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Forecast Year
The global stainless steel market reached a value of almost USD 153.26 billion in 2023. The industry is further expected to grow at a CAGR of 6.8% in the forecast period of 2024-2032 to reach a value of nearly USD 277.05 billion by 2032.
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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.
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:
The industry is divided on the basis of application into:
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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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.
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:
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.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Trade Data Analysis |
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| Competitive Landscape |
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| Companies Covered |
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*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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In 2023, the global stainless steel market attained a value of almost USD 153.26 billion.
The market is projected to grow at a CAGR of 6.8% between 2024 and 2032.
The market is expected to reach a value of nearly USD 277.05 billion by 2032.
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.
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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 06 17 27
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 287899028, +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
+84865399124
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