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Global Stainless Steel Market to Grow at a CAGR of 6.8% between 2024 and 2032

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Stainless Steel Market

Global Stainless Steel Market Analysis, Growth, Forecast: 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, Motor Vehicles and Parts, Electrical Machinery, Others; Regional Analysis; Competitive Landscape; 2024-2032

Global Stainless Steel Market Outlook

The global stainless steel market reached a value of almost USD 153.26 billion in 2023. The industry is further expected to grow at a CAGR of 6.8% in the forecast period of 2024-2032 to reach a value of nearly USD 277.05 billion by 2032.

 

Stainless Steel Market

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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 market.

 

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.

 

Market Segmentation

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

 

Stainless Steel Market By Segments

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Based on type, the market is divided into:

  • Cold Flat
  • Hot Coils
  • Hot Bars/Wire Rod
  • Cold Bars/Wire
  • Hot Plate and Sheet
  • Others
     

The industry is divided on the basis of application into:

  • Metal Products
  • Mechanical Engineering
  • Construction
  • Motor Vehicles and Parts
  • Electrical Machinery
  • Other Transport

 

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.

 

Stainless Steel Market By Region

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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:

 

  • Nippon Steel Corporation
  • AK Steel International B.V.
  • Outokumpu Oyj
  • POSCO
  • Aperam SA
  • Beihai Chengde Group
  • JFE Steel Corporation
  • Baosteel Stainless Steel Co.,Ltd
  • Acerinox S.A.
  • Tata Steel Limited
  • Others

 

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.

 

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:

  • Type
  • Application
  • Region
Breakup by Type
  • Cold Flat
  • Hot Coils
  • Hot Bars/Wire Rod
  • Cold Bars/Wire
  • Hot Plate and Sheet
  • Others
Breakup by Application
  • Metal Products
  • Mechanical Engineering
  • Construction
  • Motor Vehicles and Parts
  • Electrical Machinery
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Nippon Steel Corporation
  • AK Steel International B.V.
  • Outokumpu Oyj
  • POSCO
  • Aperam SA
  • Beihai Chengde Group
  • JFE Steel Corporation
  • Baosteel Stainless Steel Co.,Ltd
  • Acerinox S.A.
  • Tata Steel Limited
  • Others

 

*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
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Stainless Steel Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Stainless Steel Historical Production (2018-2023) 
    8.3    Global Stainless Steel Production Forecast (2024-2032)
    8.4    Global Stainless Steel Historical Consumption (2018-2023) 
    8.5    Global Stainless Steel Production Forecast (2024-2032)
    8.6    Global Stainless Steel Market by Type
        8.6.1    Cold Flat
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Hot Coils
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Hot Bars/Wire Rod
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Cold Bars/Wire
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Hot Plate and Sheet
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032)
        8.6.6    Others
    8.7    Global Stainless Steel Market by Application
        8.7.1    Metal Products
            8.7.1.1    Historical Trend (2018-2023) 
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Mechanical Engineering
            8.7.2.1    Historical Trend (2018-2023) 
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Construction
            8.7.3.1    Historical Trend (2018-2023) 
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Motor Vehicles and Parts
            8.7.4.1    Historical Trend (2018-2023) 
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Electrical Machinery
            8.7.5.1    Historical Trend (2018-2023) 
            8.7.5.2    Forecast Trend (2024-2032)
        8.7.6    Others
    8.8    Global Stainless Steel Market by Region
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2023) 
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2023) 
            8.8.2.2    Forecast Trend (2024-2032)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2023) 
            8.8.3.2    Forecast Trend (2024-2032)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2023) 
            8.8.4.2    Forecast Trend (2024-2032)
        8.8.5    Middle East and Africa
            8.8.5.1    Historical Trend (2018-2023) 
            8.8.5.2    Forecast Trend (2024-2032)
9    North America Stainless Steel Market Analysis
    9.1    Market by Application
    9.2    Market by Country
        9.2.1    United States of America 
            9.2.1.1    Historical Trend (2018-2023) 
            9.2.1.2    Forecast Trend (2024-2032)
        9.2.2    Canada
            9.2.2.1    Historical Trend (2018-2023) 
            9.2.2.2    Forecast Trend (2024-2032)
10    Europe Stainless Steel Market Analysis
    10.1    Market by Application
    10.2    Market by Country
        10.2.1    United Kingdom
            10.2.1.1    Historical Trend (2018-2023) 
            10.2.1.2    Forecast Trend (2024-2032)
        10.2.2    Germany
            10.2.2.1    Historical Trend (2018-2023) 
            10.2.2.2    Forecast Trend (2024-2032)
        10.2.3    France
            10.2.3.1    Historical Trend (2018-2023) 
            10.2.3.2    Forecast Trend (2024-2032)
        10.2.4    Italy
            10.2.4.1    Historical Trend (2018-2023) 
            10.2.4.2    Forecast Trend (2024-2032)
        10.2.5    Others
11    Asia Pacific Stainless Steel Market Analysis
    11.1    Market by Application
    11.2    Market by Country
        11.2.1    China
            11.2.1.1    Historical Trend (2018-2023) 
            11.2.1.2    Forecast Trend (2024-2032)
        11.2.2    Japan
            11.2.2.1    Historical Trend (2018-2023) 
            11.2.2.2    Forecast Trend (2024-2032)
        11.2.3    India
            11.2.3.1    Historical Trend (2018-2023) 
            11.2.3.2    Forecast Trend (2024-2032)
        11.2.4    ASEAN
            11.2.4.1    Historical Trend (2018-2023) 
            11.2.4.2    Forecast Trend (2024-2032)
        11.2.5    Australia
            11.2.5.1    Historical Trend (2018-2023) 
            11.2.5.2    Forecast Trend (2024-2032)
        11.2.6    Others
12    Latin America Stainless Steel Market Analysis
    12.1    Market by Application
    12.2    Market by Country
        12.2.1    Brazil
            12.2.1.1    Historical Trend (2018-2023) 
            12.2.1.2    Forecast Trend (2024-2032)
        12.2.2    Argentina
            12.2.2.1    Historical Trend (2018-2023) 
            12.2.2.2    Forecast Trend (2024-2032)
        12.2.3    Mexico
            12.2.3.1    Historical Trend (2018-2023) 
            12.2.3.2    Forecast Trend (2024-2032)
        12.2.4    Others
13    Middle East and Africa Stainless Steel Market Analysis
    13.1    Market by Application
    13.2    Market by Country
        13.2.1    Saudi Arabia
            13.2.1.1    Historical Trend (2018-2023) 
            13.2.1.2    Forecast Trend (2024-2032)
        13.2.2    United Arab Emirates
            13.2.2.1    Historical Trend (2018-2023) 
            13.2.2.2    Forecast Trend (2024-2032)
        13.2.3    Nigeria
            13.2.3.1    Historical Trend (2018-2023) 
            13.2.3.2    Forecast Trend (2024-2032)
        13.2.4    South Africa
            13.2.4.1    Historical Trend (2018-2023) 
            13.2.4.2    Forecast Trend (2024-2032)
        13.2.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Trade Data Analysis (HS Code - 7218)
    16.1    Major Importing Countries
        16.1.1    By Volume
        16.1.2    By Value
    16.2    Major Exporting Countries
        16.2.1    By Volume
        16.2.2    By Value
17    Price Analysis
    17.1    North America Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.2    Europe Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.3    Asia Pacific Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.4    Latin America Historical Price Trends (2018-2023) and Forecast (2024-2032)
    17.5    Middle East and Africa Historical Price Trends (2018-2023) and Forecast (2024-2032)
18    Competitive Landscape
    18.1    Market Structure
    18.2    Company Profiles
        18.2.1    Nippon Steel Corporation
            18.2.1.1    Company Overview
            18.2.1.2    Product Portfolio
            18.2.1.3    Demographic Reach and Achievements
            18.2.1.4    Certifications
        18.2.2    AK Steel International B.V.
            18.2.2.1    Company Overview
            18.2.2.2    Product Portfolio
            18.2.2.3    Demographic Reach and Achievements
            18.2.2.4    Certifications
        18.2.3    Outokumpu Oyj 
            18.2.3.1    Company Overview
            18.2.3.2    Product Portfolio
            18.2.3.3    Demographic Reach and Achievements
            18.2.3.4    Certifications
        18.2.4    POSCO
            18.2.4.1    Company Overview
            18.2.4.2    Product Portfolio
            18.2.4.3    Demographic Reach and Achievements
            18.2.4.4    Certifications
        18.2.5    Aperam SA
            18.2.5.1    Company Overview
            18.2.5.2    Product Portfolio
            18.2.5.3    Demographic Reach and Achievements
            18.2.5.4    Certifications
        18.2.6    Beihai Chengde Group
            18.2.6.1    Company Overview
            18.2.6.2    Product Portfolio
            18.2.6.3    Demographic Reach and Achievements
            18.2.6.4    Certifications
        18.2.7    JFE Steel Corporation
            18.2.7.1    Company Overview
            18.2.7.2    Product Portfolio
            18.2.7.3    Demographic Reach and Achievements
            18.2.7.4    Certifications
        18.2.8    Baosteel Stainless Steel Co.,Ltd
            18.2.8.1    Company Overview
            18.2.8.2    Product Portfolio
            18.2.8.3    Demographic Reach and Achievements
            18.2.8.4    Certifications
        18.2.9    Acerinox S.A.
            18.2.9.1    Company Overview
            18.2.9.2    Product Portfolio
            18.2.9.3    Demographic Reach and Achievements
            18.2.9.4    Certifications
        18.2.10    Tata Steel Limited
            18.2.10.1    Company Overview
            18.2.10.2    Product Portfolio
            18.2.10.3    Demographic Reach and Achievements
            18.2.10.4    Certifications
        18.2.11    Others
19    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.    Global Stainless Steel Historical Market: Breakup by Type (USD Million), 2018-2023
3.    Global Stainless Steel Market Forecast: Breakup by Type (USD Million), 2024-2032
4.    Global Stainless Steel Historical Market: Breakup by Application (USD Million), 2018-2023
5.    Global Stainless Steel Market Forecast: Breakup by Application (USD Million), 2024-2032
6.    Global Stainless Steel Historical Market: Breakup by Region (USD Million), 2018-2023
7.    Global Stainless Steel Market Forecast: Breakup by Region (USD Million), 2024-2032
8.    North America Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2023
9.    North America Stainless Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Europe Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2023
11.    Europe Stainless Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Asia Pacific Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Asia Pacific Stainless Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Latin America Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Latin America Stainless Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Middle East and Africa Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Middle East and Africa Stainless Steel Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Major Importing Countries by Value
19.    Major Exporting Countries by Value
20.    Major Importing Countries by Volume
21.    Major Exporting Countries by Volume
22.    North America Historical Price Trends and Forecast (2018-2028)
23.    Europe Historical Price Trends and Forecast (2018-2028)
24.    Asia Pacific Historical Price Trends and Forecast (2018-2028)
25.    Latin America Historical Price Trends and Forecast (2018-2028)
26.    Middle East and Africa Historical Price Trends and Forecast (2018-2028)
27.    Global Stainless Steel Market Structure

Key Questions Answered in the Report

What was the global stainless steel market size in 2023?

In 2023, the global stainless steel market attained a value of almost USD 153.26 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 6.8% between 2024 and 2032.

What is the forecast market outlook for 2024-2032?

The market is expected to reach a value of nearly USD 277.05 billion by 2032.    

What are the major industry drivers?

The major drivers of the market include the rising demand for consumer products, the existence of a large number of manufacturers, the growing automotive industry, and the growing shift from traditional to newer technologies.

What are the key industry trends of the global stainless steel market?

The rise in the consumption levels of petrochemical and medical products and the growing construction industry are the key industry trends propelling the market growth.

What are the major regional markets of stainless steel, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the different types of stainless steel in the market?

The different types of stainless steel in the market are cold flat, hot coils, hot bars/wire rod, cold bars/wire, and hot plate and sheet, among others.

What are the major applications of the product?

The major applications of the product are metal products, mechanical engineering, construction, motor vehicles and parts, and electrical machinery, among others.

Who are the key players in the market, according to the report?

The major players in the market are Nippon Steel Corporation, AK Steel International B.V., Outokumpu Oyj, POSCO, Aperam SA, Beihai Chengde Group, JFE Steel Corporation, Baosteel Stainless Steel Co., Ltd, Acerinox S.A., and Tata Steel Limited, among others.

Analyst Review

The global stainless steel market attained a value of almost USD 153.26 billion in 2023, driven by the rise in the consumption levels of petrochemical and medical products. Aided by rising demand for consumer products and the growing automotive industry, the market is expected to witness further growth in the forecast period of 2024-2032, growing at a CAGR of 6.8% to reach a value of nearly USD 277.05 billion by 2032.

 

EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on type, the market is segmented into are cold flat, hot coils, hot bars/wire rod, cold bars/wire, and hot plate and sheet, among others. On the basis of applications, the market is divided into metal products, mechanical engineering, construction, motor vehicles and parts, and electrical machinery, among others. The major regional markets for stainless steel are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The major players in the market are Nippon Steel Corporation, AK Steel International B.V., Outokumpu Oyj, POSCO, Aperam SA, Beihai Chengde Group, JFE Steel Corporation, Baosteel Stainless Steel Co.,Ltd, Acerinox S.A., and Tata Steel Limited, among others.

 

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 market insights that are accurate, actionable and help them remain ahead of their competition.

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