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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
North America Stainless Steel Market Size
The North America stainless steel market was valued at USD 18.26 billion in 2023. The market is further projected to grow at a CAGR of 3.6% between 2024 and 2032, reaching a value of USD 25.22 billion by 2032.
Key Takeaways
- North American Stainless (NAS) is a significant player in the stainless steel industry, being the largest fully integrated stainless-steel producer in the USA., with a focus on providing high-quality stainless steel products in the Western Hemisphere.
- As per industry reports, the current price of stainless steel in North America is USD 2.99 per index point, which is a 3.9% decrease from the previous month.
- Prominent players in the market are Nippon Steel Corporation, Outokumpu Oyj, POSCO Co., Ltd., Universal Stainless & Alloy Products Inc., JFE Steel Corporation, and ArcelorMittal S.A.
The unique edge of stainless steel over substitutes like carbon steel, weathering steel, and others, coupled with its high pliability, corrosion resistance, strength, aesthetic properties, low-cost of maintenance, and average product life cycle, is anticipated to drive the North America stainless steel market growth during the forecast period.
Stainless steel forgings are being used in the production of high-performance components in industrial equipment, automobiles, and aircraft. For instance, aerospace manufacturers are using stainless steel forgings to produce components for jet engines, such as turbine blades, which require high strength.
Stainless steel is being used in renewable energy projects, such as wind turbines and solar panels. For example, stainless steel is used in the construction of wind turbine towers, blades, and nacelles due to its corrosion resistance and durability.
Stainless steel is being used in the construction of nuclear power plants due to its high strength and radiation resistance. For instance, stainless steel is used in the production of reactor vessels, heat exchangers, and fuel rods.
In the construction industry, stainless steel is being used to create customised finishes that meet specific requirements for anti-corrosion, aesthetics, and even antibacterial properties. For example, stainless steel is being used in the construction of high-end buildings, such as the VIA 57 West residential building in New York City, which features a unique stainless-steel facade.
The integration of nanotechnology and materials science is facilitating the North America stainless steel market development as it helps in introduction of new stainless steel variants that boast improved electrical and thermal properties. For instance, researchers are developing stainless steel with nanostructured surfaces that exhibit enhanced wettability, which can be used in heat exchangers and other industrial applications.
North America Stainless Steel Market Report Snapshots
North America Stainless Steel Market Size
North America Stainless Steel Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 18.26 billion.
The market is expected to grow at a CAGR of 3.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 25.22 billion by 2032.
The market is being driven by the growing demand for sustainable and eco-friendly stainless steel products, as well as the increasing use of stainless steel in various industries such as construction, automotive, and electronics.
Key trends aiding the market expansion include the rising technological advancements in steel production and the increasing demand for high-quality and durable stainless-steel products.
Countries considered in the market are United States of America and Canada.
Based on application, the market segmentations include metal products, mechanical engineering, construction, automotive and transportation, and electrical machinery, among others.
Cold flat, hot coils, hot bars/wire rod, cold bars/wire, hot plate and sheet, and other types are considered in the report.
Key players in the market are Nippon Steel Corporation, Outokumpu Oyj, POSCO Co., Ltd., Universal Stainless & Alloy Products Inc., JFE Steel Corporation, Acerinox S.A., ArcelorMittal S.A., Mitsui & Co., Ltd., and Aperam SA, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124