Stainless Steel Market Size, Share & Trends Report

Stainless Steel Market Size, Share & Trends Analysis Report By Grade (200 Series, 300 Series, 400 Series, Duplex Series), By Product (Long, Flat), By Application, And Segment Forecasts, 2019 - 2025

  • Published Date: Mar, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-945-6
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 134

Industry Insights

The global stainless steel market size was valued at USD 93.69 billion in 2018 and is expected to witness a CAGR of 5.2% from 2019 to 2025. Rising demand from end-use industries such as automotive, oil and gas, and construction is anticipated to propel the growth. Moreover, increasing investments in R&D for steel manufacturing is projected to contribute to the growth.

Growth of construction industry in U.S is expected to impact the market in a positive way. Stainless steel caters to demand from various application segments such as building and construction, heavy industries, consumer goods, and others.

U.S. stainless steel market

The grades of stainless steel are 303, 304, 316, 410, and 416. Grades 304, 303, and 316 are majorly used in heavy industries and the construction industry due to their super corrosion resistance. The high tensile strength of grades 410 and 416 makes them an important material in the manufacture of consumer goods.

Increasing usage of aluminum and carbon fibers is anticipated to critically impact the growth of the market over the forecast period. Focus on environment protection and strict emission policies are other important factors projected to affect the market growth. Manufacturers focus on usage of aluminum and carbon fiber components to improve fuel efficiency and to reduce the weight of vehicle many manufacturers.

Grade Insights

Properties of stainless steel, such as tensile strength, corrosion resistance, and aesthetic appearance make it a suitable material for the automotive sector. It is used in the production of automotive components such as exhaust systems, hose clamps, and springs.

300 series consist about 6% to 20% nickel, and 18% to 30% chromium. The product is considered to feature high corrosion resistance as compared to 200 series stainless steel. In addition, 300 series stainless steel displays resistance to high temperatures which is expected to drive the product demand.

Stainless steel is segmented into various grades depending on the composition used in the product. 300 series is anticipated to account for the highest market share in 2018. 200 series is considered to be cost-effective as the nickel which is generally used in manufacturing 300 series is partly replaced by nitrogen and manganese.

Product Insights

Flat stainless steel accounted for the largest market share of 74.8% in 2018 and is projected to expand at CAGR of 4.8% from 2019 to 2025. The organizations focus on development of new materials to improve properties such as thermal conductivity, thermal expansion of coefficient, and corrosion resistance.

Flat and long products include sheet piles, coated steel products, billets, slabs, rails, blooms, sections, hot and cold rolled coils, rebars, and wire rods. Flat products are commonly used in appliances and packaging, construction, tinplate, pipes and tubes, and heavy plates.

Automotive and construction sectors rely on flat stainless steel products owing to properties such as high strength, recyclability, durability, high ductility, aesthetics, corrosion resistance, higher hot strength, and lower maintenance. Long stainless steel is commonly used in applications such as construction, mechanical engineering, energy, and automotive.

Application Insights

The market is classified into automotive and transportation, heavy industry, consumer goods, and buildings and construction. Heavy industries application held market share of 26.24% in 2018 in terms of revenue. Stainless steel has been gaining prominence over the past few years owing to its widespread usage in energy and heavy industries.

Heavy industries include chemical industry, heating cooling and ventilation, oil and gas industry, and pulp and paper industry. Stainless steel is largely used to manufacture equipment used in these industries. Growing power consumption coupled with the rising use of renewable energy is projected to propel the product demand over the forecast period.

Global stainless steel market

Modern construction of buildings and structures require extended life and aesthetic appearance. Stainless steel is gaining popularity owing to its appearance and high corrosion resistance, strength, and sustainability. Furthermore, many organizations are working on improvement of durability of reinforced concrete structures through research in stainless steel.

Regional Insights

Asia Pacific is the largest region in terms of production and consumption of stainless steel and related products. Rise in infrastructural development including shopping malls, railways, highways, and airports is projected to augment the regional growth. Progress of the construction sector and rising demand from automotive supported by increasing population are the key regional growth drivers. This region is characterized by the presence of small and medium manufacturers.

Europe accounted for 17.6% of the global market share in terms of revenue. Growing automotive sector in countries such as Germany and France is projected to assist the regional demand. Rise in demand for consumer goods supported by manufacturing of electro-mechanical components is anticipated to assist the regional market growth over the next seven years.

Stainless Steel Market Share Insights

Some of the key manufacturers and distributors include Aperam Stainless, Bristol Metals, RTI Industries, Nippon Steel & Sumitomo Steel, Sandvik Materials, Viraj, ArcelorMittal and ThyssenKrupp Stainless. These companies are investing in the expansion of their production capacities across various countries. Market participants are involved in product development and improvement of their R&D facilities. Furthermore, global players are engaging in collaborations and partnerships with local players to improve their footprint in the current business environment.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historic data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Volume in Kilotons, Revenue in USD Million & CAGR from 2018 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Germany, U.K., France, China, Japan, India, Brazil

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global stainless steel market report based on grade, product, application, and region:

  • Grade Outlook (Volume, Kilo tons; Revenue, USD Million, 2014 - 2025)

    • 200 Series

    • 300 Series

    • 400 Series

    • Duplex Series

    • Others

  • Product Outlook (Volume, Kilo tons; Revenue, USD Million, 2014 - 2025)

    • Long Products

    • Flat Products

    • Others

  • Application Outlook (Volume, Kilo tons; Revenue, USD Million, 2014 - 2025)

    • Building & Construction

    • Heavy Industry

    • Automotive

    • Consumer Goods

    • Others

  • Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • Central and South America

      • Brazil

    • MEA

Key questions answered by the report
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