Stainless Steel 400 Series Market Size Worth $51.16 Billion By 2030

Stainless Steel 400 Series Market Growth & Trends

The global stainless steel 400 series market size is expected to reach USD 51.16 billion by 2030 expanding at a CAGR of 7.3% from 2022 to 2030 according to a new report by Grand View Research, Inc, Rising investments in end-use industries such as consumer goods, automotive & transportation, and construction are anticipated to propel the market growth for the stainless steel 400 series during the forecast period.

The stainless steel 400 series has higher manganese content than the 300 series. The group consists of various grades such as 403, 405, 409, 410, and 430. Based on application, consumer goods held the largest market share in 2021. These products find application in a wide range of consumer goods such as home and kitchen appliances, including fridges, air conditioners, washing machines, pots, kettles, and knives.

Furthermore, these products are largely used in the construction industry as well on account of properties such as high formability, weldability, corrosion resistance, and aesthetic appearance. These are used in developing products such as architectural claddings, handrails, drainage & water systems, wall support products, roofs, and structures & fixtures.

Modern buildings and structures require extended life and aesthetical appearance. As a result, the 400 series of stainless steel is gaining popularity across the world. Furthermore, the product is increasingly being used in curtain walls and roofs to gain enhanced functional and aesthetic appeal. The series is being preferred by leading architectural and landscape designing and structural engineering firms owing to its enhanced corrosion resistance.

Mechanical engineering & heavy industries are another vital segment of the market, where the products find use in shipbuilding, manufacturing of defense-related products, and in the oil & gas industry for gas turbine exhaust silencers and other hardware. Growing investments in oil & gas and defense industries are thus, aiding the market growth.

For instance, in February 2022, the Government of Germany decided to invest USD 112.0 billion in military equipment manufacturing. As such, it is planning to allocate over 2% of the economic output of the country to its defense sector annually. In addition, the Government of Germany is planning to set up a Bundeswehr fund for investing in armament projects in the country.

The market is competitive in nature where capacity expansions, acquisitions, partnerships, and de-carbonization measures are some of the strategies adopted by key players. For instance, in December 2021, Jindal Stainless invested around USD 82 million for the expansion of its production facilities in Jaipur. With this expansion, the company is expected to double its production from 1.1 million tons per year (MTPA) to 2.1 MTPA.

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Stainless Steel 400 Series Market Report Highlights

• Based on application, the consumer goods segment held a revenue share of more than 37.0% in 2021 of the global stainless steel 400 series market. The market share is attributed to the rising use of products in home & kitchen appliances including refrigerators, air conditioners, and washing machines.

• In terms of revenue, mechanical engineering & heavy industries are anticipated to register a CAGR of 7.0% during the forecast period. The growth of the oil & gas industry is boosting the segment growth.

• Based on region, Europe is expected to attain a CAGR of 6.1%, in terms of revenue, from 2022 to 2030. The region has a large number of automotive manufacturers, which produce automobile components in Germany and France.

Stainless Steel 400 Series Market Segmentation

Grand View Research has segmented the stainless steel series 400 market based on application and region

Stainless Steel 400 Series Application Outlook (Volume, Kilotons, Revenue, USD Million; 2017 - 2030)

• Building & Construction

• Automotive & Transportation

• Consumer Goods

• Mechanical Engineering & Heavy Industries

• Medical

• Aerospace

• Others

Stainless Steel 400 Series Regional Outlook (Volume, Kilotons, Revenue, USD Million; 2017 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

• Middle East & Africa

  • GCC

List of Key Players in the Stainless Steel 400 Series Market

• Acerinox S.A.

• Aperam

• Baosteel Group

• Fushun Special Steel Co., Ltd.

• Jindal Stainless

• Outokumpu

• POSCO

• thyssenkrupp AG

• Yieh United Steel Corp