Global Stainless Steel Market Expected to Rise at 6.12% CAGR during 2023-2028

IMARC Group, a leading market research company, has recently releases report titled "Stainless Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global stainless steel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights
How big is the stainless steel market?

The global stainless steel market size reached US$ 146.27 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 210.44 Billion by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2023-2028.

What is stainless steel?

Stainless steel (SS) is a corrosion-resistant alloy primarily composed of iron, chromium, and other elements like nickel, carbon, and molybdenum. The high chromium content in stainless steel forms a thin oxide layer, known as a passive layer, which imparts excellent heat and corrosion resistance properties to the material. This alloy exhibits superior resistance to rust, ordinary corrosion, and oxidation, making it highly desirable in specific environments.

Apart from its resistance properties, stainless steel offers several advantages. It is easy to fabricate, provides flexibility in design, has an aesthetically pleasing appearance, and possesses exceptional tensile strength. Additionally, stainless steel exhibits reliable performance at both low and high temperatures, requires low maintenance, is environmentally friendly, and can be recycled. These characteristics contribute to its extended product life and make stainless steel a popular choice in various industrial sectors worldwide. It finds extensive applications in industries such as automotive, transportation, building and construction, railways, consumer goods, mechanical engineering, and heavy industries.

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What are the growth prospects and trends in the stainless steel?

The market for stainless steel (SS) is primarily driven by the significant growth in building and construction activities. This can be attributed to the increasing demand for stainless steel products such as columns, beams, and architectural applications in various structures like lifts, railings, staircases, swimming pool shades, roofing, canopies, and atriums. Additionally, the use of stainless steel in energy and mechanical applications, including heat exchangers and boilers in power plants, as well as components in processing machinery for pulp and paper, chemicals, and food and beverage (F&B) industries, is contributing to market expansion. Governments' investments in infrastructure development, such as bridge repairs, public buildings, highways, airports, water infrastructure, communication networks, clean energy, and electric vehicle (EV) charging facilities, to reduce carbon emissions, are also driving market growth.

Moreover, the transportation industry, particularly railways, is witnessing an increasing application of stainless steel. It is replacing corten steel due to its high strength-to-weight ratio, which enhances crash effectiveness and energy absorption capacity of the coach. Leading market players are adopting energy-efficient manufacturing processes and innovative technologies to minimize costs, improve efficiency, and enhance production capacities, thereby influencing market growth. The Asia Pacific region is the largest market for stainless steel due to heavy investments in energy and infrastructure development programs, significant expansion in automotive machinery, and shipbuilding industries.

Furthermore, the electrical and electronics industries are experiencing a rising application of stainless steel, and ongoing industrial and infrastructural development activities, continuous technological advancements, and mergers and acquisitions (M&A) among key market players are contributing to a positive market outlook worldwide. For instance, Jindal Stainless entered into a supplier agreement with Alstom in May 2022 to develop technologically advanced trainsets for the Regional Rapid Transit System, wherein Jindal Stainless will supply around two kilotons of 301LN stainless steel grade in 2J finish to produce 210 trainsets.

What is included in market segmentation?

The report has segmented the market into the following categories:

Product Insights:

Flat
Long

Grade Insights:

200 Series
300 Series
400 Series
Duplex Series
Others

Application Insights:

Automotive and Transportation
Building and Construction
Consumer Goods
Mechanical Engineering and Heavy Industries
Others

Breakup by Geography:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Acerinox S.A.
Aperam S.A.
ArcelorMittal S.A.
Baosteel Group
JFE Steel Corporation (JFE Holdings Inc.)
Jindal Stainless Limited
Nippon Steel Corporation
Outokumpu Oyj
POSCO Products
thyssenkrupp Stainless GmbH (ThyssenKrupp AG)
Yieh United Steel Corp.

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This release was published on openPR.