The global stainless steel market size was valued at USD 206.91 billion in 2023. The market is projected to grow from USD 216.16 billion in 2024 to USD 320.37 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period. Asia Pacific dominated the stainless steel market with a market share of 68.32% in 2023. These sheets are extensively used in food and beverage, surgical equipment, and construction. The excellent resistance to chloride corrosion has enabled various applications of the product in the marine domain. Throughout the globe, the steel sheet is in high demand due to its characteristics. For instance, in the fourth quarter of 2021, Jindal Stainless (Hisar) Limited (JSHL) recorded sales volume of 182,474 tons even amid the pandemic.
Stainless steel comprises several components that fuse and form a powerful alloy. This alloy contains chromium, nitrogen, and molybdenum. Additionally, the product is eco-friendly, strong, corrosion-resistant, neutral alloy, long-lasting, and infinitely recyclable. Such properties make steel a perfect choice in several industries such as construction, automotive, and electronics.
Get a Free Sample PDF Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/stainless-steel-market-106481
List of Key Players Profiled in the Market:
- POSCO
- Aperam
- Yieh United Steel Corp.
- Tsingshan Holding Group Shanghai International Trading Co., Ltd.
- Nippon Steel
- Outokumpu
- Acerinox
- Beihai Chengde
- Libyan Iron and Steel Company
- Tata Steel Ltd
- Baowu
Market Segmentation
By product type, the market is segmented into 304 stainless steel sheet, 310 stainless steel sheet, 316 stainless steel sheet, and others. On the basis of application, the market is trifurcated into construction, manufacturing, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Driving Factor
Increasing Focus on Developmental Projects to Augment Growth
The construction segment is experiencing rapid growth in recent years. This has led to a significant rise in demand for steel sheets. Moreover, innovations by market leaders are expected to facilitate stainless steel sheet market growth. For example, in November 2019, POSCO introduced a luxury brand of steel products known as INNOVILT for the purpose of construction.
The healthcare sector is also rapidly adopting stainless steel products for their equipment. As the steel is non corrosive even with exposure to various substances, the demand for the product is quite high. The rapid expansion of the healthcare sector in recent times due to the pandemic is expected to augment growth in the foreseeable future.
Regional Insights
Rapid Urbanization in Asia Pacific to Aid Market Growth
Asia-pacific is expected to remain dominant in the stainless steel sheet market share during the forthcoming years. This is due to the rapid-paced urbanization and the rising disposable income in the region. Moreover, infrastructural development across the region is expected to boost the adoption of the product in the region.
North America is anticipated to experience substantial growth in the foreseeable future. This is owing to significant investment in the research activities in the construction industry. Moreover, the highest standard of living in the region is facilitating the demand for several developmental projects.
Information Source: https://www.fortunebusinessinsights.com/stainless-steel-market-106481
Competitive Landscape
Investment in R&D by Eminent Companies to Expand Their Business Horizons
The prominent players of the market have a strong portfolio and a history of continuous investment in research and development. They devise strategic product launches along with advanced solutions to propel their product sales. With the wide range of potential opportunities in this market, even the new entrants of the market can easily stabilize their position. This has resulted in the entrance of several domestic players into the market
Industry Development:
- December 2019: Essar Steel India Limited was finally formed by ArcelorMittal. The acquisition by a leading Luxembourgish multinational steel manufacturing corporation is anticipated to strengthen its market presence.