Global Stainless Steel Market – Industry Trends and Forecast to 2030

Stainless Steel Market Analysis and Size

Stainless steel is a type of alloy known for its corrosion resistance and durability. It is composed primarily of iron, with varying amounts of chromium, nickel, molybdenum, and other elements depending on the specific grade. The addition of chromium is what gives stainless steel its corrosion resistance properties. Stainless steel is widely used in various industries and applications due to its desirable qualities. It is commonly used in kitchen appliances, cookware, cutlery, medical instruments, surgical implants, automotive parts, construction materials, and many other products.

Data Bridge Market Research analyses that the Stainless Steel market which was USD 110.48 billion in 2022, would rocket up to USD 176.09  million by 2030, and is expected to undergo a CAGR of 6.0% during the forecast period. This indicates that the market value. “Flat Products” dominates the technology segment of the Stainless Steel market due to their versatility, durability, corrosion resistance, recyclability ability properties. These technologies rely on physical interactions, such as adsorption or compression, to store hydrogen gas. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Stainless Steel Market Scope and Segmentation

Market Definition

 Stainless steel contains a variety of materials that, when fused, result in a power alloy. Stainless steel, an alloy of iron and chromium, and nickel, in some cases, provide resistance to corrosion of iron. Chromium is responsible for providing this resistance property to the alloy. Chromium secretes a thin layer of oxide that is known as the passive layer. Other than chromium, nitrogen and molybdenum are also added to this alloy. It is an environmentally inert and neutral alloy, which means that it is infinitely recyclable. Stainless steel is durable and strong, which makes it perfect use for various end-user verticals.

Global Stainless Steel Market Dynamics

Drivers

• High demand across end users due to beneficial properties

The global stainless steel market is expected to grow at a significant rate during the forecast period due to its increasing application in various industries such as chemical industries, petrochemical industries, oil and gas industries, food and beverage industries, and power generation industries. Superior product properties such as high strength, low weight, and high corrosion resistance, particularly stress corrosion cracking, are expected to drive product demand during the forecast period. These properties have made duplex series stainless steel extremely popular in chemical processing, storage tank construction, and chemical transport containers. It will continue to be an excellent substitute for carbon steel, with its low cost poised to boost stainless steel market growth.

•   Infrastructure development

 Rapid urbanization and infrastructure development projects worldwide require stainless steel for various applications, including building structures, bridges, and transportation systems. The ongoing infrastructure projects contribute to the demand for stainless steel.

• Corrosion resistance properties

The corrosion resistance of stainless steel makes it an attractive choice for applications where durability and longevity are essential. Industries such as oil and gas, chemical processing, and marine rely on stainless steel due to its ability to withstand corrosive environments, which helps to boost the market.

Opportunities

• Investments and Innovative Technologies

Advances in manufacturing technologies and processes improve the efficiency and cost-effectiveness of stainless steel production. These advancements can lead to new opportunities and expanded applications for stainless steel. Furthermore, the increasing investment in research and development by the manufacturer has helped in the development of advanced techniques to enhance the properties of stainless steel, which further extends profitable opportunities to the market players. Additionally, the growing use of innovative technologies such as Building Information Management (BIM) and the increasing use of innovative materials and processes will further expand the future growth of the stainless steel market.

• Growing emphasis on sustainability

Stainless steel is a highly recyclable material, and there is increasing awareness and focus on sustainable practices. The emphasis on recycling and reducing environmental impact presents opportunities for the stainless steel market.

Restraints/Challenges

•  Price fluctuations in the market

 Increasing fluctuations in the price of stainless steel and steel products have been observed over the last decade, which has had a significant impact on the industries. Furthermore, a sharp drop in stainless steel prices and rising raw material costs have reduced steelmakers' and distributors' profit margins. Debt protection metrics in the industry have also deteriorated.

• Availability of Substitutes

However, there has been rising use of carbon fibers as a substitute for stainless steel in the automotive industry due to their lightweight nature. This is due to the fact that carbon fibers are lightweight and have high strength bearing capacities and load-bearing capacities. Therefore, this factor will challenge the stainless steel market growth rate. Some other factors, such as production and the cost of transportation, are the major challenges hindering the market’s growth. Adhering to manufacturer guidelines and working with experienced HVAC professionals can provide valuable insights and ensure proper maintenance practices are followed. Also, the lack of favorable reimbursement scenarios and technology penetration in the developing economies, heavy custom duty imposed on medical devices, and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2023-2030.

This Stainless Steel market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Stainless Steel market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In 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.
• In May 2022, Jindal Stainless became a supplier to Alstom for developing technologically-advanced and state-of-the-art trainsets for regional rapid transit systems.

Global Stainless Steel Market Scope

The stainless steel market is segmented on the basis of product, type, grade, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Flat Products
• Long Products
• Bars/ Wire Rods
• Hot Bars/ Wire Rods
• Cold Bars/ Wire Rods
• Cold Rolled Flats
• Coils
• Sheets
• Strips
• Hotplates and Sheet
• Hot Coils
• Tubes
• Castings
• Others

Type

• Austenitic Stainless Steels
• Martensitic Stainless Steels
• Ferritic Stainless Steels
• Precipitation-Hard Enable Stainless Steels
• Duplex Series

 Grade

• 200 Series
• 300 Series
• 400 Series
• Duplex Series

Application

• Automotive and Transportation
• Building and Construction
• Consumer Goods
• Heavy Industries
• Metal Products
• Other Applications

Global Stainless Steel Market Regional Analysis/Insights

The stainless steel market is analysed and market size insights and trends are provided by country, product, type, grade, application as referenced above.

The countries covered in the stainless steel market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

North America is estimated to dominate the stainless steel market due to the growth and expansion of the automobile sector within the region.

 Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the rise in construction activities as a result of the rising population coupled with the presence of major players in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Stainless Steel Market Share Analysis

The stainless steel market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the stainless steel market.

Some of the major players operating in the stainless steel market are:

• DuPont (U.S.)
• DOW (U.S.)
• Umicore (Belgium)
• Glencore (Switzerland)
• Jinchuan Group International Resources Co.  Ltd (China)
• Huayou Cobalt Co., Ltd (China)
• Freeport Cobalt (Finland)
• Sherritt International Corporation (Canada)
• solvay (Belgium)
• DAIKIN (Japan)
• BHP (Australia)
• Eramet (France)
• Vale (Brazil)
• Votorantim Metais SA (Brazil)
• Sumitomo Corporation (Japan)

SKU-35730