Europe Stainless Steel Market Outlook Report - Market Size, Share Analysis and Forecast (2025-2034)

Europe Stainless Steel Market Size

The Europe stainless steel market size was valued at USD 21.74 billion in 2023. The market is further projected to grow at a CAGR of 4.4% between 2024 and 2032, reaching a value of USD 32.18 billion by 2032.

Key Takeaways

• The European stainless-steel industry produces an impressive 6 million tonnes of finished steel per year. This sector comprises 37 steel production sites across the European Union (EU). 

• As per industry reports, with a turnover of around EUR 130 billion, it directly employs approximately 306,000 highly skilled people in the EU, contributing to the production of an average of 152 million tonnes of steel annually.

• The European Steel Association (EUROFER) represents the entirety of steel production in the EU. Its mission is to provide accurate statistical information and guide policymakers in making informed decisions related to the steel industry.

• The demand for stainless steel in Europe is driven by the rapid growth of the automotive industry and technological advancements in steel production, with around 45%-50% of steel being used in automotive exhaust systems.

Stainless steel is experiencing a surge in demand within the construction industry due to its superior corrosion resistance. This trend is driven by the growing construction of residential and commercial buildings, hospitals, and other structures worldwide. For example, the use of stainless steel in the construction of iconic buildings such as the Guggenheim Museum in Bilbao, Spain, demonstrates its aesthetic appeal and durability.

As a 100% recyclable material, steel contributes to the circular economy and supports sustainable development, which drives Europe stainless steel market growth. Moreover, the market is witnessing a shift towards the development of new and more sustainable production methods for stainless steel. For instance, Outokumpu, a leading stainless-steel producer, has developed a new production method that reduces CO2 emissions by up to 50% compared to traditional methods.

The Europe stainless steel market share is increasing due to a growing focus on applications in renewable energy sectors. Stainless steel's properties, such as corrosion resistance and durability, make it ideal for use in renewable energy technologies like solar panels, wind turbines, and energy storage systems. For instance, the use of stainless steel in wind turbines has increased significantly in recent years, with the material being used for tower construction, gearboxes, and other critical components.

In the field of mechanical engineering, stainless steel plays a crucial role due to its exceptional mechanical properties, including strength, ductility, and resistance to wear and tear. Stainless steel is utilised in the manufacturing of precision components, machinery parts, tools, and equipment for various mechanical applications. Stainless steel is essential in the electrical machinery industry for manufacturing components like enclosures, connectors, and electrical fittings. Its corrosion resistance, thermal conductivity, and hygienic properties make it suitable for electrical applications where reliability and safety are paramount.

Market Segmentation

Europe Stainless Steel Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Cold Flat

• Hot Coils

• Hot Bars/Wire Rod

• Cold Bars/Wire

• Hot Plate and Sheet

• Others

Market Breakup by Application

• Metal Products

• Mechanical Engineering

• Construction

• Automotive and Transportation

• Electrical Machinery

• Others

Market Breakup by Country

• Germany

• United Kingdom

• France

• Italy

• Others

Competitive Landscape

Market players are focused on expanding their production capacity, developing innovative products, and making strategic acquisitions to strengthen their market position.

• Nippon Steel Corporation 

• Aperam SA 

• Outokumpu Oyj  

• OSCO Co., Ltd. 

• Cleveland-Cliffs Inc. (AK Steel International B.V.) 

• Acerinox S.A.  

• ArcelorMittal S.A. 

• Mitsui & Co., Ltd. 

• Others

Key Highlights of the Report