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Global Stainless Steel Market – Industry Trends and Forecast to 2029

  • Chemical and Materials
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Chemical and Materials
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Stainless Steel Market, By Product (Flat Products, Long Products, Bars/ Wire Rods, Hot Bars/ Wire Rods, Cold Bars/ Wire Rods, Cold Rolled Flats, Coils, Sheets, Strips, Hotplates And Sheet, Hot Coils, Tubes, Castings, Others), Type (Austenitic Stainless Steels, Martensitic Stainless Steels, Ferritic Stainless Steels, Precipitation-Hard enable Stainless Steels, Duplex Series),  Grade (200 Series, 300 Series, 400 Series, Duplex Series), Application (Automotive and Transportation, Building and Construction, Consumer Goods, Heavy Industries, Metal Products, Other Applications) – Industry Trends and Forecast to 2029

Stainless Steel Market

Market Analysis and Size

Over the last few years, the increased production of stainless steel is projected to have significant impact over the market. According to the International Stainless Steel Forum (ISSF), Indonesia will become one of the world's largest producers of stainless steel. Meanwhile, China is the world's largest stainless steel producer, with an annual output of around 30 MT. Furthermore, with increasing public infrastructure development, China and India are poised to lead the stainless steel market growth. As a result, the market is projected to have an accelerated growth over the forecast period.

Global Stainless Steel Market was valued at USD 104.23 billion in 2021 and is expected to reach USD 166.13 billion by 2029, registering a CAGR of 6.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product (Flat Products, Long Products, Bars/ Wire Rods, Hot Bars/ Wire Rods, Cold Bars/ Wire Rods, Cold Rolled Flats, Coils, Sheets, Strips, Hotplates And Sheet, Hot Coils, Tubes, Castings, Others), Type (Austenitic Stainless Steels, Martensitic Stainless Steels, Ferritic Stainless Steels, Precipitation-Hard enable Stainless Steels, Duplex Series),  Grade (200 Series, 300 Series, 400 Series, Duplex Series), Application (Automotive and Transportation, Building and Construction, Consumer Goods, Heavy Industries, Metal Products, Other Applications)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Market Players Covered

DuPont (U.S.), DOW (U.S.), Umicore (Belgium), Glencore (Switzerland), Jinchuan Group International Resources Co.  Ltd (China), Huayou Cobalt Co., Ltd (China), Freeport Cobalt (Finland), Sherritt International Corporation (Canada), SOLVAY (Belgium), DAIKIN (Japan), BHP (Australia), Eramet (France), Vale (Brazil), Votorantim Metais SA (Brazil), and Sumitomo Corporation (Japan)

Market Opportunities

  • Growing use of innovative technologies
  • Increasing investment in research and development

Market Definition

Stainless steel contains a variety of materials that when the fused result in a power alloy. Stainless steel, an alloy of iron and chromium, and nickel in some cases provide resistance to corrosion of iron. Chromium is responsible for providing this resistance property to the alloy. Chromium secretes a thin layer of oxide that is known as the passive layer. Other than chromium, nitrogen and molybdenum are also added to this alloy. It is an environmentally inert and neutral alloy, which means that it is infinitely recyclable. Stainless steel is durable and strong which makes it perfect use for various end-user verticals.

Stainless Steel Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • High Demand Across End Users due to Beneficial Properties

The global stainless steel market is expected to grow at a significant rate during the forecast period due to its increasing application in various industries such as chemical industries, petrochemical industries, oil and gas industries, food and beverage industries, and power generation industries. Superior product properties such as high strength, low weight, and high corrosion resistance, particularly stress corrosion cracking, are expected to drive product demand during the forecast period. These properties have made duplex series stainless steel extremely popular in chemical processing, storage tank construction, and chemical transport containers. It will continue to be an excellent substitute for carbon steel, with its low cost poised to boost stainless steel market growth.

Furthermore, the increasing industrialization across the globe coupled with the growing power consumption coupled will further propel the growth rate of stainless steel market. Additionally, the rising use of renewable energy and growth in residential, public, and commercial construction and reconstruction projects will also drive market value growth. The rise in infrastructural development is also projected to bolster the growth of the market. Moreover, the growing population will also increase the use of domestic appliances, cookware, and cutlery, which will benefit the stainless steel market during the forecast period.

Opportunities

  • Investments and Innovative Technologies

Furthermore, the increasing investment in research and development by the manufacturer has helped in the development of advanced techniques to enhancing the properties of stainless steel which further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing use of innovative technologies such as, Building Information Management (BIM) and increasing use of innovative materials and processes will further expand the future growth of the stainless steel market.

Restraints/Challenges

  • Price Fluctuations in the Market

Increasing fluctuations in the price of stainless steel and steel products have been observed over the last decade, which has had a significant impact on the industries. Furthermore, a sharp drop in stainless steel prices and rising raw material costs have reduced steelmakers' and distributors' profit margins. Debt protection metrics in the industry have also deteriorated.

  • Availability of Substitutes

However, there has been rising use of carbon fibers as a substitute for stainless steel in the automotive industry due to its lightweight nature. This is due to the fact that the carbon fibers are lightweight, have high strength bearing capacities and load-bearing capacities. Therefore, this factor will challenge the stainless steel market growth rate.

This stainless steel market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the stainless steel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Stainless Steel Market

The recent outbreak of coronavirus had a negative impact on the stainless steel market. The pandemic crisis has had a significant impact on the growth of the stainless steel market in the year 2020, owing to a significant decrease in demand from various end use sectors. Furthermore, there has been a decrease in construction activity as well as the closure of some manufacturing plants. For example, Nippon Steel announced in March 2021 that it will reduce capacity by 10%, following a 10% reduction in production in 2020 due to a drop in demand caused by the pandemic. Furthermore, Oxford Economics predicted that annual construction output in China would fall by 8% in 2020. Nonetheless, they forecast $5.8 trillion in global construction activity over the next ten years, led by the United States, China, India, and Indonesia.

While companies have reduced short-term revenue targets, the stainless steel market outlook for 2022-2028 remains bullish. Stakeholders are expected to establish large capacities and investigate opportunities in the construction sector with stainless steel recycling.

Global Stainless Steel Market Scope

The stainless steel market is segmented on the basis of product, type, grade and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Flat Products
  • Long Products
  • Bars/ Wire Rods
  • Hot Bars/ Wire Rods
  • Cold Bars/ Wire Rods
  • Cold Rolled Flats
  • Coils
  • Sheets
  • Strips
  • Hotplates and Sheet
  • Hot Coils
  • Tubes
  • Castings
  • Others

Type

  • Austenitic Stainless Steels
  • Martensitic Stainless Steels
  • Ferritic Stainless Steels
  • Precipitation-Hard enable Stainless Steels
  • Duplex Series

 Grade

  • 200 Series
  • 300 Series
  • 400 Series
  • Duplex Series

Application

  • Automotive and Transportation
  • Building and Construction
  • Consumer Goods
  • Heavy Industries
  • Metal Products
  • Other Applications

Stainless Steel Market Regional Analysis/Insights

The stainless steel market is analyzed and market size insights and trends are provided by country, product, type, grade and application as referenced above.

The countries covered in the stainless steel market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the growth and expansion of automobile sector within the region.

Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rise in construction activities as a result of rising population coupled with the presence of major players in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Stainless Steel Market Share Analysis

The stainless steel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to stainless steel market.

Some of the major players operating in the stainless steel market are

  • DuPont (U.S.)
  • DOW (U.S.)
  • Umicore (Belgium)
  • Glencore (Switzerland)
  • Jinchuan Group International Resources Co.  Ltd (China)
  • Huayou Cobalt Co., Ltd (China)
  • Freeport Cobalt (Finland)
  • Sherritt International Corporation (Canada)
  • solvay (Belgium)
  • DAIKIN (Japan)
  • BHP (Australia)
  • Eramet (France)
  • Vale (Brazil)
  • Votorantim Metais SA (Brazil)
  • Sumitomo Corporation (Japan)


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Frequently Asked Questions

The stainless steel market is segmented on the basis of application into automotive and transportation, building and construction, consumer goods, heavy industries, metal products and other applications.
On the basis of product, the stainless steel market is segmented into flat products, long products, bars/ wire rods, hot bars/ wire rods, cold bars/ wire rods, cold rolled flats, coils, sheets, strips, hotplates and sheet, hot coils, tubes, castings and others.
The major players covered in the stainless steel market report are Yieh Corp., thyssenkrupp Stainless GmbH, POSCO, Outokumpu, NIPPON STEEL CORPORATION., Jindal Stainless, Baosteel Group Hu, ArcelorMittal, Aperam, Acerinox S.A., Swiss Steel Holding AG, Sandmeyer Steel Company, Mirach Metallurgy Co.,Limited, Sandvik AB, Viraj Profiles Limited., Synalloy Corporation, RTI Industries, AK Steel Corporation., North American Stainless and Steel Mart among other domestic and global players.
The major countries covered in the Stainless Steel Market are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa.