Increasing Demand from Construction Industry to Escalate Stainless Steel Market Growth
According to our latest market study on “Stainless Steel Market to 2028 – Global Analysis and Forecast – by Grade, Product, and Application,” the stainless steel market size is expected to grow from US$ 196,994.83 million in 2021 to US$ 266,781.48 million by 2028; it is estimated to grow at a CAGR of 4.5% from 2022 to 2028. The report highlights key factors driving the global market growth and prominent players, along with their developments in the market.
Stainless steel is an iron alloy containing ~10.5% chromium. It finds application in automotive & transportation, building & construction, consumer goods, heavy industries, and electrical appliances. Stainless steel is used in a variety of consumer goods such as white goods, lighting, furniture, office equipment, and IT hardware. It is used in white goods as it is highly resistant to corrosion, offer good mechanical properties over a wide range of temperatures, and can be easily fabricated. Further, stainless steel has proven to be an excellent environmental performer due to its valuable raw materials and 100% recyclability. The recycled stainless steel products are categorized in a systematic manner and are forged back into the manufacturing process through recycling. Further, the stainless steel market share for the consumer goods & other metal components segment was largest in 2021.
Global Stainless Steel Market Breakdown – by Region
Stainless Steel Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Grade (200 Series, 300 Series, 400 Series, and Others), Product (Hot Bars/ Wire Rods, Semis, Cold Bars/Wire Rods, Cold-Rolled Flat, Hot Coils, and Hot Plate & Sheet), Application (Automotive & Transportation, Building & Construction, Consumer Goods & Other Metal Components, Heavy Industries, and Electrical Appliances), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Stainless Steel Market Key Findings by 2031
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Increasing demand from the construction industry is driving the stainless steel market growth. With properties such as corrosion resistance, high tensile strength, durability and aesthetic appearance, stainless steel is ideally suited in construction and architectural applications. The high corrosion resistance of stainless steel is due to the presence of chromium-rich oxide film on the steel surface. Due to the durability of stainless steel, construction sites using it are able to retain their original appearance.
A few players operating in the global stainless steel market include Acerinox S.A., Aperam S.A, ArcelorMittal S.A, Jindal Stainless Limited, Outokumpu OYJ, Sandmeyer Steel Company, Sandvik AB, Schmolz + Bickenbach Group, Thyssenkrupp AG, and Guangxi Chengdu Group. Players operating in the stainless steel industry are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.
The report includes the segmentation of the global stainless steel market as follows:
The global stainless steel market is segmented into grade, product, application, and geography. The global market is segmented by grade into 200 series, 300 series, 400 series, and others. The market is categorized by product into hot bars/wire rods, semis, cold bars/wire rods, cold-rolled flat, hot coils, and hot plate & sheet. By application, the market is segmented into automotive & transportation, building & construction, consumer goods & other metal components, heavy industries, and electrical appliances. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The stainless steel market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is sub segmented into Germany, France, the UK, Italy, Russia, and the rest of Europe. The market in Asia Pacific is further categorized into China, India, Japan, Australia, South Korea, and the rest of Asia Pacific. The stainless steel market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the rest of Middle East & Africa. The stainless steel market in South & Central America is further categorized into Brazil, Argentina, and the rest of South & Central America.
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