Global Stainless Steel Market

Stainless Steel Market Size, Share, Growth Analysis, By Grade (200 Series, 300 Series), By Product (Flat, Long), By Application, By Region - Industry Forecast 2024-2031

Report ID: SQMIG15O2030 | Region: Global | Published Date: December, 2024
Pages: 157 | Tables: 96 | Figures: 76

Stainless Steel Market News

  • In February 2021, VINCO introduced a new line of steel and steel wires and slings. These goods are typically utilized in the fishing, industrial, elevation, and lifting sectors.
  • In December 2021, Aperam acquired ELG, a pioneer in the recycling of stainless steel and superalloys.
  • In April 2022, ArcelorMittal (the "Company") reached a deal to purchase an 80 percent stake in voestalpine's renowned Hot Briquetted Iron (the "HBI") factory, which is situated in Corpus Christi, Texas.
  • In January 2022, NIPPON STEEL purchased shares in G Steel and GJ Steel to become a subsidiary. The sole integrated flat steel producers in Thailand are G/GJ Steel, who provide hot-rolled steel sheets for general use from facilities that include electric arc furnaces (EAFs) and hot strip mills.
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Global Stainless Steel Market size was valued at USD 112.6 billion in 2022 and is poised to grow from USD 120.6 billion in 2023 to USD 203.55 billion by 2031, growing at a CAGR of 6.8% during the forecast period (2024-2031).

Acerinox S.A., ArcelorMittal, Nippon Steel Corporation, ThyssenKrupp Stainless GmbH, and ThyssenKrupp Stainless GmbH are important metal producers active in the market. These firms are actively engaged in market partnerships, product development, mergers and acquisitions, and capacity expansion in order to maintain and expand their market share. The steel company ThyssenKrupp Stainless GmbH produces steel. The business produces steel-based products for clients using both hot and cold rolled techniques. In addition, the business engages in acquisition, R&D, and steel innovation to satisfy consumer demand. 'Outokumpu ', 'POSCO ', 'Acerinox ', 'Jindal Stainless ', 'Aperam ', 'Thyssenkrupp ', 'Nippon Steel Corporation ', 'Sandvik AB ', 'Carpenter Technology Corporation ', 'Guangxi Beibu Gulf International Port Group ', 'Allegheny Technologies Incorporated (ATI) ', 'Jiangsu Shagang Group ', 'Nisshin Steel Co. Ltd. ', 'North American Stainless ', 'Bristol Metals, LLC ', 'Ulbrich Stainless Steels & Special Metals, Inc.'

The consumption of the stainless steel is driven by the automotive industry's explosive rise. The corrosion, high strength, and heat resistance qualities of this metal are suitable. This makes it an ideal option for many automobile components, such as hose clamps and seatbelt springs. The World Steel Organization predicts that stainless steel will soon be used frequently in catalytic converters, fuel tanks, chassis, bodywork, and suspension. Additionally, rising innovation in electric vehicles and advancing technology in the automotive sector will aid in product acceptance. As a result, increasing product demand from automakers will propel the growth of the stainless steel market.

There will be lucrative prospects for stainless steel market to expand significantly as a result of rising product consumption in the building industry. Due to its high cost, this type of steel was initially not frequently used for structural purposes in buildings. However, during the past ten years, technical improvements have greatly increased the availability and affordability of this steel while also enhancing its corrosion resistance and durability.

In 2020, Asia Pacific stainless steel market was valued at USD 126.01 billion. The steel industry has seen tremendous technical innovation and infrastructure development in the region, which has further supported market expansion. China is holding the largest market share and the quickest rate of economic growth in this area. One of the key reasons driving product demand in China is the rise in steel production, research and development activities, and the expanding construction sector.

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Global Stainless Steel Market

Report ID: SQMIG15O2030

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