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North America 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
North America Stainless Steel Market Outlook
The North America stainless steel market size was valued at USD 18.26 billion in 2023. The market is further projected to grow at a CAGR of 3.6% between 2024 and 2032, reaching a value of USD 25.22 billion by 2032.
Key Takeaways
- North American Stainless (NAS) is a significant player in the stainless steel industry, being the largest fully integrated stainless-steel producer in the USA., with a focus on providing high-quality stainless steel products in the Western Hemisphere.
- As per industry reports, the current price of stainless steel in North America is USD 2.99 per index point, which is a 3.9% decrease from the previous month.
- Prominent players in the market are Nippon Steel Corporation, Outokumpu Oyj, POSCO Co., Ltd., Universal Stainless & Alloy Products Inc., JFE Steel Corporation, and ArcelorMittal S.A.
The unique edge of stainless steel over substitutes like carbon steel, weathering steel, and others, coupled with its high pliability, corrosion resistance, strength, aesthetic properties, low-cost of maintenance, and average product life cycle, is anticipated to drive the North America stainless steel market growth during the forecast period.
Stainless steel forgings are being used in the production of high-performance components in industrial equipment, automobiles, and aircraft. For instance, aerospace manufacturers are using stainless steel forgings to produce components for jet engines, such as turbine blades, which require high strength.
Stainless steel is being used in renewable energy projects, such as wind turbines and solar panels. For example, stainless steel is used in the construction of wind turbine towers, blades, and nacelles due to its corrosion resistance and durability.
Stainless steel is being used in the construction of nuclear power plants due to its high strength and radiation resistance. For instance, stainless steel is used in the production of reactor vessels, heat exchangers, and fuel rods.
In the construction industry, stainless steel is being used to create customised finishes that meet specific requirements for anti-corrosion, aesthetics, and even antibacterial properties. For example, stainless steel is being used in the construction of high-end buildings, such as the VIA 57 West residential building in New York City, which features a unique stainless-steel facade.
The integration of nanotechnology and materials science is facilitating the North America stainless steel market development as it helps in introduction of new stainless steel variants that boast improved electrical and thermal properties. For instance, researchers are developing stainless steel with nanostructured surfaces that exhibit enhanced wettability, which can be used in heat exchangers and other industrial applications.
Market Segmentation
North 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
- United States of America
- Canada
Competitive Landscape
Market players are focused on expanding their production capacity, developing innovative products, and making strategic acquisitions to strengthen their market position.
- Nippon Steel Corporation
- Outokumpu Oyj
- POSCO Co., Ltd.
- Universal Stainless & Alloy Products Inc.
- JFE Steel Corporation
- 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:
|
| Breakup by Type |
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| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| 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 North America Stainless Steel Market Overview
9.1 Key Industry Highlights
9.2 North America Stainless Steel Historical Market (2018-2023)
9.3 North America Stainless Steel Market Forecast (2024-2032)
10 North America 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 North America 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 North America Stainless Steel Market by Country
12.1 United States of America
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Canada
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
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 Outokumpu Oyj
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 POSCO Co., Ltd.
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 Universal Stainless & Alloy Products Inc.
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 JFE Steel Corporation
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 Acerinox S.A.
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 ArcelorMittal S.A.
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 Mitsui & Co., Ltd.
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 Aperam SA
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 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. North America Stainless Steel Market: Key Industry Highlights, 2018 and 2032
3. North America Stainless Steel Historical Market: Breakup by Type (USD Billion), 2018-2023
4. North America Stainless Steel Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. North America Stainless Steel Historical Market: Breakup by Application (USD Billion), 2018-2023
6. North America Stainless Steel Market Forecast: Breakup by Application (USD Billion), 2024-2032
7. North America Stainless Steel Historical Market: Breakup by Country (USD Billion), 2018-2023
8. North America 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. North America Stainless Steel Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 18.26 billion.
The market is expected to grow at a CAGR of 3.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 25.22 billion by 2032.
The market is being driven by the growing demand for sustainable and eco-friendly stainless steel products, as well as the increasing use of stainless steel in various industries such as construction, automotive, and electronics.
Key trends aiding the market expansion include the rising technological advancements in steel production and the increasing demand for high-quality and durable stainless-steel products.
Countries considered in the market are United States of America and Canada.
Based on application, the market segmentations include metal products, mechanical engineering, construction, automotive and transportation, and electrical machinery, among others.
Cold flat, hot coils, hot bars/wire rod, cold bars/wire, hot plate and sheet, and other types are considered in the report.
Key players in the market are Nippon Steel Corporation, Outokumpu Oyj, POSCO Co., Ltd., Universal Stainless & Alloy Products Inc., JFE Steel Corporation, Acerinox S.A., ArcelorMittal S.A., Mitsui & Co., Ltd., and Aperam SA, among others.
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