Stainless Steel Industry Overview
The global stainless steel market size is expected to reach USD 223.60 billion by 2030, registering a CAGR of 8.9% during the forecast period, according to a new report by Grand View Research, Inc. Higher penetration of the product and its vital importance in numerous applications is expected to support the market growth, during the forecast period.
Characteristics of diverse stainless steel materials depending upon the application make them advantageous and preferable when compared to other materials. This is a major reason for their growing demand. For example, if we compare steel and aluminum since they are often considered alternatives in many applications, steel is preferable over aluminum because of its low cost, strength, and less likely to damp, bent, or warp.
Stainless Steel Market Segmentation
Grand View Research has segmented the global stainless steel market based on the grade, product, application, and region:
Based on the Grade Insights, the market is segmented into 200 series, 300 series, 400 series, Duplex series, and others.
- 300 series was the largest segment in 2021 with a volume share of above 54.0% in 2021. Grade 303in the series is used almost entirely for every movable part requiring polishing, grinding, and machining where good corrosion resistance is also compulsory.
- Grade 304 in the 300 series is specifically suited for all kinds of dairy equipment including containers, sterilizers, milking machines, homogenizers, and storage & hauling tanks, including railroad cars, milk trucks, valves, and piping. This 18-8 alloy is similarly operative in the brewing business where it is used in storage & transport cars, fermentation vats, yeast pans, and pipelines.
- Duplex series SS is anticipated to exhibit the highest CAGR of 10.9% during the forecast period, in terms of revenue. Superior properties of the product such as high strength, low weight, and high corrosion resistance particularly stress corrosion cracking is anticipated to drive product demand in the forecast period. The product finds applications in pharma, oil & gas, water desalination, and chemical & petrochemical industries.
Based on the Product Insights, the market is segmented into Flat and Long.
- Flat products accounted for a revenue share of over 73.0% in 2021 and is likely to dominate the market in the forecast period. Flat products mainly include sheets/coil and plates. SS flat products are widely used in mechanical parts and industrial tools along with construction and structural applications. These products are hot rolled and cold rolled and have properties such as corrosion resistance, high strength, and great thickness.
- Long products are widely used in industries such as textile, automotive, defense, shipbuilding, cement, fabrication, paper & pulp, and earth-moving machinery. Rounds bar is an important product in this category and can easily be machined and bent as per the requirement. These products are used in grills, fasteners, and machining applications along with the production of parts for automotive and machinery & equipment.
Based on the Application Insights, the market is segmented into Building & Construction, Automotive & Transportation, Consumer Goods, Mechanical Engineering & Heavy Industries, and Others.
- The consumer goods segment dominated the market and accounted for the largest revenue share of above 37.0% in 2021. The segment is projected to grow owing to increasing demand for the washing machine & fridge parts, sinks, utensils, kitchen parts, and many more.
- The building & construction (B&C) segment witnessed a sizable impact in 2020 by the outbreak of the COVID-19 pandemic. Factors such as the global financial crunch, supply disruptions, global demand, and decline in 2020 have affected the market dynamics in the B&C sector in recent times.
- The automotive & transportation segment also observed a significant decline during 2020 in terms of automotive production and sales. For instance, global automobile production declined by 16.0% in 2020 as per the International Organization of Motor Vehicle Manufacturers (OICA).
Stainless Steel Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Players in the stainless steel market are adopting several organic and inorganic growth strategies such as capacity expansion, mergers & acquisitions, and joint ventures, in order to maintain and expand their market share.
Some prominent players in the global stainless steel market include:
- Acerinox S.A.
- Aperam Stainless
- Baosteel Group
- Jindal Stainless
- Nippon Steel Corporation
- ThyssenKrupp Stainless GmbH
- Yieh United Steel Corp.
Order a free sample PDF of the Stainless Steel Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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