Redding, California - September 2, 2024
Stainless Steel Market to be Worth $316.7 Billion by 2031
Stainless Steel Market Size, Share, Forecast, & Trends Analysis by Product (Flat, Long), Type (Austenitic Stainless Steels, Ferritic Stainless Steels, Martensitic Stainless Steels) and Applications (Metal Products, Electric Machinery) and Geography—Global Forecast to 2031.’
Meticulous Research®, a leading global market research company, published a research report titled ‘Stainless Steel Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’, the stainless steel market is expected to reach $316.7 billion by 2031, at a CAGR of 6.1% during the forecast period from 2024 to 2031. Based on volume, it is projected to reach 117.1 million tons by 2031, at a CAGR of 5.8% during the forecast period from 2024 to 2031.
The stainless steel market is growing primarily due to rising demand for stainless steel goods in the building and construction sectors, as well as rapid growth in the automotive industry. However, the availability of substitute products such as aluminum and carbon steel limits the growth of this market.
Furthermore, the increasing acceptance of stainless steel products in the consumer goods sector and the growing emphasis on sustainability are likely to create potential opportunities for market players. However, fluctuating raw material costs provide significant hurdles to the growth of this market.
The stainless steel market is segmented by product, type, and application. The report also evaluates industry competitors and analyzes the stainless steel market at the regional and country levels.
By product, the stainless steel market is segmented into the flat and long. In 2024, the flat segment is expected to account for the larger share of over 60.0% of the market. The substantial market share of this sector is fueled by a number of factors, including the expanding use of cold-rolled flat materials in industrial applications and the growing demand for flat goods in mechanical engineering. Increasing research and development expenditures is another important factor in improving stainless steel products. The intrinsic qualities of flat stainless steel, which include its robustness, endurance, recyclability, strength, and aesthetic appeal, all contribute to this segment's growth.
By type, the stainless steel market is segmented into austenitic stainless steels, ferritic stainless steels, martensitic stainless steels, duplex (ferritic-austenitic) stainless steels, and precipitation-hardening stainless steels. In 2024, the austenitic stainless steel segment is expected to account for the largest share of over 46.0% of the market. This segment’s large market share is driven by several factors, including urban development and infrastructure projects that boost demand for austenitic stainless steel in the construction sector. Additionally, the growing emphasis on sustainability and the increasing need for austenitic stainless steels in automotive exhaust systems, fuel tanks, and structural components contribute to this growth.
By application, the stainless steel market is segmented into building & construction, mechanical engineering and heavy industry, electric machinery, automotive parts, consumer goods, metal products, transportation, and other applications. In 2024, the metal products segment is expected to account for a larger share of over 34.3% of the market. The growing demand for lightweight and corrosion-resistant materials in the automotive industry, the growing emphasis on sustainable materials, the growing need for specialized stainless steel solutions catered to particular industries and applications, and the growing demand for superior mechanical properties, such as high strength, toughness, and ductility, are all factors contributing to this segment's large market share.
By geography, the stainless steel market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 66.0% of the market. The presence of prominent stainless steel players, including Nippon Steel Corporation (Japan) and Jindal Stainless Limited. (India), JFE Steel Corporation (Japan), Baosteel Co., Ltd. (China), and POSCO (South Korea) are expected to contribute to the high revenue share of this region.
Additionally, leading key players are making strategic investments to support market growth. For instance, in March 2024, Jindal Stainless Limited (India) signed a Memorandum of Understanding with IIT Kharagpur (India) to collaborate on R&D initiatives. This partnership will focus on metallurgical advancements, including process optimization, materials characterization, and primary alloy production.
Furthermore, the growth in the automotive sector, increased demand for stainless steel in the building and construction industries, and a heightened focus on sustainability are collectively driving the demand for stainless steel in the region.
Key Players
The key players operating in the stainless steel market are Acerinox, S.A. (Spain), Aperam S.A. (Luxembourg), Jindal Stainless Limited (India), Nippon Steel Corporation (Japan), Outokumpu (Finland), Acciai Speciali Terni S.p.A. (Italy), JFE Steel Corporation (Japan), POSCO (South Korea), Thyssenkrupp Materials Services GmbH (Germany), Yieh Corp. (Taiwan), Baosteel Co., Ltd. (China), Tsingshan Steel Pipe Co., Ltd. (China), ArcelorMittal S.A. (Luxembourg), Tsingshan Holdings Group (China), and Tata Steel Ltd. (India).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of product, type, and application?
- What was the historical market size for stainless steel globally?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the stainless steel market?
- Who are the major players in the stainless steel market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the stainless steel market?
- What do major market players adopt the various growth strategies?
- What are the major market trends, and which are the high-growth countries?
- Who are the local emerging players in the stainless steel market, and how do they compete with other players?
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