Stainless Steel, valued at US$ 127.76 billion in 2023, is forecasted to reach US$ 177.05 billion by 2030, with a 4.8% CAGR due to rising demand in downstream sectors.
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According to Publisher’s latest study, the global Stainless Steel market size was valued at US$ 127760 million in 2023. With the growing demand in the downstream market, Stainless Steel is forecast to a readjusted size of US$ 177050 million by 2030 with a CAGR of 4.8% during the review period.
The research report highlights the growth potential of the global Stainless-Steel market. Stainless Steel is expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Stainless Steel. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Stainless-Steel market.
Stainless steel contains a maximum of 1.2% carbon, a minimum of 10.5% chromium (standard EN 10088-1) and other alloying elements. The presence of chromium confers on stainless steel its principal quality: its corrosion resistance.
As a commodity, the distance from the place of origin to the location of the consumer has become an important aspect of the impact of product differentiation. The further the sale of products, the higher the price of the product. According to market research, the ratio of the unit price of waterway transport, the unit price of railway transportation, and the ratio of the unit price of highway transportation is 1:3:8.
Key Features:
The report on the Stainless-Steel market reflects various aspects and provides valuable insights into the industry.
Market Size and Growth: The research report provides an overview of the current size and growth of the stainless steel market. It may include historical data, market segmentation by Type (e.g., Ferritic Stainless Steel, Austenitic Stainless Steel), and regional breakdowns.
Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the stainless steel market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences.
Globally, there is a growing need for stainless steel in infrastructure development and urbanization projects for a variety of uses, such as transportation systems, bridges, and building structures. The demand for stainless steel is influenced by the current infrastructure developments.
Stainless steel is a desirable option for applications where longevity and durability are crucial due to its corrosion resistance. Because stainless steel can tolerate corrosive environments, it is used in industries including oil and gas, chemical processing, and marine, which contributes to driving the market.
It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs. Over the past ten years, there have been noticeable price swings for stainless steel and steel-related products, which have had a big effect on the sectors. Moreover, the profit margins of distributors and steelmakers have decreased due to a steep decline in the price of stainless steel and an increase in the cost of raw materials. The industry's metrics for debt protection have also declined.
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A Bonafide Research industry report provides in-depth market analysis, trends, competitive insights, and strategic recommendations to help businesses make informed decisions.
Competitive Landscape: The research report provides an analysis of the competitive landscape within the Stainless Steel market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.
Technological Developments: The research report can delve into the latest technological developments in the Stainless Steel industry. This includes advancements in Stainless Steel technology, Stainless Steel new entrants, Stainless Steel new investments, and other innovations that are shaping the future of Stainless Steel.
Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Stainless Steel market. It includes factors influencing customers' purchasing decisions, and preferences for Stainless Steel products.
Government Policies and Incentives: The research report analyses the impact of government policies and incentives on the Stainless Steel market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting the Stainless Steel market. The report also evaluates the effectiveness of these policies in driving market growth.
Environmental Impact and Sustainability: The research report assesses the environmental impact and sustainability aspects of the Stainless Steel market.
Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provides market forecasts and outlook for the Stainless Steel industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.
Recommendations and Opportunities: The production of stainless steel is now more economical and efficient thanks to developments in manufacturing technology and procedures. These developments may open new doors and broaden the range of uses for stainless steel. Additionally, the manufacturer's growing investment in R&D has aided in the creation of cutting-edge methods to improve the qualities of stainless steel, expanding the market players' profitable potential. The future expansion of the stainless steel market will also be aided by the rising usage of cutting-edge materials and processes, as well as cutting-edge technologies like building information management. Sustainable practices are becoming more and more important, and stainless steel is a highly recyclable material. The market for stainless steel is offered chances by the focus on recycling and minimizing environmental effects. The report concludes with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Stainless Steel market.
Recent developments- January 2023: The largest fully integrated producer of stainless steel in the US, North American Stainless (NAS), announced the USD 244 million expansion of its Carroll County, Ghent, Kentucky, factory. This expansion will address the growing customer demand for premium stainless products by increasing NAS's overall capacity by 200,000 tons yearly, or a 20% growth.
December 2022: The National Company Law Tribunal (NCLT) granted Jindal Stainless regulatory permission for its merger with Jindal Stainless (Hisar).
Market Segmentation:
Stainless Steel market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.
1. Segmentation by type
• Ferritic Stainless Steel
• Austenitic Stainless Steel
• Martensitic Stainless Steel
• PH Stainless Steel
• Duplex Stainless Steel
• Other
2. Segmentation by application
• Architecture Industry
• Petrifaction Industry
• Food Industry
• Mechanical Industry
• Electricity Industry
• Others
This report also splits the market by region: Due to the rapidly growing defence, machinery, automotive, and shipbuilding sectors in nations like South Korea, Japan, China, India, and China, Asia Pacific led the market in 2023. Infrastructure and energy-related foreign direct investment (FDI) are projected to open doors for market suppliers. The Asia Pacific stainless steel market is projected to grow as a result of rising demand for SS from ASEAN and Indian nations. India, Vietnam, Thailand, and Indonesia are seeing a steady rise in per capita consumption, which is probably going to continue to be a major driver of market expansion. The market for stainless steel in China has historically been fuelled by rising demand in infrastructure applications and rising use in the manufacture of consumer goods, electronics, and car parts.
3. Americas
• United States
• Canada
• Mexico
• Brazil
• APAC
• China
• Japan
• Korea
• Southeast Asia
• India
• Australia
4. Europe
• Germany
• France
• UK
• Italy
• Russia
5. Middle East & Africa
• Egypt
• South Africa
• Israel
• Turkey
• GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
• Acerinox
• Aperam
• Thyssen Krupp
• Pohang Iron & Steel (Posco)
• Ta Chen International
• Jindal Stainless
• Allegheny Flat Rolled Products
• North American Stainless
• AK Steel
• Outokumpu Europe
• Outokumpu USA
• Mexinox
• Shree Khodal Industrial Engineering Company
Key Questions Addressed in this Report
What is the 10-year outlook for the global Stainless Steel market?
What factors are driving Stainless Steel market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Stainless Steel market opportunities vary by end market size?
How does Stainless Steel break out type, application?
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Manmayi Raval
Research Consultant
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