Stainless Steel Market Size, Share and Trends Analysis by Region, Grade, Product, End-Use and Segment Forecast to 2030
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Accessing the in-depth insight from the ‘Stainless Steel’ report can help you:
- Market size detailing based on key grade, product segments, end-use categories, and regional movement.
- Mapping the entire ecosystem of the value chain and the stages associated with it.
- Detailed country-level insights with breakdown provided for key market segments.
- Evaluating potential growth opportunities in different grades, products, and end-use segments supported by comprehensive qualitative commentary.
- Foresee possible changing dynamics of the sector and align business strategies to capitalize on them.
- List of major stainless steel manufacturing plants and service centers
How is our ‘Stainless Steel’ report different from other reports in the market?
- The report captures current and futuristic demand for finished stainless steel across key sectors and countries/regions from 2020 to 2030 in terms of volume (Thousand Tonnes) and revenue ($ Million)
- Detailed segmentation by grade – 300 Series, 200 Series, 400 Series, and Others
- Detailed segmentation by product – Flat Products and Long Products
- The report also highlights segmentation at the end-use level – Appliances, Food Industry & Breweries, Industrials, Automotive & Transportation, Building & Construction, and Others
- The study encompasses the identification of the key variables or factors responsible for influencing the market dynamics of the global stainless steel market space. These factors are bifurcated based on their positive and negative attributes into the drivers and restraints.
- The timeline of the market is provided covering a historical context with respect to the developments made in the stainless-steel market space
- Competitive landscape of the market depicting the key market participants and different stakeholders of the market value chain along with a list of manufacturing facilities and service centers
- Detailed company profiles for key vendors of the market with a focus on business overview, financial performance, SWOT analysis, list of subsidiaries, key personnel, and strategic initiatives
We recommend this valuable source of information to anyone involved in:
- Steel Companies
- Mining Companies
- Equipment and Plant Suppliers
- Engineering and Construction Contractors
- Service Centers
- Consultants and Analysts
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Stainless Steel Market Report Overview
The stainless steel market demand in terms of revenue is projected to reach $195.0 Billion in 2023, growing at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. The growing significance of the commodity in the construction and energy generation sector is likely to drive market growth over the forecast period.
Stainless steel finds a variety of applications in the building & construction sector ranging from architectural facades to concrete enforcements. The rising emphasis of governments around the globe to modernize or develop the existing infrastructure network is anticipated to aid the market development for the metal group soon. For instance, major fiscal stimulus packages such as the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act (IRA), and the CHIPS and Science Act, will be key drivers of construction activity across the US construction industry.
Stainless Steel Market Overview, 2020-2030 ($ Billion)
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The stainless steel sector from the revenue side is expected to show steady performance over the predicted timeline owing to the high commodity prices. However, from the volume side of the business, the market is expected to remain sluggish due to the weak demand from end-use sectors. In addition, in 2023, the global volumetric demand is expected to remain on par with the 2022 levels with marginal growth expected from the Asia Pacific region.
The market space in 2024 is predicted is grow by 3.4% year-on-year in terms of volume and 4.3% in terms of revenue. This growth in 2024 is expected to be supported by the healthy demand dynamics from the Asia Pacific and North America region. Among these regions, the top-performing countries will be the US, India, and China.
| Market Size (2023) | $195.0 Billion |
| CAGR (2023-2030) | 5.5% |
| Forecast Period | 2023 – 2030 |
| Historic Data | 2020 – 2022 |
| Report Scope & Coverage | Industry overview, volume and revenue forecast, regional analysis, competitive landscape, company profiles, growth trends |
| Grade Segment | 300 Series, 200 Series, 400 Series, and Others |
| Product Segment | Flat Products and Long Products |
| End-Use Segment | Appliances, Food Industry & Breweries, Industrials, Automotive & Transportation, Building & Construction, and Others |
| Regional Segment | North America, Europe, Asia Pacific, and Rest of the World |
| Key Companies | Outokumpu Oyj, Acerinox SA, Cleveland-Cliffs Inc, Aperam SA, POSCO Holdings Inc, ArcelorMittal SA, Jindal Stainless Ltd, Nippon Steel Corp, Tsingshan Holding Group Co Ltd, China Baowu Steel Group Corp Ltd |
Stainless Steel Market Segmentation by Grade
The grade segment covers 300 series, 200 series, 400 series, and others. Among these grades, the 300 series is expected to dominate the market share in terms of volume as well as revenue in 2023. This grade category is employed across a wide range of sectors including appliances, transportation, aerospace, energy, and construction.
300 series grade category is projected to grow by 4.6% year-on-year in terms of revenue in 2024. The growth in 2024 will further be supported by price appreciation and steady demand from the construction industry. The grade category is especially preferred in the construction of buildings and their components in the coastal region owing to its exceptional anti-corrosion properties.
Stainless Steel Market Share by Grade, 2023 (%)
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The 200 series grade segment is expected to account for the second-largest volumetric share in 2023 and is expected to grow at a stable pace over the forecast period. This graded series is economically cheaper than its other austenitic 300 series counterpart owing to its lesser ability to provide protection against corrosion. Thus, these 200 series grade products are used for internal environment applications including water tanks, cutlery, indoor architecture, and washing machines, among others.
The 400 series grade category registered the third-largest volumetric share in 2023 following the austenitic grade group. This grade category is susceptible to corrosion under specific environmental conditions. However, the key advantage of this grade group is its ability to get hardened post-heat treatment. Thus, 400 series-based product groups are used in elevated temperatures and in applications wherein machining is required to produce the desired end product.
Stainless Steel Market Segmentation by Product Type
The product section of the stainless steel comprises of flat and long products. Within this product segment, flat products including sheet, coil, plate, and stripe are anticipated to dominate the volumetric share in 2023. These flat products are employed across a wide range of sectors with further processing and treatment.
The flat products category is expected to register a year-on-year growth of 3.3% in terms of volume in 2024. As per the publication released by the International Stainless Steel Forum (ISSF) in 2023, the hot-rolled flat products are predicted to register a year-on-year growth rate of 5.2% in 2024 owing to the high demand from the global building & construction end-use sector.
Stainless Steel Market Share by Product, 2023 (%)
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The long products category is projected to remain the fastest-growing product segment, indicating a compound annual growth rate (CAGR) of 4.4% in volumetric terms over the forecast period. This product group comprises wire, rods, sections, and bars which are extensively used in structural applications. In addition, these products find application in end-use sectors including building & construction, transportation, appliances, medical, and energy.
The growth of the long products segment is primarily driven by its extensive usage in the cladding anchors, tie-rods, anchoring heads, and guardrail cables. The construction output value growth around the globe is expected to showcase a healthy upturn in 2024 with the launch of new building projects both by public and private entities.
Stainless Steel Market Segmentation by End-Use Industry
The stainless steel market based on end-use segmentation covers appliances, food industry & breweries, industrials, automotive & transportation, building & construction, and others. Within this end-use segment, the industrials category is expected to capture the largest share in terms of volume and revenue in 2023. This segment is predicted to continue its dominance across the forecast period.
Stainless Steel Market Share by End-Use, 2023 (%)
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Appliances end-use segment comprises of household appliances, kitchen items, catering-related equipment, and others. Traditionally, this category was one of the fastest-growing end-use sectors of the stainless steel sector. However, post-COVID-19, the slowdown in the hospitality and tourism sector coupled with the weak global macroeconomics directly impacted the growth rates for this segment.
The food industry & breweries segment is projected to showcase a compound annual growth rate (CAGR) of 4.2% in terms of volume over the forecast period. The growth is likely to be aided by the development of new food processing centers in developing countries. For instance, in July 2023, Nestle announced plans to set up a new food processing unit in the state of Odisha with an investment of $108.9 Million.
The other key-end use segment includes automotive & transportation and building & construction. The usage of the product particularly for the manufacturing of railway coaches is expected to become a major trend over the forecast period with many developed and developing countries expanding their existing networks. For instance, France has undertaken metro construction work for the upcoming Paris Olympics in 2024.
Stainless Steel Market Segmentation by Region
The dynamics of the stainless steel market is hugely influenced by the consumption dynamics of the Asia Pacific region owing to its highest share in terms of volume and revenue in 2023. The region comprises of China, Indonesia, South Korea, Japan, and India which are among the leading producers and consumers of stainless steel products.
Among these, from the production end of the business, China, Indonesia, and India are expected to make significant contributions over the coming years. From the consumption side, India is predicted to remain the fastest-growing country clocking a compound annual average growth rate (CAGR) of 6.2% in volumetric terms from 2023 to 2030.
Stainless Steel Market Share by Region, 2023 (%)
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The second largest region is Europe which accounted for a volumetric share of 14.1% in 2023. The regional growth is suffering since 2022 with Russia invasion of Ukraine leading to high energy and commodity prices. The key countries of the region which are expected to boost growth over the forecast period are Germany, France, Turkey, Spain, and the UK.
The North American region is the third-largest market for stainless steel and associated products. The regional dynamics are expected to flourish over the short-term period with the US infrastructural development until 2026. However, over the remainder of the forecast period, the region is predicted to showcase a slowdown in growth owing to the diminishing manufacturing capability.
The rest of the world is projected to grow at a compound annual growth rate (CAGR) of 3.3% from 2023 to 2030. Brazil is expected to emerge as one of the key consumers of stainless steel products over the predicted timeline owing to the expansion in its oil & gas industry.
Stainless Steel Market – Competitive Landscape
The stainless steel competitive landscape is primarily dominated by Asia Pacific organizations owing to their superior production capacity. Within the flat product segment, out of 25 top vendors based on production capacity, 19 are from the Asia Pacific region. Similarly, in the long product segment, out of the top 25 vendors, 13 are from the Asia Pacific region.
The vendors present in the market are continuously making efforts to expand their presence through product launches, mergers, and acquisitions. For instance, Marcegaglia Group from Italy in January 2023 acquired Outokumpu’s long stainless steel manufacturing plant in Sheffield, the UK. This acquisition will enable Marcegaglia to achieve partial upstream integration in the value chain, thereby, stabilizing the supply chain and inflow of raw materials.
Leading Players in the Stainless Steel Market
- Outokumpu Oyj
- Acerinox SA
- Cleveland-Cliffs Inc
- Aperam SA
- POSCO Holdings Inc
- ArcelorMittal SA
- Jindal Stainless Ltd
- Nippon Steel Corp
- Tsingshan Holding Group Co Ltd
- China Baowu Steel Group Corp Ltd
Other Stainless Steel Market Vendors Mentioned
JFE Corporation, Yieh Corp., Jiangsu Delong, LISCO, JISCO, Arvedi, Henan Qingshan Jinhui, Zenshi Group Eastern Special Steel, Guangxi Beibu Gulf New Materials, Liugang Zhongjin Metal, Shandong Shengyang, Guangxi Wuzhou Jinhai, Viraj Group, Swiss Steel Group.
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Stainless Steel Market Segments and Scope
GlobalData Plc has segmented the stainless steel market report by grade, product, end-use, and region:
Stainless Steel Grade Outlook (Volume; Thousand Tonnes, Revenue; $ Million, 2020-2030)
- 300 Series
- 200 Series
- 400 Series
- Others
Stainless Steel Product Outlook (Volume; Thousand Tonnes, Revenue; $ Million, 2020-2030)
- Flat Products
- Long Products
Stainless Steel End-Use Outlook (Volume; Thousand Tonnes, Revenue; $ Million, 2020-2030)
- Appliances
- Food Industry & Breweries
- Industrials
- Automotive & Transportation
- Building & Construction
- Others
Stainless Steel Regional Outlook (Volume; Thousand Tonnes, Revenue; $ Million, 2020-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- Turkey
- UK
- Rest of Europe
- Asia Pacific
- China
- India
- Indonesia
- Japan
- South Korea
- Rest of Asia Pacific
- Rest of the World
Scope
The market intelligence report provides an in-depth analysis of the following –
• Stainless steel market outlook: analysis as well as historical figures and forecasts of volume and revenue opportunities from the grade, product, end-use, and regional segments
• The competitive landscape: an examination of the positioning of leading players in the stainless steel market
• Company Analysis: analysis of the market position of leading providers in the stainless steel market
• Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
Key Highlights
The stainless steel market will be evaluated at $195.0 Billion in 2023 and is expected to grow at a CAGR of more than 5.5% over the forecast period (2023-2030). The stainless steel market report provides an executive-level overview of the stainless steel industry worldwide today, with detailed forecasts of key indicators up to 2030.
Reasons to Buy
• This market intelligence report offers a thorough, forward-looking analysis of the global stainless steel market by grade, product, end-use, and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
• Accompanying GlobalData’s Forecast products, the report examines the assumptions, drivers, deals, strategic initiatives and trend analysis in stainless steel markets.
• Detailed segmentation by grade – 300 series, 200 series, 400 series and others. Further, the report also highlights segmentation at product level – flat products and long products. The third level of segmentation includes at end-use level – appliances, food industry & breweries, industrials, automotive & transportation, building & construction, and others
• The report includes 190+ figures and tables providing in-depth analysis of the market size, forecast and supporting factors which are tailor-made for an executive-level audience, with enhanced presentation quality.
• The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in stainless steel market.
• The report evaluates the entire value chain of the stainless steel market space while highlighting the key players of the industry.
• The report offers a list of key stainless steel manufacturing plants. In addition, a dedicated list of service centers is provided.
Key Players
Outokumpu OyjAcerinox SA
Cleveland-Cliffs Inc
Aperam SA
POSCO Holdings Inc
ArcelorMittal SA
Jindal Stainless Ltd
Nippon Steel Corp
Tsingshan Holding Group Co Ltd
China Baowu Steel Group Corp Ltd
Table of Contents
Figures
Frequently asked questions
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What was the stainless steel market size in 2023?
The stainless steel market size globally will be evaluated at $195.0 Billion in 2023.
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What is the stainless steel market growth rate?
The stainless steel market is expected to grow at a CAGR of 5.5% over the forecast period (2023-2030).
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What is the key stainless steel market driver?
The stainless steel market growth is primarily driven by its functional attributes coupled with rising demand in the building & construction industry, advancements in new product offerings, and the increasing consumer preference for global standard products in emerging economies.
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Which will be the leading grade type segment in the stainless steel market in 2023?
The 300 Series will be the leading grade type segment in the stainless steel market in 2023.
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Which will be the leading product type segment in the stainless steel market in 2023?
Flat Products will be the leading product type segment in the stainless steel market in 2023.
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Which will be the leading end-use segment in the stainless steel market in 2023?
Industrials will be the leading end-use segment in the stainless steel market in 2023.
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Which are the leading stainless steel companies globally?
The key vendors in the global stainless steel market are Outokumpu Oyj, Acerinox SA, Cleveland-Cliffs Inc, Aperam SA, POSCO Holdings Inc, ArcelorMittal SA, Jindal Stainless Ltd, Nippon Steel Corp, Tsingshan Holding Group Co Ltd, and China Baowu Steel Group Corp Ltd
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Is there a third level of segmentation in the report?
GlobalData’s focus is on providing reliable and accurate data that is supported by robust research methodology. Our reports undergo rigorous quality checks and are based on primary and secondary research sources, ensuring that the numbers and insights provided are trustworthy. However, despite the best efforts to gather comprehensive data, there could be instances where the available data is limited, making it challenging to provide third-level segmentation. In such cases, GlobalData may choose to provide high-level insights and general trends rather than forcing segmentation that may not be backed by sufficient data. This approach ensures that the report’s overall quality and credibility are maintained.
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