The global stainless steel market size is expected to reach USD 133.8 billion by 2025 at a 5.2% CAGR, according to a new report by Grand View Research, Inc. The market is anticipated to expand mainly due to advantages such as increased formability, weldability, corrosion resistance, and aesthetic appearance.
The construction industry in emerging economies has been registering rapid growth due to increasing government expenditure on infrastructure. Higher prices of stainless steel substitutes have facilitated the usage of this product in various applications including architectural cladding, handrails, drainage and water systems, wall support, roofing, and structures and fixing. Growing demand for stainless steel in applications such as wires, rolled rings, precision tubes, strips, and 3D forging is anticipated to drive the stainless steel market over the forecast period.
The most commonly used grades of stainless steel are the 200 and 300 series. The 200 series has 40% higher yield strength compared to the 300 series, which is likely to provide positive scope for the growth of the segment. Moreover, it is highly preferred in the making of various consumer goods due to its cost effectiveness.
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Further key findings from the report suggest:
The 200 series grade segment is expected to register a CAGR of 5.9% in terms of revenue from 2017 to 2025 owing to increase in consumption of consumer goods
The duplex series grade segment is projected to register a CAGR of 6.5% in terms of revenue from 2017 to 2025 due to its superior properties such as high strength, low weight, and high corrosion resistance
Building and construction application is projected to witness a CAGR of 5.9% in terms of revenue from 2017 to 2025. Increasing focus on extended life and aesthetic appearance of buildings, coupled with corrosion resistance, strength, and sustainability of the product, is likely to fuel growth
Other applications accounted for a volume share of 12.1% in 2016. Growing use of stainless steel in surgical tools and medical equipment owing to its ability to be sterilized is anticipated to trigger demand
The North America stainless steel market is estimated to register a CAGR of 4.9% in terms of revenue from 2017 to 2025. Growth of oil and gas and other heavy industries in Canada is expected to fuel demand in this region
Central & South America is expected to exhibit a CAGR of 3.7% in terms of revenue from 2017 to 2025. Growth in the construction industry, aided by government initiatives and investments made by European companies, is expected to drive demand over the forecast period
ArcelorMittal, Bristol Metals, Jindal Steels, North American Stainless, and Aperam Stainless are some key players in the stainless steel market. In November 2015, Outokumpu announced its collaboration with Tubacex. The latter uses Outokumpu Therma 253 MA billets as starting material for manufacturing seamless tubes primarily designed for very high service temperatures
Grand View Research has segmented the global stainless steel market on the basis of grade, product, application, and region:
Stainless Steel Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Stainless Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Stainless Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Building & construction
Automotive & transportation
Stainless Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Central & South America
The Middle East & Africa
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