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Market Outlook
The global stainless steel market reached a volume of almost 43.9 million metric tons in 2019. The industry is further expected to grow at a CAGR of 3% in the forecast period of 2020-2025 to reach a volume of nearly 52.4 million metric tons by 2025.
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The Asia Pacific is the leading market for stainless steel, with a robust growth prospect in the coming years. The market is being driven by the increase in the consumption of chemical/petrochemical products, medical products, energy, consumer goods, and heavy and automotive transport. Russia, France, and Brazil are low maturity markets, whereas China is a high maturity market. China accounts for nearly 50-55% of the global stainless steel production.
Stainless steel, called variously as inox steel or inox, is a steel alloy having chromium with tarnishing and rust resilient properties. Chromite is utilized in the manufacture of stainless steel, providing corrosive resistant properties to the steel, thus, making it ideal to be used in numerous industries. The rising demand for the product has been met by South Africa, which continues to supply the majority of chrome. China is predicted to continue playing the leading role in the stainless steel industry. The commercialization of China's integrated nickel pig iron is offering a cheaper alternative to pure nickel, resulting in the reduction of the cost of stainless steel, thus, influencing the global market towards Chinese products. Ferrochrome is the alloy of chromium and iron. It is used as a base material in the stainless steel manufacture. To increase the production of ferrochrome, China has increased its chrome ore imports to meet its rising domestic needs for stainless steel, which is aided by the growing construction industry in the region. Increment in ferrochrome production has also been achieved in the region by constructing new furnaces and switching furnaces.
Properties and Applications
Stainless steel is an alloy of carbon and iron. Chromium, which is found in iron, secretes a thin layer of oxide, known as a passive layer, which prevents the steel from corrosion.
The industry is divided on the basis of application into:
Metal products is the leading application sector for the product, accounting for 38% of the market share.
The report also covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Analysis
The global stainless steel market is being driven by the rise in the consumption levels of petrochemical and medical products, consumer goods, and heavy and automotive transports. In Europe, the growing construction industry is expected to boost the demand for the product in the forecast period. The rising demand for consumer products is expected to show a positive influence on the stainless steel market growth. The Asia Pacific market is being aided by the existence of a large number of manufacturers in India, China, and Japan. The presence of raw materials, like iron ore and nickel, is projected to influence the market growth positively.
In North America, the industry is supported by weak export demand and the growing construction industry. The U.S. automotive market is one of the leading application sectors in the North America stainless steel market. The automotive industry in the region is driven by the automotive exhaust systems and decorative trim manufacturing subsectors. The demand from the gas and oil and aerospace industries further drives the stainless steel market growth.
An increase in the demand for the product from downstream industries, such as the construction industry, consumer products, agriculture, and processing industries are predicted to be a major growth driver for the stainless steel industry. The market is further propelled by the shift from traditional use such as consumer goods, construction, architecture, etc. to the extensive use in sectors such as railway, auto, and transportation sectors. The growing shift from traditional to newer technologies due to cost reduction in the steel-making process and the use of more energy-efficient manufacturing processes are expected to aid the market growth. Technological advancements to improve efficiency and increase the production capacities for attaining lower cycle times in the manufacturing process is catalysing the industry growth further.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global stainless steel market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report covers the macro and micro aspects of the industry. The report provides an in-depth assessment of the industry based on Porter's Five Forces model, along with giving a SWOT analysis.
1 Preface
1.1 Objectives of the Study
1.1.1 Research Objective
1.1.2 Key Findings of the Report
2 Research Methodology
2.1 Data Extraction
2.2 Data Corroboration
2.3 Market Structure
2.4 Assumptions
2.5 Market Models
3 Introduction
3.1 Market Outlook
3.2 Market Scope and Segmentation
3.3 Additional Insights
4 Executive Summary
4.1 Key Market Developments
4.2 Market Analysis
4.3 Key Players
4.4 Cost Structure
4.5 Market Revenue and Growth
5 Market Dynamics
5.1 Market Driver Analysis
5.2 Market Restraint Analysis
5.3 Industry Challenges
5.4 Industry Opportunities
6 Global Stainless Steel Market Analysis
6.1 Figure: Global Stainless Steel Historical Market (2015-2019) & Forecast (2020-2025)
6.2 Chart: Global Stainless Steel Market Breakup by Application
6.2.1 Metal Products
6.2.2 Mechanical Engineering
6.2.3 Construction
6.2.4 Motor vehicles and Parts
6.2.5 Electrical Machinery
6.2.6 Other Transport
6.3 Figure: Global Stainless Steel Market Breakup by Application: Historical Market (2015-2019) & Forecast (2020-2025)
6.3.1 Metal Products
6.3.2 Mechanical Engineering
6.3.3 Construction
6.3.4 Motor vehicles and Parts
6.3.5 Electrical Machinery
6.3.6 Other Transport
6.4 Chart: Global Stainless Steel Market Breakup by Region
6.4.1 North America
6.4.1.1 United State of America
6.4.1.2 Canada
6.4.2 Europe
6.4.2.1 United Kingdom
6.4.2.2 Germany
6.4.2.3 France
6.4.2.4 Others
6.4.3 Asia Pacific
6.4.3.1 China
6.4.3.2 Japan
6.4.3.3 India
6.4.3.4 Others
6.4.4 Latin America
6.4.4.1 Brazil
6.4.4.2 Argentina
6.4.4.3 Mexico
6.4.4.4 Others
6.4.5 Middle East and Africa
6.4.5.1 Saudi Arabia
6.4.5.2 United Arab Emirates
6.4.5.3 Nigeria
6.4.5.4 South Africa
6.4.5.5 Others
6.5 Figure: Global Stainless Steel Market Breakup by Region: Historical Market (2015-2019) & Forecast (2020-2025)
6.5.1 North America
6.5.1.1 United State of America
6.5.1.2 Canada
6.5.2 Europe
6.5.2.1 United Kingdom
6.5.2.2 Germany
6.5.2.3 France
6.5.2.4 Others
6.5.3 Asia Pacific
6.5.3.1 China
6.5.3.2 Japan
6.5.3.3 India
6.5.3.4 Others
6.5.4 Latin America
6.5.4.1 Brazil
6.5.4.2 Argentina
6.5.4.3 Mexico
6.5.4.4 Others
6.5.5 Middle East and Africa
6.5.5.1 Saudi Arabia
6.5.5.2 United Arab Emirates
6.5.5.3 Nigeria
6.5.5.4 South Africa
6.5.5.5 Others
7 Global Stainless Steel Price Analysis
7.1 North America Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.2 Europe Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.3 Asia Pacific Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.4 Latin America Historical Price Trends (2015-2019) and Forecast (2020-2025)
7.5 Middle East and Africa Historical Price Trends (2015-2019) and Forecast (2020-2025)
8 Global Stainless Steel Trade Data Analysis
8.1 Major Exporting Countries: By Value and Volume
8.2 Major Importing Countries: By Value and Volume
9 SWOT Analysis
9.1 Overview
9.2 Strengths
9.3 Weaknesses
9.4 Opportunities
9.5 Threats
10 Porter’s Five Forces Analysis
10.1 Overview
10.2 Buyer’s Power
10.3 Supplier’s Power
10.4 New Entrants
10.5 Degree of Rivalry
10.6 Substitutes
11 Value Chain Analysis
12 EMR’s Key Indicators for Demand
13 EMR’s Key Indicators for Price
14 Procurement Strategy
14.1 Contract Model
14.2 Pricing Model
15 Cost Analysis
15.1 Raw Material
15.2 Utility Cost
15.3 Labour
15.4 Others
16 Competitive Landscape & Supplier Analysis
16.1 POSCO
16.1.1 Company Overview
16.1.2 Financial Analysis
16.2 Outokumpu
16.2.1 Company Overview
16.2.2 Financial Analysis
16.3 Acerinox S.A.
16.3.1 Company Overview
16.3.2 Financial Analysis
16.4 Nippon Steel Corporation
16.4.1 Company Overview
16.4.2 Financial Analysis
16.5 Baosteel Group
16.5.1 Company Overview
16.5.2 Financial Analysis
16.6 AK Steel Corporation
16.6.1 Company Overview
16.6.2 Financial Analysis
16.7 Others
17 Events and Developments
Additional Customisations Available:
18 Manufacturing Process
18.1 Detailed Process Flow
18.2 Operations Involved
18.3 Mass Balance
19 Production Cost Analysis and Project Economics
19.1 Land, Location and Site Development
19.2 Construction
19.3 Plant Machinery
19.4 Cost of Raw Material
19.5 Packaging
19.6 Transportation
19.7 Utilities
19.8 Manpower
19.9 Other Capital Investment
The global stainless steel market attained a volume of around 43.9 million metric tons in 2019. It is expected to witness a further growth in the forecast period of 2020-2025, growing at a CAGR of 3%. The market is projected to reach a volume of nearly 52.4 million metric tons by 2025.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on application, the market can be divided into metal products, mechanical engineering, construction, motor vehicles and parts, electrical machinery, and other transport, with metal products being the largest application sector of the product, accounting for 36% of the market share. North America, Latin America, Europe, the Middle East and Africa, Europe, and the Asia Pacific are the major regions in the market, with the Asia Pacific accounting for the largest market share. The major players in the above industry include POSCO, Outokumpu, Acerinox S.A., Nippon Steel Corporation, Baosteel Group, and AK Steel Corporation, among others.
The major drivers of the industry such as rising disposable incomes, increasing population, rising urbanisation, growing construction and automobile industries, and rising demand from the chemical and consumer goods industries are driving the growth of the market globally. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with industry insights that are accurate, actionable, and help them remain ahead of their competition.
EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected industry conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:
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