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

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).

Steel is an ideal material for a variety of industries, including the automotive, building, and electronics sectors. The need for products is being fueled by the constantly expanding automobile. The demand for stainless steel market is projected to increase as a result of corporate and public investments in infrastructure and residential housing development. In industrial settings like building and construction, infrastructure, railroads, automotive and transportation, and process industries, stainless steel (SS) is a crucial commodity. Stainless steel (SS) has a distinct advantage over carbon steel because it combines qualities like pliability, strength, corrosion resistance, aesthetic qualities, minimal maintenance costs, and an average product life cycle. These characteristics, together with rising application are expected to fuel stainless steel market expansion. Additionally, throughout the during the forecast period, the capacity of the product to resist corrosion combined with increased production for recyclable material will further aid in propelling the stainless steel market expansion.

It is also employed in the manufacturing of a variety of home appliances, cookware, cutlery, and other parts. However, the pandemic issue has adversely affected the growth of the stainless steel market in 2019 due to a sharp decline in demand from a variety of end use sectors. The expansion of the stainless steel market has slowed down in 2019 as a result of delayed construction projects,, lockdowns, and poor automobile demand. However, it is projected that the stainless steel market would expand at a desirable growth rate as a result of the economy and industrial performance recovering.

US Stainless Steel Market is poised to grow at a sustainable CAGR for the next forecast year.