Stainless Steel Market Growth Propels Spending to USD 239.3 Billion by 2035

Stainless steel is a versatile, durable, and rust-resistant alloy. Stainless steel is everywhere from the cutlery in kitchen to towering skyscrapers. Its unique properties, including corrosion resistance and strength, make it indispensable, which also helps to expand the market growth. Some additional reasons for market diversification are private and public investments in infrastructure, widespread industrial applications, such as building & construction, infrastructure, railways, automotive & transportation, and process industries, and others.

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Key Market Drivers

Several factors contribute to the robust growth of the stainless steel market:
1. Infrastructure Development: Rapid urbanization and industrialization, especially in emerging economies, have led to increased demand for stainless steel in construction and infrastructure projects.
2. Automotive Industry Expansion: The automotive sector's growth, particularly in electric vehicles, has heightened the need for lightweight and durable materials, positioning stainless steel as a preferred choice.
3. Consumer Goods Demand: Rising consumer spending on durable goods, such as kitchen appliances and electronics, has bolstered the market.
4. Technological Advancements: Innovations in production processes have enhanced the quality and applications of stainless steel, making it more versatile across various industries.

Top Leading companies profiled in the market report include

• TATA STEEL
• Acerinox
• Sandmeyer Steel Company
• Outokumpu
• ArcelorMittal
• THYSSENKRUPP MATERIALS NA, INC.
• JFE STEEL CORPORATION
• JSW MI Steel Service Center Private Limited
• Stance Stainless Steel Co., Ltd.
• Acciai Speciali Terni
• NIPPON STEEL STAINLESS STEEL CORPORATION
• BAOSTEEL CO., LTD.

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It has segmented the Stainless Steel Market

By Type: • Cold Rolled Flat • Hot Plate & Sheet • Cold Bars & Wire • Hot Bars & Wire Rod • Others

By Grade: • 200 Series • 300 Series • 400 Series • Duplex Series • Others

By Application: • Metal Products • Electrical Machinery • Engineering • Construction • Automotive Parts • Others

Recent Developments

• In December 2024, the European Commission launched the review of the functioning of the safeguard measure on imports of certain steel products. 13 EU member states, which consider it proven that such a procedure is necessary due to changes in the trade flows of steel, had already requested the Commission to initiate the review on November 29, 2024.
• In September 2024, Metal supplier Swiss Steel Group has successfully launched a new variant of stainless steel that meets the highest ecological standards: Green Steel Stainless+. This innovative solution demonstrates company's commitment to sustainability and the protection of the environment. Green Steel Stainless+ is characterized by its "outstanding" properties as, depending on the requirement profile, it is corrosion and heat resistant, offers "excellent" mechanical properties, and is non-magnetic.

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