Stainless Steel Market held USD 118.08 billion in 2020 and is to grow with a CAGR of 6.0% from 2020-2030. Stainless steel is an iron alloy containing at least 10.5 per cent chromium. The content of chromium in the alloy makes a thin oxide layer on the steel surface called as passive layer. Stainless steel contains different quantities of manganese, iron, silicone and other elements such as molybdenum and nickel to impart properties such as increased formability and increased resistance to corrosion.
Market Dynamics and Factors:
Due to rapid growth in the automotive sector & increase in public transportation spends to develop roads, railways & highways, the stainless steel market will see a increased growth during the forecasted period. Stainless steels major properties like corrosion resistance, low maintenance properties and strength makes it feasible for various applications including heavy industries, transportation and metal products. Characteristics like low maintenance, easy fabrication and uniqueness has contributed in the rise of choice of stainless steel instead of ordinary steel, which will promote the growth in stainless steel market. Increase in usage of stainless steel in pre-engineered buildings for building system and roofing may raise the overall growth in stainless steel market over the estimated time. Also, under adverse environmental conditions it protects the building infrastructure. Due to their various applications in mufflers, car exhaust systems, hoods, fuel tanks and vehicle frames for doors, increased product use in the automotive industry will cause demand growth in global stainless steel market in the timeframe forecast. In addition, emerging environmental issues and pollution reduction requirements allow automotive OEM 'S to prefer structural components in stainless steel. Growing demand for lightweight cars could drive product development and overall growth of stainless steel market.
Market Segmentation:
Based on the grade, the stainless steel market is bifurcated into 200 Series, 300 Series, 400 Series, Duplex Series. On the basis of product, the market is segmented into flat and long. On the basis of application, the stainless steel market is segmented into automotive & transportation, building & construction, heavy industries, consumer goods and others (medical applications, cutlery & kitchenware and food production). The geographic breakdown of the abovementioned segments consists regions comprising North America, Asia-Pacific, Europe and RoW.
Geographic Analysis:
Europe led by the stainless steel demand in France, UK and Germany will experience strong growth due to the positive application outlook in the automotive industry, thus resulting in growth of stainless steel market. Due to its high strength allowing thinner containers, saving fuel costs, while its corrosion resistance helps to reduce maintenance and cleaning costs. The stainless steel market in Asia Pacific, led by China, India and Japan, is expected to see significant growth due to increased demand for renewable energy in this area. Stainless steel parts are commonly used in geothermal, solar, hydro, and wind power as they can resist the effects of highly corrosive marine waters. Rapid industrial development and a rise in government investment in infrastructure sector to build highways, roads and bridges will boost the growth of global stainless steel market in this area.
Competitive Scenario:
The major players of global stainless steel market are Jindal Stainless, North American Stainless, Aperam Stainless, POSCO, Yieh United Steel Corp. ArcelorMittal, Outokumpu, Nippon Steel Thyssen, Krupp Stainless, & Sumitomo Steel and JFE Holdings
Stainless Steel Market Report Scope
| Report Attribute | Details |
| Analysis Period | 2020–2030 |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Market Size Estimation | Billion (USD) |
| Growth Rate (CAGR%) | 6 % |
|
| By Grade (200 Series, 300 Series, 400 Series, Duplex Series), By Product (Flat, Long), By Application (Automotive & transportation Building & construction Heavy industries Consumer goods Others (food production, medical applications, and cutlery & kitchenware)) |
| Geographical Segmentation | North America (U.S., Canada, Mexico) Europe (UK, Germany, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), South America (Brazil, Argentina, Rest of SA), MEA (UAE, Saudi Arabia, South Africa) |
| Key Companies Profiled | Jindal Stainless, North American Stainless, Aperam Stainless, POSCO, Yieh United Steel Corp. ArcelorMittal, Outokumpu, Nippon Steel Thyssen, Krupp Stainless, & Sumitomo Steel and JFE Holdings |
