North America Stainless Steel Round Bar Market To Reach $1.74 Billion By 2030

North America Stainless Steel Round Bar Market Growth & Trends

The North America stainless steel round bar market size is expected to reach USD 1.74 billion in 2030 and is projected to grow at a CAGR of 8.2% from 2024 to 2030. Growing need for the product in oil & gas, construction, automotive, aerospace and mining is expected have a positive impact on the sector over the next seven years.

Rising need in oil & gas sector on account of their corrosion resistant properties is expected to increase penetration over the next seven years. In addition, increasing consumption in construction sector along with emergence of new players in the region will stimulate industry expansion over the forecast period.

Technology advancements in terms of hydraulic fracturing has resulted in increased offshore oil exploration in New Mexico, Alaska and on the Atlantic coast in the U.S., thus propelling product demand. However, high manufacturing cost along with rising nickel prices is expected to challenge growth over the next seven years.

In U.S., Texas dominated the stainless steel round bars sector in 2014 and is expected to gain share in light of increasing oil & gas production in the state. High need from transportation, construction, mining and manufacturing sectors is expected to have a positive impact on growth over the next seven years.

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North America Stainless Steel Round Bar Market Report Highlights

• The U.S. stainless steel round bar market dominated the regional industry in 2023 and accounted for a revenue share of 74.4% in 2023.

• The hot rolled stainless steel round bars segment dominated the market and accounted for a revenue share of 68.1% in 2023.

• Based on applications, the aerospace & defense segment held the largest revenue share in 2023.

• The heavy engineering segment is anticipated to experience the fastest CAGR of 8.3% from 2024 to 2030.

• The growth is primarily influenced by their properties, such as corrosion resistance, high-temperature resistance, enhanced tensile strength, strength-to-weight ratio, and more.

North America Stainless Steel Round Bar Market Segmentation

Grand View Research has segmented the North America stainless steel round bar market report based on product, application, and country:

North America Stainless Steel Round Bar Product Outlook (Revenue, USD Million, 2018 - 2030)

• Cold Rolled

• Hot Rolled

North America Stainless Steel Round Bar Application Outlook (Revenue, USD Million, 2018 - 2030)

• Automotive

• Aerospace & Defense

• Heavy Engineering

North America Stainless Steel Round Bar Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

List of Key Players in North America Stainless Steel Round Bar Market

• thyssenkrupp Materials Services GmbH

• North American Stainless

• UNIVERSAL STAINLESS.

• ATI

• Carpenter Technology (CRS Holdings, LLC.)

• Crucible Industries

• Electralloy

• Acciaierie Valbruna S.p.a.

• Penn Stainless

• Richmond Steel Canada LTD