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The global stainless steel sheet market size was USD 107.19 billion in 2022 and is projected to grow from USD 112.43 billion in 2023 to USD 167.48 billion by 2030, exhibiting a CAGR of 5.9% during the forecast period.
A stainless steel sheet is a thin, flat piece of steel and is one of the fundamental forms of stainless steel used for metalworking. It can be cut and bent into various forms including strips, plates, and sheets of various shapes, thicknesses, and grades. These sheets are used in manufacturing various machinery, equipment, industrial components, irrigation pipes, greenhouse equipment, and other machines where corrosion poses a significant risk. They are also used in white goods because they are resistant to corrosion, can be easily fabricated, offer good mechanical properties over a wide range of temperatures, and can achieve diverse aesthetic finishes.
Supply Chain Disruption due to COVID-19 Resulted in Reduced Production Capacity
The occurrence of the COVID-19 pandemic in 2019 compelled many countries to impose restrictions on material supply and transportation, disturbing the supply chain. The outbreak strained the revenue generation capacity of these manufacturers. They faced a severe supply shortage during the first half of 2020 due to trade restrictions enforced in key industrial nations, such as China and India. This issue hampered the manufacturing capacities of various companies, and the demand for stainless steel products decreased dramatically. Many organizations either reduced their production capacity or shut down their manufacturing plants, which caused supply chain disturbances.
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Adoption of Advanced Technologies to be a Prominent Market Trend
Technological advancements in manufacturing stainless steel and its related products is anticipated to drive the stainless steel sheet market growth during the forecast period. For instance, plasma-cutting technology is ideal for improving the applications of stainless steel. Greater efficiency coupled with an extensive range of protection gases and cutting gases enable this method to increase the cutting speed and obtain much better finishes. This technology also cuts thicknesses that can be difficult for laser or shear cutters, provides higher speed than that of a band saw or water jet, and can cut into a variety of thicknesses. The development and adoption of such technologies are a critical trend in the market.
Moreover, the current global megatrends including urbanization, rising mobility, population, climate change, and economic development are driving the market growth. Rising CO2 emissions across the world have prompted manufacturers to develop and implement sustainability goals. They are also developing durable and reusable products to achieve these goals. For instance, in July 2021, Técnicas Reunidas and Acerinox announced that they are working on decarbonization by using Acerinox Europa’s facilities as a pilot plant.
Rising Demand from General Manufacturing & Consumer Goods Industry to Drive Market Growth
The most common applications of such sheets include consumer goods, household items, and fixtures. The high corrosion resistance property of stainless steel makes it a top choice for food, textile, manufacturing, chemical, construction, transportation, and aerospace industries. This alloy is majorly used in manufacturing sinks, coils in vaporizers, machinery parts, automobiles, screws, water filtration devices, food processing equipment, rockets, airplanes, chemical containers, dyeing equipment, heat exchangers, and other machines. In marine applications, 304 stainless steel is also used to make screws, bolts, nuts, and other fasteners. The various beneficial properties and versatility offered by stainless steel allow it to be used for a broad range of manufacturing applications. Due to its resistance to intergranular corrosion, which is a byproduct of welding or stress relieving process, it is extensively used for products that cannot use steel or other alloys.
Availability of Substitute Products to Hamper Market Growth
The availability of internal and external substitute products, such as galvanized steel, engineered plastics, and aluminum will restrain the adoption of stainless steel sheets. Recently, the demand for aluminum has grown rapidly in the automotive and aerospace industries owing to its ultra-lightweight, cost-effective, and thermal conductivity characteristics. In addition, increasing preference for aluminum beverage cans can prompt manufacturers to opt for this metal due to its lightweight and malleable properties, making it a vital substitute.
Hence, the increasing availability of substitutes will likely reduce the product adoption in various applications, such as consumer goods, engineering, electronics, and automotive. This factor is anticipated to restrain the market growth.
304 Stainless Steel Sheets to Hold Larger Market Share due to its Excellent Properties
Based on type, the market is segmented into 304 sheets, 310 sheets, 316 stainless steel sheets, and others. The 304 stainless steel sheet segment accounted for the largest market share due to its exceptional corrosion resistance and excellent strength. This grade can resist corrosion from most oxidizing acids and provides durability, making 304 easy to sanitize. Hence, find its significant consumption in kitchen and food applications. The 310 sheet segment is expected to record the highest CAGR during the forecast period owing to its excellent high-temperature properties with good weldability and ductility. 310 stainless steel is typically used in high-temperature applications, such as furnaces, kilns, and heat exchangers. It has excellent resistance to oxidation and can withstand temperatures up to 2000°F The 316 stainless steel share has 2-3% molybdenum, 10-14% nickel, 16-18% chromium, and a small percentage of carbon. Also, adding molybdenum to this type of sheet makes its corrosion resistance much better than other grades of stainless steel. 316 stainless steel is commonly used in the marine industry, as well as in the pharmaceutical and chemical industries. It has excellent corrosion resistance, even in harsh environments. The 400 series has higher carbon content, which imparts a martensitic crystalline structure to the steel sheet and also delivers high strength and wear resistance. The demand for these types of sheets depends on various factors such as industrial growth, construction projects, and manufacturing needs.
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Manufacturing to be Fastest-growing Segment owing to Product Preference from Various Applications
In terms of application, the market is segmented into construction, manufacturing, automotive, consumer goods, and others. The manufacturing segment held the largest stainless steel sheet market share in 2022. In the manufacturing industry, these sheets are used for various applications, such as ship containers, exhaust systems, pipelines, and cable trays. The increasing demand for these products from the oil & gas industry owing to their favorable properties, such as high tensile strength, resistance to corrosion, high temperature tolerance, and compatibility with a range of chemicals is resulting in the segment’s robust growth. They are utilized in modern construction projects and techniques due to their high tensile strength and resistance to weathering & corrosion. They are primarily employed in beams, columns, general architectural structures, interior countertops, cladding, backsplashes, and railing. Automotive manufacturers use metal sheets on a large scale in automotive structures and parts due to their easy processing and characteristics, such as malleability, high tensile strength, and corrosion resistance.
Asia Pacific Stainless Steel Sheet Market Size, 2022 (USD Billion)
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The Asia Pacific market size stood at USD 78.63 billion in 2022. The growing technological advancements and swift infrastructural development are expected to drive the market growth. Additionally, rising steel production, increasing investments in research & development, and the expanding construction industry in developing countries are a few factors supporting the market growth.
In North America, the U.S. is the leading contributor to the market. The market’s growth in the region is majorly attributed to increasing demand for stainless steel from electronics and engineering applications owing to its ideal characteristics.
Europe held a significant market share in 2022 and is expected to grow considerably during the forecast period. The increasing demand for stainless steel sheets is linked to the rapid growth of the region’s automotive industry. Europe is a well-established automotive market. Along with complex structural designs, numerous automotive firms and OEMs are using new processes and groundbreaking technologies to include stainless steel in automotive applications.
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Latin America is swiftly advancing in terms of urbanization and technological advancement. Brazil and Mexico are the leading countries in the region. The rising consumption of stainless steel sheets 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. This growth is credited to a rising number of companies expanding their production capacity and industrial facilities, which surged the construction activities in this region.
Companies Planning to Expand their Business Operations to Maintain Dominant Market Position
Key producers operating in the market are POSCO, Aperam, Nippon Steel, and Outokumpu Industries. These companies are involved in product innovations, capacity improvements, acquisitions, and collaborations in the market. For instance, Tata Steel, in its report for the financial year 2021-2022, stated that in 2022-23, it will be commissioning the Pellet Plant, which is 70% complete, and the phase-wise authorization of the Cold Rolling Mill Complex, opening the cold rolling and mill pickling line. This expansion in Kalinganagar is focused on including higher value-added products including stainless steel plates, coated products, advanced high-strength steels, and products for newer applications. The company adopted growth strategies, such as expansions and acquisitions to extend its business operations.
An Infographic Representation of Stainless Steel Sheet Market
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The research report provides a comprehensive market analysis and emphasizes on crucial aspects, such as leading companies, types, applications, and products. Also, it provides quantitative data regarding volume & value, market analysis, research methodology for market data, and insights into the latest market trends. The report highlights vital industry developments and the competitive landscape. In addition to the abovementioned factors, the report encompasses various factors contributing to the market's growth in recent years.
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Value (USD Billion)
CAGR of 5.9% during 2023-2030
Type, Application, and Geography
Fortune Business Insights says that the global market size was USD 107.19 billion in 2022 and is projected to reach USD 167.48 billion by 2030.
In 2022, the market value stood at USD 107.19 billion.
Recording a CAGR of 5.9%, the market will exhibit rapid growth in the forecast period of 2023-2030.
The manufacturing segment is expected to lead the market during the forecast period.
Rising demand from the general manufacturing & consumer goods industries is a crucial factor driving the market growth.
Asia Pacific held the largest share of the market in 2022.
POSCO, Aperam, Nippon Steel, and Outokumpu are the leading players in the market.
The growing demand from construction and manufacturing industries is anticipated to boost the consumption of the product.
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