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Global Stainless Steel Market Share, Size, Growth, Analysis, 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; 2023-2028
Global Stainless Steel Market Outlook
The global stainless steel market reached a value of almost USD 143.5 billion in 2022. The industry is further expected to grow at a CAGR of 6.8% in the forecast period of 2023-2028 to reach a value of nearly USD 212.95 billion by 2028.
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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
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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.
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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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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 (2018-2022)
8.3 Global Stainless Steel Production Forecast (2023-2028)
8.4 Global Stainless Steel Historical Consumption (2018-2022)
8.5 Global Stainless Steel Production Forecast (2023-2028)
8.6 Global Stainless Steel Market by Type
8.6.1 Cold Flat
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Hot Coils
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Hot Bars/Wire Rod
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Cold Bars/Wire
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Hot Plate and Sheet
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2022)
8.6.5.3 Forecast Trend (2023-2028)
8.6.6 Others
8.7 Global Stainless Steel Market by Application
8.7.1 Metal Products
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Mechanical Engineering
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Construction
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Motor Vehicles and Parts
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Electrical Machinery
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
8.7.6 Others
8.8 Global Stainless Steel Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
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 Market Share
9.2.1.2 Historical Trend (2018-2022)
9.2.1.3 Forecast Trend (2023-2028)
9.2.2 Canada
9.2.2.1 Market Share
9.2.2.2 Historical Trend (2018-2022)
9.2.2.3 Forecast Trend (2023-2028)
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 Market Share
10.2.1.2 Historical Trend (2018-2022)
10.2.1.3 Forecast Trend (2023-2028)
10.2.2 Germany
10.2.2.1 Market Share
10.2.2.2 Historical Trend (2018-2022)
10.2.2.3 Forecast Trend (2023-2028)
10.2.3 France
10.2.3.1 Market Share
10.2.3.2 Historical Trend (2018-2022)
10.2.3.3 Forecast Trend (2023-2028)
10.2.4 Italy
10.2.4.1 Market Share
10.2.4.2 Historical Trend (2018-2022)
10.2.4.3 Forecast Trend (2023-2028)
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 Market Share
11.2.1.2 Historical Trend (2018-2022)
11.2.1.3 Forecast Trend (2023-2028)
11.2.2 Japan
11.2.2.1 Market Share
11.2.2.2 Historical Trend (2018-2022)
11.2.2.3 Forecast Trend (2023-2028)
11.2.3 India
11.2.3.1 Market Share
11.2.3.2 Historical Trend (2018-2022)
11.2.3.3 Forecast Trend (2023-2028)
11.2.4 ASEAN
11.2.4.1 Market Share
11.2.4.2 Historical Trend (2018-2022)
11.2.4.3 Forecast Trend (2023-2028)
11.2.5 Australia
11.2.5.1 Market Share
11.2.5.2 Historical Trend (2018-2022)
11.2.5.3 Forecast Trend (2023-2028)
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 Market Share
12.2.1.2 Historical Trend (2018-2022)
12.2.1.3 Forecast Trend (2023-2028)
12.2.2 Argentina
12.2.2.1 Market Share
12.2.2.2 Historical Trend (2018-2022)
12.2.2.3 Forecast Trend (2023-2028)
12.2.3 Mexico
12.2.3.1 Market Share
12.2.3.2 Historical Trend (2018-2022)
12.2.3.3 Forecast Trend (2023-2028)
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 Market Share
13.2.1.2 Historical Trend (2018-2022)
13.2.1.3 Forecast Trend (2023-2028)
13.2.2 United Arab Emirates
13.2.2.1 Market Share
13.2.2.2 Historical Trend (2018-2022)
13.2.2.3 Forecast Trend (2023-2028)
13.2.3 Nigeria
13.2.3.1 Market Share
13.2.3.2 Historical Trend (2018-2022)
13.2.3.3 Forecast Trend (2023-2028)
13.2.4 South Africa
13.2.4.1 Market Share
13.2.4.2 Historical Trend (2018-2022)
13.2.4.3 Forecast Trend (2023-2028)
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 (2018-2022) and Forecast (2023-2028)
17.2 Europe Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.3 Asia Pacific Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.4 Latin America Historical Price Trends (2018-2022) and Forecast (2023-2028)
17.5 Middle East and Africa Historical Price Trends (2018-2022) and Forecast (2023-2028)
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 2028
2. Global Stainless Steel Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Stainless Steel Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Stainless Steel Historical Market: Breakup by Application (USD Million), 2018-2022
5. Global Stainless Steel Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Global Stainless Steel Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Stainless Steel Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Stainless Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Stainless Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Stainless Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Stainless Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Stainless Steel Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Stainless Steel Market Forecast: Breakup by Country (USD Million), 2023-2028
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
In 2022, the global stainless steel market attained a value of almost USD 143.5 billion.
The market is projected to grow at a CAGR of 6.8% between 2023 and 2028.
The market is expected to reach a value of nearly USD 212.95 billion by 2028.
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.
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.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
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.
The major applications of the product are metal products, mechanical engineering, construction, motor vehicles and parts, and electrical machinery, among others.
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 143.5 billion in 2022, 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 2023-2028, growing at a CAGR of 6.8% to reach a value of nearly USD 212.95 billion by 2028.
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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