Global Stainless Steel Market Size, Share, Growth Analysis, By Type, By Grade, By Application - Industry Forecast 2023-2030

Global Stainless Steel Market size was valued at USD 113.39 billion in 2021 and is poised to grow from USD 186.24 billion in 2022 to USD 197.29 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).

Steel is a great material for a lot of different industries, such the construction, automotive, and electronics industries. The rapidly growing automobile industry is fueling the demand for goods. Corporate and governmental investments in infrastructure and residential housing construction are expected to raise demand for stainless steel. Stainless steel (SS) is a vital material in industrial settings like building and construction, infrastructure, railroads, automotive and transportation, and process industries. Because it combines features like pliability, strength, corrosion resistance, aesthetic attributes, low maintenance costs, and an average product life cycle, stainless steel (SS) has a significant advantage over carbon steel. These qualities are anticipated to drive the market growth for stainless steel, along with growing application. The ability of the product to withstand corrosion combined with increased manufacturing of recyclable materials will also help to fuel the stainless steel market's expansion over the course of the projected year.

Additionally, it is used in the production of various home appliances, cookware, cutlery, and other components. Due to a dramatic fall in demand from a number of end use sectors, the pandemic crisis has, however, negatively impacted the growth of the stainless steel market in 2020. 2020 has seen a slowdown in the growth of the stainless steel market as a result of postponed construction projects, lockdowns, and weak demand for automobiles. However, it is anticipated that as the economy and industrial performance improve, the stainless steel market would rise at a desired rate.

Top-down and bottom-up approaches were used to estimate and validate the size of global Stainless Steel Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

Global stainless steel market is segmented based on type, grade, application and region. Based on the type, the global stainless steel market is segmented into cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others. Based on the grade, the Stainless Steel Market is divided into 200 series, 300 series, 400 series, duplex series. Based on the application, the global stainless steel market is segmented into metal products, electrical machinery, engineering, construction, automotive parts, and others. Based on region, Stainless Steel Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

Rapid Automotive Industry Development Will Accelerate the Growth of the Stainless-Steel Market

The tremendous growth of the automotive industry is what fuels the need for stainless steel. This metal is appropriate due to its resistance to corrosion, great strength, and heat. Due of this, it is a fantastic alternative for many auto parts, including hose clamps and seatbelt springs. Stainless steel will soon be utilised regularly in catalytic converters, fuel tanks, chassis, bodywork, and suspension, according to the World Steel Organisation. Product acceptance will also benefit from growing innovation in electric vehicles and advanced automotive technologies. As a result, rising product demand from the automotive industry will fuel the stainless steel market's expansion.

Application in the Manufacturing of Machines, Tools, and Equipment

The increased demand for stainless steel from a number of industries, including the chemical, petrochemical, food and beverage, oil and gas, and power producing sectors, among others, is predicted to drive the global stainless steel market. Stainless steel is used in pumps, valves, pipe systems, storage tanks, reactors, and many other things because of its higher corrosion resistance, wear resistance, and tensile strength characteristics.

It is anticipated that over the coming years, demand for renewable energy production units will rise dramatically across a number of nations due to the growing need to produce electricity from alternative sources in order to minimise greenhouse gas emissions. This will benefit the stainless steel industry because geothermal, solar, wind, and hydro power plants all use the material. The material can withstand harsh weather conditions. All of these elements are anticipated to raise the demand for stainless steel during the forecast period.

Restraint

Alternative Product Availability to Influence Market Development.

The accessibility of replacements like aluminium and carbon steel hinders the product's uptake. The product is heavier and not water-resistant than these alternatives. Its application is therefore restricted to industries where lightweight items are required. These constraints prevent the market for stainless steel from growing and hinder product uptake in a number of sectors, including consumer goods, engineering, and electronics.

Market Trends

The market for stainless steel will have profitable opportunities to grow significantly as a result of increased product consumption in the building sector. Initially, this form of steel was not often employed for structural purposes in structures due to its high cost. The availability and pricing of this steel have, however, significantly grown over the past 10 years due to technological advancements that have also improved its corrosion resistance and endurance.

According to the BS Stainless company, there is a growing need for the product not only to meet construction needs but also to make changes and make buildings more beautiful. The booming corporate sector, rising residential building, and higher completion of infrastructure projects will all benefit the construction industry. Therefore, during the predicted period, these factors will cause a growth in product demand.