The global stainless steel market size was valued at USD 104.23 billion in 2021 and is expected to exhibit a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030. The private and public investments in infrastructure, as well as residential housing, is likely to provide a boost to the stainless steel demand. Stainless steel (SS) is an important material in industrial applications such as building & construction, infrastructure, railways, automotive & transportation, and process industries. SS has a unique edge over carbon steel as it has a combination of properties such as pliability, strength, corrosion resistance, aesthetic properties, low maintenance cost, and average product life cycle. These properties along with increasing penetration in numerous applications are anticipated to drive the market growth.
The U.S. stainless steel market is expected to be driven by the demand for mechanical, chemical, and energy applications. These applications are diversified such as tubular in the oil industry; heat exchangers, heat vessels, & boilers in power plants; furnace plants; and components in processing machinery of pulp & paper, chemicals, and food & beverage industries.
Building & construction is one of the important applications of stainless steel. The segment accounted for a volume share of 11.3% of overall U.S. demand. For structural purpose, SS products are used in beams, columns, and general architectural applications. It is used in railings, roofing, lifts, staircases, swimming pool shades, canopies, and atriums among others.
In November, the U.S. government introduced USD 2 trillion plan for infrastructure. It includes heavy fund allocation for repair and renovation of bridges, highways, EV charging facilities, airports, water infrastructure, communication networks, high-speed Internet, clean energy & environment, and carbon reduction. This plan is likely to assist the SS demand for structural applications in infrastructure and construction.
300 series was the largest segment in 2021 with a volume share of above 54.0% in 2021. Grade 303in the series is used almost entirely for every movable part requiring polishing, grinding, and machining where good corrosion resistance is also compulsory. Its non-seizing non-galling attributes make it suitable for moving parts. It has fairly good forming properties used for aircraft components, also valves, shafts, valve trim, gears, and all types of screw machine products.
Grade 304 in the 300 series is specifically suited for all kinds of dairy equipment including containers, sterilizers, milking machines, homogenizers, and storage & hauling tanks, including railroad cars, milk trucks, valves, and piping. This 18-8 alloy is similarly operative in the brewing business where it is used in storage & transport cars, fermentation vats, yeast pans, and pipelines.
Duplex series SS is anticipated to exhibit the highest CAGR of 10.9% during the forecast period, in terms of revenue. Superior properties of the product such as high strength, low weight, and high corrosion resistance particularly stress corrosion cracking is anticipated to drive product demand in the forecast period. The product finds applications in pharma, oil & gas, water desalination, and chemical & petrochemical industries.
Flat products accounted for a revenue share of over 73.0% in 2021 and is likely to dominate the market in the forecast period. Flat products mainly include sheets/coil and plates. SS flat products are widely used in mechanical parts and industrial tools along with construction and structural applications. These products are hot rolled and cold rolled and have properties such as corrosion resistance, high strength, and great thickness.
The demand for SS products is likely to be driven by the growth of the automotive and transportation industry. Railways are one of the important applications, wherein COR-TEN steel is being replaced by stainless steel for coaches. This was mainly due to the energy absorption capacity and high strength to weight ratio to improve the crash effectiveness of the coach.
Long products are widely used in industries such as textile, automotive, defense, shipbuilding, cement, fabrication, paper & pulp, and earth-moving machinery. Rounds bar is an important product in this category and can easily be machined and bent as per the requirement. These products are used in grills, fasteners, and machining applications along with the production of parts for automotive and machinery & equipment.
The consumer goods segment dominated the market and accounted for the largest revenue share of above 37.0% in 2021. The segment is projected to grow owing to increasing demand for the washing machine & fridge parts, sinks, utensils, kitchen parts, and many more. Characteristics such as easy fabrication, corrosion resistance, and aesthetic appeal are likely to contribute to the demand for consumer goods; thus, positively influencing the market growth.
The building & construction (B&C) segment witnessed a sizable impact in 2020 by the outbreak of the COVID-19 pandemic. Factors such as the global financial crunch, supply disruptions, global demand, and decline in 2020 have affected the market dynamics in the B&C sector in recent times. For instance, as per the data released by EUROCONSTRUCT, construction output in European countries witnessed a decline of 5.1% in 2020 from the previous year.
The automotive & transportation segment also observed a significant decline during 2020 in terms of automotive production and sales. For instance, global automobile production declined by 16.0% in 2020 as per the International Organization of Motor Vehicle Manufacturers (OICA). The production levels continued to struggle in 2021 owing to the chip shortages. However, the demand levels of automotive vehicles are likely to be driven by the need for private vehicles among consumers masses.
The Asia Pacific dominated the regional segment and held the largest volume share of nearly 74.0% in 2021 owing to the rapidly expanding defense, machinery, automotive, and shipbuilding industries in the countries such as India, China, South Korea, and Japan. Foreign direct investment in energy and infrastructure is likely to provide opportunities for the market vendors.
An increasing share of India and ASEAN countries in the demand for SS is likely to contribute to the expansion of the Asia Pacific SS market. Per capita consumption in India, Vietnam, Thailand, and Indonesia is gradually increasing, which is likely to remain a key contributing factor for the market growth. Additionally, the expansion of cold-rolled facilities is also expected to remain a vital factor for the growth of the market.
In terms of volume, Europe is expected to reveal a 5.6% CAGR during the forecast period. The market in Europe witnessed recovery because of the commencement of industrial operations in 2021, after the lockdown. For instance, as per the International Stainless Steel Forum (ISSF), SS melt shop production increased by around 11.0% on a y-o-y basis, through the first quarter of 2021. Increasing application in pre-engineered buildings is likely to drive market growth during the coming years.
Players in the stainless steel market are adopting several organic and inorganic growth strategies such as capacity expansion, mergers & acquisitions, and joint ventures, in order to maintain and expand their market share. For instance, in February 2021, Jindal Stainless announced a capex plan for its Odisha stainless steel plant worth Rs. 2000-3000 crore (~ USD 261.8-392.7 million) over the next few years. Some prominent players in the global stainless steel market include:
Acerinox S.A.
Aperam Stainless
ArcelorMittal
Baosteel Group
Jindal Stainless
Nippon Steel Corporation
Outokumpu
POSCO
ThyssenKrupp Stainless GmbH
Yieh United Steel Corp.
Report Attribute |
Details |
Market size value in 2022 |
USD 111.45 billion |
Revenue forecast in 2030 |
USD 223.60 billion |
Growth rate |
CAGR of 8.9% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2017 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Revenue in USD million, volume in kilotons, CAGR from 2022 to 2030 |
Report coverage |
Revenue forecast, volume forecast, competitive landscape, growth factors, trends |
Segments covered |
Grade, product, application, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; Germany; France; UK; Russia; China; India; South Korea; Japan; Brazil; GCC |
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. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options. |
This report forecasts revenue and volume growth at the global, regional, and country levels in addition to provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the stainless steel market report based on the grade, product, application, and region:
Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
200 series
300 series
400 series
Duplex series
Others
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
Flat
Long
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
Building & Construction
Automotive & Transportation
Consumer Goods
Mechanical Engineering & Heavy Industries
Others
Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Russia
Asia Pacific
China
Japan
South Korea
India
Central & South America
Brazil
Middle East & Africa
GCC
b. The stainless steel market size was estimated at USD 104.23 billion in 2021 and is expected to reach USD 111.45 billion in 2022.
b. The stainless steel market is expected to grow at a compound annual growth rate of 8.9% from 2022 to 2030 to reach USD 223.60 billion by 2030.
b. 300 series dominated the stainless steel market with a share of 49.7% in 2019. This is attributable to high corrosion resistance and temperature resistance and wide use in heavy industry and automotive applications.
b. The key players operating in the stainless steel market include Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, Outokumpu, POSCO, ThyssenKrupp Stainless GmbH and Yieh United Steel Corp.
b. Key factors that are driving the stainless steel market are investments in infrastructure and housing sectors along with rising consumer goods demand from developing economies.
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