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Asia Pacific Stainless Steel Market Size, Share, Analysis: By Type: Cold Flat, Hot Coils, Hot Bars/Wire Rod, Cold Bars/Wire, Hot Plate and Sheet, Others; By Application: Metal Products, Mechanical Engineering, Construction, Automotive and Transportation, Electrical Machinery, Others; Regional Analysis; Competitive Landscape; 2024-2032
Asia Pacific Stainless Steel Market Outlook
The Asia Pacific stainless steel market size was valued at USD 95.37 billion in 2023. The market is further projected to grow at a CAGR of 5.1% between 2024 and 2032, reaching a value of USD 149.89 billion by 2032.
Key Takeaways
- As per industry reports, in 2022, the stainless-steel production in Southeast Asia was approximately 4.81 million tons, with Indonesia being a significant producer in the region.
- China holds the highest Asia Pacific stainless-steel market share, accounting for 56.3% of the total stainless-steel production.
- Asia Pacific region emerged as a global leader in terms of volume and revenue in the stainless-steel market due to increasing manufacturing activities and foreign direct investment (FDI) rates.
- Southeast Asian countries, including Vietnam, Indonesia, Thailand, and Malaysia, are primary consumption areas for stainless steel in the region, with a growing demand for stainless steel products in various sectors like consumer goods, automotive, and construction.
One of the primary trends in the stainless-steel market in Asia Pacific is the increasing demand for stainless steel in various end-use industries, such as building and construction, automotive and transportation, consumer goods, mechanical engineering, and heavy industries. The rising demand for stainless steel in these industries is due to its excellent corrosion resistance, durability, and low maintenance, making it an ideal material for various applications.
For instance, in the building and construction industry, stainless steel is widely used in architectural cladding, roofing, handrails, and door and window fittings. In the automotive and transportation industry, stainless steel is used in the production of exhaust systems, heat exchangers, and structural components. The consumer goods industry also uses stainless steel in the production of kitchen appliances, cookware, and cutlery.
Moreover, the increasing focus on sustainable development and environmental protection is also driving the demand for stainless steel. Stainless steel is a highly recyclable material, and its production process has a lower carbon footprint compared to other metals. This makes it an attractive option for manufacturers looking to reduce their environmental impact.
Additionally, the advancements in technology and the development of new stainless-steel grades with improved properties are also contributing to the Asia Pacific stainless-steel market growth. For instance, the development of duplex and super duplex stainless-steel grades with higher strength and corrosion resistance is expanding their applications in various industries.
Furthermore, the increasing investment in infrastructure and industrialisation in developing countries like India, China, and ASEAN countries is also driving the demand for stainless steel. The growing demand for stainless steel in these countries is expected to drive the market's growth in the region.
Market Segmentation
Asia Pacific Stainless Steel Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Cold Flat
- Hot Coils
- Hot Bars/Wire Rod
- Cold Bars/Wire
- Hot Plate and Sheet
- Others
Market Breakup by Application
- Metal Products
- Mechanical Engineering
- Construction
- Automotive and Transportation
- Electrical Machinery
- Others
Market Breakup by Country
- China
- Japan
- India
- ASEAN
- Australia
- Others
Competitive Landscape
Market players are investing in research and development to develop new stainless-steel grades and expand their production capacity.
- Nippon Steel Corporation
- Tata Steel Limited
- Outokumpu Oyj
- POSCO Co., Ltd.
- Beihai Chengde Group
- JFE Steel Corporation
- Baosteel Stainless Steel Co., Ltd.
- Acerinox S.A.
- ArcelorMittal S.A.
- Mitsui & Co., Ltd.
- Aperam SA
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Stainless Steel Market Overview
8.1 Key Industry Highlights
8.2 Global Stainless Steel Historical Market (2018-2023)
8.3 Global Stainless Steel Market Forecast (2024-2032)
8.4 Global Stainless Steel Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Asia Pacific Stainless Steel Market Overview
9.1 Key Industry Highlights
9.2 Asia Pacific Stainless Steel Historical Market (2018-2023)
9.3 Asia Pacific Stainless Steel Market Forecast (2024-2032)
10 Asia Pacific Stainless Steel Market by Type
10.1 Cold Flat
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Hot Coils
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Hot Bars/Wire Rod
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Cold Bars/Wire
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Hot Plate and Sheet
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 Asia Pacific Stainless Steel Market by Application
11.1 Metal Products
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Mechanical Engineering
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Construction
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Automotive and Transportation
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Electrical Machinery
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Asia Pacific Stainless Steel Market by Country
12.1 China
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Japan
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 India
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 ASEAN
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Australia
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators of Demand
13.4 Key Indicators of Price
14 Value Chain Analysis
15 Trade Data Analysis (HS Code - 7218)
15.1 Major Importing Countries
15.1.1 By Volume
15.1.2 By Value
15.2 Major Exporting Countries
15.2.1 By Volume
15.2.2 By Value
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Nippon Steel Corporation
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Tata Steel Limited
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Outokumpu Oyj
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 POSCO Co., Ltd.
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Beihai Chengde Group
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 JFE Steel Corporation
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Baosteel Stainless Steel Co., Ltd.
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Acerinox S.A.
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 ArcelorMittal S.A.
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 Mitsui & Co., Ltd.
17.2.10.1 Company Overview
17.2.10.2 Product Portfolio
17.2.10.3 Demographic Reach and Achievements
17.2.10.4 Certifications
17.2.11 Aperam SA
17.2.11.1 Company Overview
17.2.11.2 Product Portfolio
17.2.11.3 Demographic Reach and Achievements
17.2.11.4 Certifications
17.2.12 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Stainless Steel Market: Key Industry Highlights, 2018 and 2032
2. Asia Pacific Stainless Steel Market: Key Industry Highlights, 2018 and 2032
3. Asia Pacific Stainless Steel Historical Market: Breakup by Type (USD Billion), 2018-2023
4. Asia Pacific Stainless Steel Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. Asia Pacific Stainless Steel Historical Market: Breakup by Application (USD Billion), 2018-2023
6. Asia Pacific Stainless Steel Market Forecast: Breakup by Application (USD Billion), 2024-2032
7. Asia Pacific Stainless Steel Historical Market: Breakup by Country (USD Billion), 2018-2023
8. Asia Pacific Stainless Steel Market Forecast: Breakup by Country (USD Billion), 2024-2032
9. Major Importing Countries by Volume
10. Major Exporting Countries by Volume
11. Major Importing Countries by Value
12. Major Exporting Countries by Value
13. Asia Pacific Stainless Steel Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 95.37 billion.
The market is expected to grow at a CAGR of 5.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 149.89 billion by 2032.
The market is being driven due to stainless-steel’s excellent corrosion resistance, durability, and low maintenance.
Key trends aiding the market expansion include increasing demand in end-use industries, technological advancements, increasing demand for high-quality and durable products, and infrastructure development in developing countries.
Countries considered in the market are China, Japan, India, ASEAN, and Australia, among others.
Different applications in the market are metal products, mechanical engineering, construction, automotive and transportation, and electrical machinery, among others.
Based on type, the market segmentations include cold flat, hot coils, hot bars/wire rod, cold bars/wire, hot plate and sheet, among others.
Key players in the market are Nippon Steel Corporation, Tata Steel Limited, Outokumpu Oyj, POSCO Co., Ltd., Beihai Chengde Group, JFE Steel Corporation, Baosteel Stainless Steel Co., Ltd., Acerinox S.A., ArcelorMittal S.A., Mitsui & Co., Ltd., and Aperam SA, among others.
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