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The global stainless steel market was projected to be worth USD 195.65 billion in 2022. Forecasts indicate that the market would grow at a 6.6% CAGR from USD 204.17 billion in 2022 to USD 298.85 billion in 2030. Due to the extraordinary and devastating effects of the COVID-19 pandemic, stainless steel demand has been lower than anticipated in all regions compared to pre-pandemic levels.
The demand for stainless steel is rising as a result of public and private investments being made in residential development and infrastructure. In industrial applications, such as those in the process, building & construction, railway, infrastructure, and automotive industries, it is acknowledged as an important material. While examining the stainless steel market, the experts at FMI discovered that stainless steel had a particular advantage over alternatives like carbon steel, weathering steel, and others. This product is gaining popularity because of its exceptional pliability, corrosion resistance, strength, and aesthetic attributes as well as its average product life cycle, low maintenance requirements, and cost-effectiveness. As a result, it is anticipated that during the coming years, the market for stainless steel would grow dramatically.
The U.S. market is expected to be driven by demand for stainless steel in mechanical, chemical, and energy applications. A few examples of the diverse variety of uses for these items include heat exchangers, heat vessels, boilers used in power plants, furnace plants, and parts used in processing gear for the pulp and paper, chemical, and food and beverage sectors. Building and construction are two of the main applications for stainless steel. The segment accounted for 11.3% of total U.S. demand in terms of volume. SS materials are used for structural purposes in beams, columns, and other common architectural applications. It is used for roofing, stairways, lifts, pool covers, canopies and atriums among other things.
Numerous sectors, including those that manufacture food and beverages, chemicals, petrochemicals, oil and gas, and power, frequently employ stainless steel. Stainless steel is commonly used in storage tanks, pumps, and piping systems because of its high tensile strength. The development of steel technology as a result of increased CO2 emissions is a notable trend. Due to the advancement of environmentally friendly stainless steel, market expansion is booming within the expected time period. The primary worldwide megatrends expected to drive the stainless steel market's expansion include urbanisation, greater mobility, population growth, economic development, and accelerating climatic changes.
The tremendous growth of the automotive industry will encourage consumer demand for the goods. This metal is appropriate due to its resistance to corrosion, great strength, and heat. Due of this, it is a fantastic alternative for many auto parts, including hose clamps and seatbelt springs. According to the World Steel Organisation, stainless steel will increasingly be utilised in catalytic converters, fuel tanks, chassis, bodywork, and suspension in the future. Additionally, as electric car technology advances and the usage of technology in the automotive sector increases, new products will be more readily accepted. As a result, rising product demand from the automotive industry will fuel the growth of the stainless steel market. The market will have lucrative opportunities to grow significantly as product consumption in the building industry rises. This kind of steel was previously infrequently utilised for structural purposes in structures due to its expensive cost. The availability and price of this steel have increased over the last 10 years, and its durability and corrosion resistance have been improved. According to the BS Stainless company, the demand for the product is increasing in order to meet construction needs and make buildings better and more beautiful. The growth of residential and commercial building as well as the increased commissioning of infrastructure projects will both benefit the construction industry. These factors will therefore increase the demand for the goods during the course of the anticipated term.
The accessibility of alternatives like aluminium, galvanised steel, carbon steel, and engineered plastics hinders the product's uptake. It is heavier and not water-resistant than these options. This restricts its use in locations where the goods' light weight is necessary. These constraints on the market and barriers to product acceptability affect a wide range of industries, including consumer goods, engineering, and electronics.
Report Coverage
Global Stainless Steel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Stainless Steel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Stainless Steel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Stainless Steel market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Stainless Steel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Stainless Steel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, Outokumpu, POSCO, ThyssenKrupp Stainless GmbH, Yieh United Steel Corp.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Stainless Steel market based on the below-mentioned segments:
Global Stainless Steel Market, By Type
Cold Rolled Flat
Hot Plate & Sheet
Cold Bars & Wire
Hot Bars & Wire Rod
Others
Global Stainless Steel market, By Application
Metal Products
Electrical Machinery
Engineering
Construction
Automotive Parts
Others
Global Stainless Steel market, Regional Analysis
The demand for stainless steel is rising as a result of public and private investments being made in residential development and infrastructure. In industrial applications, such as those in the process, building & construction, railway, infrastructure, and automotive industries, it is acknowledged as an important material. While examining the stainless steel market, the experts at FMI discovered that stainless steel had a particular advantage over alternatives like carbon steel, weathering steel, and others. This product is gaining popularity because of its exceptional pliability, corrosion resistance, strength, and aesthetic attributes as well as its average product life cycle, low maintenance requirements, and cost-effectiveness. As a result, it is anticipated that during the coming years, the market for stainless steel would grow dramatically.
The U.S. market is expected to be driven by demand for stainless steel in mechanical, chemical, and energy applications. A few examples of the diverse variety of uses for these items include heat exchangers, heat vessels, boilers used in power plants, furnace plants, and parts used in processing gear for the pulp and paper, chemical, and food and beverage sectors. Building and construction are two of the main applications for stainless steel. The segment accounted for 11.3% of total U.S. demand in terms of volume. SS materials are used for structural purposes in beams, columns, and other common architectural applications. It is used for roofing, stairways, lifts, pool covers, canopies and atriums among other things.
Numerous sectors, including those that manufacture food and beverages, chemicals, petrochemicals, oil and gas, and power, frequently employ stainless steel. Stainless steel is commonly used in storage tanks, pumps, and piping systems because of its high tensile strength. The development of steel technology as a result of increased CO2 emissions is a notable trend. Due to the advancement of environmentally friendly stainless steel, market expansion is booming within the expected time period. The primary worldwide megatrends expected to drive the stainless steel market's expansion include urbanisation, greater mobility, population growth, economic development, and accelerating climatic changes.
The tremendous growth of the automotive industry will encourage consumer demand for the goods. This metal is appropriate due to its resistance to corrosion, great strength, and heat. Due of this, it is a fantastic alternative for many auto parts, including hose clamps and seatbelt springs. According to the World Steel Organisation, stainless steel will increasingly be utilised in catalytic converters, fuel tanks, chassis, bodywork, and suspension in the future. Additionally, as electric car technology advances and the usage of technology in the automotive sector increases, new products will be more readily accepted. As a result, rising product demand from the automotive industry will fuel the growth of the stainless steel market. The market will have lucrative opportunities to grow significantly as product consumption in the building industry rises. This kind of steel was previously infrequently utilised for structural purposes in structures due to its expensive cost. The availability and price of this steel have increased over the last 10 years, and its durability and corrosion resistance have been improved. According to the BS Stainless company, the demand for the product is increasing in order to meet construction needs and make buildings better and more beautiful. The growth of residential and commercial building as well as the increased commissioning of infrastructure projects will both benefit the construction industry. These factors will therefore increase the demand for the goods during the course of the anticipated term.
The accessibility of alternatives like aluminium, galvanised steel, carbon steel, and engineered plastics hinders the product's uptake. It is heavier and not water-resistant than these options. This restricts its use in locations where the goods' light weight is necessary. These constraints on the market and barriers to product acceptability affect a wide range of industries, including consumer goods, engineering, and electronics.
Report Coverage
Global Stainless Steel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Stainless Steel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Stainless Steel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Stainless Steel market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, Outokumpu, POSCO, ThyssenKrupp Stainless GmbH, Yieh United Steel Corp. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Stainless Steel Market from 2021 to 2030.
- Market Forecast for Stainless Steel Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Stainless Steel competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Stainless Steel
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Stainless Steel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Stainless Steel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, Outokumpu, POSCO, ThyssenKrupp Stainless GmbH, Yieh United Steel Corp.
Primary Target Market
- Market Players of Stainless Steel
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Stainless Steel market based on the below-mentioned segments:
Global Stainless Steel Market, By Type
Cold Rolled Flat
Hot Plate & Sheet
Cold Bars & Wire
Hot Bars & Wire Rod
Others
Global Stainless Steel market, By Application
Metal Products
Electrical Machinery
Engineering
Construction
Automotive Parts
Others
Global Stainless Steel market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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