Stainless-Steel Market Growth, Share, Trends, Size & Forecast 2023-2028

IMARC Group, a leading market research company, has recently released a 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 stainless-steel market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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 an iron alloy with a high chromium content and other elements like nickel, carbon, and molybdenum. This alloy possesses exceptional resistance to rusting and ordinary corrosion. The presence of chromium forms a thin oxide layer, known as a passive layer, which imparts excellent heat and corrosion resistance properties to the steel. Stainless steel exhibits enhanced corrosion resistance, making it suitable for specific environments, and improved resistance to oxidation. In addition to its corrosion resistance, stainless steel offers numerous advantages. It is easy to fabricate, providing flexibility in various applications. It has an appealing aesthetic, excellent tensile strength, and can withstand both low and high temperatures. Stainless steel also requires low maintenance, is environmentally friendly, recyclable, and boasts a long product life. As a result of these advantageous properties, stainless steel is widely adopted across various industrial sectors. It finds applications in automotive, transportation, building and construction, railways, consumer goods, mechanical engineering, and heavy industries worldwide. Its versatility and reliability make it a preferred material in numerous manufacturing processes and structural components.

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

The market for stainless steel (SS) is primarily driven by the significant expansion in building and construction activities. The demand for stainless steel products such as columns, beams, and architectural applications has seen notable growth. These products are extensively used in various structures like lifts, railings, staircases, swimming pool shades, roofing, canopies, and atriums. Furthermore, stainless steel is increasingly utilized 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 the food and beverage (F&B) industries. Government investments in infrastructure development have also contributed to market growth. Repairing and renovating bridges, public buildings, highways, airports, water infrastructure, communication networks, and electric vehicle (EV) charging facilities, along with initiatives for clean energy and environmental sustainability, have become major growth-inducing factors. The transportation industry, particularly railways, has witnessed a rising application of stainless steel. Stainless steel is replacing corten steel due to its high strength-to-weight ratio, enhancing crash effectiveness and energy absorption capacity in coaches. Leading market players are adopting energy-efficient manufacturing processes and innovative technologies to minimize costs, enhance efficiency, and improve production capacities, thereby influencing market growth. The Asia Pacific region holds the largest stainless steel (SS) market share, driven by heavy investments in energy and infrastructure development programs, significant expansion in automotive machinery, and shipbuilding industries. The increasing application of stainless steel in the electrical and electronics sectors, ongoing industrial and infrastructural development, continuous technological advancements, and mergers and acquisitions among key market players are other factors contributing to a positive market outlook. For instance, Jindal Stainless became a supplier to Alstom in May 2022 to develop technologically advanced trainsets for the Regional Rapid Transit System. Jindal Stainless will supply approximately two kilotons of 301LN stainless steel grade in 2J finish to produce 210 trainsets. Overall, the stainless steel (SS) market is driven by building and construction activities, energy and mechanical applications, government investments, transportation industry developments, energy-efficient manufacturing processes, regional growth patterns, technological advancements, and industry collaborations.

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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

Market Breakup by Region:

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.