Stainless Steel Market Growth Accelerates: Strategic Forecast Predicts $239.56 Billion by 2029

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

What Will the Stainless Steel Industry Market Size Be by 2025?
The size of the stainless steel market has seen significant expansion in the past few years. The market, which was valued at $164.9 billion in 2024, is projected to increase to $174.95 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. This robust growth during the historic period has been driven by factors such as expansion in manufacturing, needs from the energy sector, innovation in consumer goods, urbanization and construction activities, as well as the use in aerospace and defense sectors.

What's the Long-Term Growth Forecast for the Stainless Steel Market Size Through 2029?
The stainless steel industry is anticipated to experience considerable expansion over the next few years, reaching a value of $239.56 billion by 2029 with a CAGR of 8.2%. The surge during the projected period can be linked to the increase in industrialization in developing markets, the execution of infrastructure development projects, the rebound of the global economy, adherence to sustainable practices and rules. Major trending factors during this forecast period encompass technological progress in manufacturing, worldwide economic development, transition towards eco-friendly materials, demand from the automotive sector, and the progression in automotive design.

View the full report here:
https://www.thebusinessresearchcompany.com/report/stainless-steel-global-market-report

What Are the Key Growth Drivers Fueling the Stainless Steel Market Expansion?
The surge within the automobile industry is anticipated to propel the stainless steel market further. The automobile sector, which encompasses a variety of businesses and institutions that design, produce, market, and sell automobiles, makes extensive use of stainless steel. Stainless steel is coveted by the automotive industry due to its durability and appealing aesthetics. For instance, the International Energy Agency (IEA), a France-based international organization, released data in May 2024 that SUVs accounted for 48% of worldwide car sales, a new record in 2023, thereby contributing to their continued popularity in the car industry. SUV sales in developed countries topped 20 million in 2022, achieving a 50% market share for the first time, with over 360 million SUVs in use globally. As a result, the swift expansion of the automobile industry is a key driver for the advancement of the stainless steel market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=8825&type=smp

What Trends Will Shape the Stainless Steel Market Through 2029 and Beyond?
The unfolding trend in the stainless-steel market centers around product innovations, with principal businesses putting their resources into developing pioneering products to fortify their market stance. For instance, Outokumpu Oyj, a firm specializing in stainless steel production based in Finland, launched its novel, low-emission product line, Circle Green, in June 2023. Circle Green, which utilizes bio-based materials and streamlined production techniques to achieve a carbon footprint that's 92% less than the industry's average, caters to the rising demand for ecologically sustainable materials across a diverse range of sectors like construction and consumer goods. This makes it an excellent choice for eco-friendly applications.

How Is the Stainless Steel Market Segmented?
The stainless steel market covered in this report is segmented -

1) By Type: Cold Rolled Flat, Hot Plate And Sheet, Cold Bars And Wire, Hot Bars And Wire Rod, Other Types
2) By Grade: 200 Series, 300 Series, 400 Series, Duplex Series, Other Grades
3) By Application: Building And Construction, Automotive And Transportation, Consumer Goods, Mechanical Engineering And Heavy Industries, Other Applications

Subsegments:
1) By Cold Rolled Flat: Cold Rolled Sheets, Cold Rolled Coils
2) By Hot Plate And Sheet: Hot Rolled Plates, Hot Rolled Sheets
3) By Cold Bars And Wire: Cold Drawn Bars, Cold Drawn Wire
4) By Hot Bars And Wire Rod: Hot Rolled Bars, Hot Rolled Wire Rods
5) By Other Types: Stainless Steel Tubes And Pipes, Stainless Steel Fittings, Stainless Steel Strips

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=8825&type=smp

Which Companies Are Leading the Charge in Stainless Steel Market Innovation?
Major companies operating in the stainless steel market include China Baowu Steel Group Corporation Ltd, Sandmeyer Steel Company, ArcelorMittal SA, Pohang Iron and Steel Company, Nippon Steel Corporation, ThyssenKrupp AG, JFE Steel Corporation, Tata Steel Limited, Essar Steel India Limited, Steel Authority of India Limited, Sandvik AB, Outokumpu Oyj, Marcegaglia Specialties S.p.A., Jindal Steel and Power Limited, Acerinox SA, Aperam SA, AK Steel Holdings Corporation, ATI Specialty Alloys & Components, Schmolz + Bickenbach AG, Allegheny Technologies Incorporated Carpenter Technology Corporation, Rashtriya Ispat Nigam Limited, North American Stainless, Viraj Profiles Limited, Ulbrich Stainless Steels & Special Metals Inc., Yieh Corporation, Aamor Inox Limited, Bristol Metals LLC, Valbruna Stainless Inc., Mahindra Ugine Steel

Which Regions Are Leading the Global Stainless Steel Market in Revenue?
Asia-Pacific was the largest region in the stainless steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the stainless steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=8825

This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Reach out to us:
The Business Research Company: https://www.thebusinessresearchcompany.com/,
Americas +1 310-496-7795,
Europe +44 7882 955267,
Asia & Others +44 7882 955267 & +91 8897263534,
Email us at info@tbrc.info.

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
With over 17500+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.