, and products. Also, it provides quantitative data in terms of volume and value, market analysis, research methodology for market data, and insights into stainless steel market trends and highlights vital industry developments and competitive landscape. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion), Volume (Million Ton)


By Type, Application, and Geography

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 Geography

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

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Type, By Application, By 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, By Application, By 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, By Application, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)

  • Middle East & Africa (By Type, By Application, By Country)

    • South Arabia (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 195.65 billion in 2021 and is projected to reach USD 298.85 billion by 2029.

In 2021, the market value stood at USD 195.65 billion.

Registering a significant CAGR of 5.6%, the market will exhibit considerable growth in the forecast period (2022-2029).

The metal products segment is expected to lead the market during the forecast period.

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

China held the highest share in the market in 2021.

ThyssenKrupp Stainless GmbH, Nippon Steel Corporation, ArcelorMittal, and Acerinox S.A are the leading players in the market.

Rapid growth in the construction industry is anticipated to boost the consumption of the product.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Aug, 2022
  • 2021
  • 2018-2020
  • 300


  • $4850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“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.