Latin America Stainless Steel Market Report and Forecast 2024-2032

Latin America Stainless Steel Market Outlook

The Latin America stainless-steel market size was valued at USD 8.09 billion in 2023. The market is further projected to grow at a CAGR of 4.8% between 2024 and 2032, reaching a value of USD 12.39 billion by 2032.

Key Takeaways

• According to the International Stainless-Steel Forum (ISSF) report in 2020, Latin America accounted for 33.5% of the world's stainless-steel consumption.

• As per industry reports, Brazil is the leading crude steel producer in Latin America, followed by Mexico.

• In terms of foreign trade, Latin America exported 353.6 thousand metric tonnes of stainless-steel in 2018 to Africa, Asia, Eastern Europe, the Middle East, NAFTA, Australia/Oceania, and Western Europe.

In the construction industry, stainless-steel is being used in the production of beams, columns, and other general architectural applications, such as the construction of high-rise buildings and bridges. For example, the Estadio Nacional de Brasilia in Brazil, which was built for the 2014 FIFA World Cup, features a stainless-steel exterior that reflects the country's modern architecture and design.

As per Latin America stainless steel market analysis, the Brazilian government has launched a major infrastructure program, known as the "Growth Acceleration Program" (PAC), which includes the construction of new airports, highways, and ports. The rising number of construction projects showcases the increasing demand for stainless-steel in the construction industry.

Stainless-steel is being used in the manufacturing of various automotive parts, such as exhaust systems, fuel tanks, hoods, and doors. For instance, the BMW Group has been using stainless-steel in the production of its car bodies, which has helped to reduce the weight of the vehicles and improve fuel efficiency. Moreover, Mexico is the seventh-largest automobile producer in the world, with an annual production of over 4 million vehicles. The increasing production of automobiles in Mexico is expected to drive the Latin America stainless steel market growth.

In the transportation sector, stainless-steel is being used in the production of train components, such as locomotive bodies, wagons, and other parts. For example, the Brazilian train manufacturer, Marcopolo, has been using stainless-steel in the production of its buses and trains, which has helped to improve their durability and reduce maintenance costs.

Moreover, stainless-steel is also being used in the production of medical equipment, such as surgical instruments, implants, and other parts. For instance, the Brazilian medical device manufacturer, GE Healthcare, has been using stainless-steel in the production of its medical imaging equipment, which has helped to improve their durability and reduce maintenance costs.

Market Segmentation

Latin America 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

• Brazil

• Mexico

• Argentina

• 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

• Aperam SA 

• Outokumpu Oyj  

• POSCO Co., Ltd. 

• JFE Steel Corporation 

• Acerinox S.A.  

• ArcelorMittal S.A. 

• Mitsui & Co., Ltd. 

• Others

Key Highlights of the Report