Stainless Steel Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The stainless steel market size is expected to grow from US$ 196,994.83 million in 2021 to US$ 266,781.48 million by 2031; it is estimated to grow at a CAGR of 4.5% from 2022 to 2031.

Stainless steel is an iron alloy comprising a minimum of 10.5% chromium. It is an engineering material characterized by high corrosion resistance, strength, and fabrication characteristics. In stainless steel, carbon, silicon, manganese, and other elements such as nickel and molybdenum are added to enhance useful properties such as formability and increased corrosion resistance. Stainless steel is used in industrial, architectural, chemical, and consumer applications. The major players in the stainless steel market are focusing on strategies such as mergers and acquisitions, as well as new product developments, to increase their geographic presence and consumer base globally.

In 2021, Asia Pacific held the largest revenue share of the stainless steel market. The stainless steel market growth in Asia Pacific is primarily attributed to the rapid industrial development in developed and developing countries. The building & construction sector in Asia Pacific is rapidly growing. Rapid urbanization in countries such as India, Japan, and Australia have led to infrastructural developments, which is further boosting the demand for stainless steel. Moreover, the region has a presence of major stainless steel manufacturers such as Acerinox S.A., Aperam S.A, ArcelorMittal S.A, Jindal Stainless Limited, Outokumpu OYJ, Sandmeyer steel company, and Sandvik AB.

Strategic Insights

Market Insights

Rapid Growth in Automotive Industry

Stainless steel has come to the forefront of the automotive design due to an increasing demand for safety combined with performance, efficiency, lightweight and strength. Due to the compelling properties of stainless steel such as cost-effective structural designs, durability and efficiency, it has become the primary choice in the automotive industry. The corrosion resistance property of stainless steel has been a significant reason for its application in the production of decorative wheel rims. Due to the lightweight property of stainless steel, it has been considered as a primary material in the construction of fuel tanks. The high strength stainless steel provides an opportunity to produce fuel tanks that are both lighter in weight and safer and also retain its inherent strength. The wall thickness of stainless steel fuel tanks can be significantly reduced as compared to multi-layer polymer counterparts that help in reducing the weight of the fuel tanks by approximately 3.5 kg. The easy molding capability of stainless steel helps in producing the fuel tanks of various shapes and sizes. Further, stainless steel is specially used in the production of high-performance cars.

Grade Insights

Based on grade, the global market is segmented into 200 series, 300 series, 400 series, and others. The stainless steel market share for the 300 series segment was largest in 2021. The 300 series grade of stainless steel has a chromium content of approximately 18–30% with a nickel content of 6–20% as the principal alloying additions. It is capable of maintaining high strength at high temperatures, resist corrosion and are convenient to maintain. The 300 series grade stainless steel with low carbon content is preferred for high ductility and heavy welding. The 300 series grade of stainless steel possesses excellent resistance in applications that involve external exposure to mildly corrosive conditions at ambient temperatures. It is well suited and recommended to all standard welding methods. The typical applications of the 300 series grade of stainless steel include rail car structural components that are usually roll-formed stretched or roll formed to profiles. The 300 series grade of stainless steel is also used in wiper blade holders and clips and also as automotive wheel covers.

Product Insights

Based on product, the global market is segmented into hot bars/wire rods, semis, cold bars/wire rods, cold-rolled flat, hot coils, and hot plate & sheet. The stainless steel market share for the cold rolled flat segment was largest in 2021. Cold-rolled flat is widely popular due to properties such as high strength, corrosion resistance, and resistance to high temperatures. Apart from these properties, the cold-rolled flat is gaining importance due to its excellent formability and minimal deviation in mechanical properties. The cold-rolled flat products are available in different sizes that range from 0.14 mm to 3.2 mm thickness and up to a width of 1,850 mm.

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.

Report Spotlights

• Progressive industry trends in the stainless steel market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the global market from 2021 to 2031
• Estimation of global demand for stainless steel
• PEST analysis for each region
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the stainless steel market growth
• Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The stainless steel market size at various nodes
• Detailed overview and segmentation of the market, as well as the stainless steel industry dynamics
• Size of the stainless steel market in various regions with promising growth opportunities

Global Stainless Steel Market

The global stainless steel 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 stainless steel market is segmented into automotive & transportation, building & construction, consumer goods & other metal components, heavy industries, and electrical appliances.

Company Profiles

• Acerinox S.A.
• Aperam S.A
• ArcelorMittal S.A
• Jindal Stainless Limited
• Outokumpu OYJ
• Sandmeyer Steel Company
• Sandvik AB
• Schmolz + Bickenbach Group
• Thyssenkrupp AG
• Guangxi Chengdu Group

REGIONAL FRAMEWORK

Stainless Steel Market Report Analysis

MARKET PLAYERS

Stainless Steel Market Report Scope