IMARC Group, a leading market research company, has recently released a report titled “Stainless-Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the stainless-steel market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Stainless-Steel Market?
The global stainless steel market size reached US$ 146.27 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 210.44 Billion by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2023-2028.
What is Stainless-Steel ?
Stainless steel (SS) is a corrosion-resistant alloy of iron, chromium, and other elements like nickel, carbon, and molybdenum. It is known for its ability to resist rust and common forms of corrosion. The high chromium content in stainless steel forms a thin oxide layer, known as a passive layer, which contributes to its exceptional heat and corrosion resistance properties. Stainless steel offers improved corrosion resistance in specific environments and enhanced oxidation resistance. Apart from its resistance to corrosion, stainless steel offers several advantages. It is easy to fabricate, providing flexibility in various applications. Stainless steel also has aesthetic appeal, with its sleek and clean appearance. It possesses excellent tensile strength and can withstand both low and high temperatures. Moreover, stainless steel requires low maintenance, making it cost-effective in the long run. It is also environmentally friendly and recyclable, contributing to sustainability efforts. Additionally, stainless steel products have a prolonged lifespan, making them a durable choice. Due to its exceptional properties, stainless steel is widely used across various industrial sectors. It finds applications in automotive, transportation, building and construction, railways, consumer goods, mechanical engineering, and heavy industries worldwide. Its versatility and reliability make it a preferred material in numerous manufacturing processes and structural components.
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What are the growth prospects and trends in the stainless-steel industry?
The stainless steel (SS) market is primarily driven by the expansion of building and construction activities, with a growing demand for architectural applications such as columns, beams, and various structures like railings, staircases, roofing, and canopies. Additionally, stainless steel is increasingly used in energy and mechanical applications, including power plants, heat exchangers, boilers, and processing machinery in industries like pulp and paper, chemicals, and food and beverage (F&B). Infrastructure development initiatives by governments, such as bridge repairs, renovations, and investments in public buildings, highways, airports, water infrastructure, and clean energy, are fueling market growth. The transportation industry is also adopting stainless steel for its high strength-to-weight ratio, replacing materials like corten steel to enhance crash effectiveness and energy absorption in coaches. Leading players are adopting energy-efficient manufacturing processes and advanced technologies to improve efficiency, production capacities, and cost-effectiveness. The Asia Pacific region is the largest market for stainless steel due to significant investments in energy, infrastructure development, automotive machinery, and shipbuilding industries. The electrical and electronics sectors, ongoing industrial and infrastructural development, technological advancements, and mergers and acquisitions among key market players contribute to the positive market outlook globally. For example, Jindal Stainless entered into a supplier agreement with Alstom to develop advanced trainsets for the Regional Rapid Transit System, supplying stainless steel grades for the production of trainsets. Overall, the stainless steel market is driven by construction, energy, mechanical, and transportation applications, supported by infrastructure investments, technological advancements, and strategic collaborations within the industry.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Insights:
- Flat
- Long
Grade Insights:
- 200 Series
- 300 Series
- 400 Series
- Duplex Series
- Others
Application Insights:
- Automotive and Transportation
- Building and Construction
- Consumer Goods
- Mechanical Engineering and Heavy Industries
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Acerinox S.A
- Aperam S.A.
- ArcelorMittal S.A.
- Baosteel Group
- JFE Steel Corporation (JFE Holdings Inc.)
- Jindal Stainless Limited
- Nippon Steel Corporation
- Outokumpu Oyj
- POSCO Products
- thyssenkrupp Stainless GmbH (ThyssenKrupp AG)
- Yieh United Steel Corp.
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