Stainless-steel Market Overview
According to a research survey conducted by ChemView Consulting, the current valuation of the Global Stainless-steel Market is worth US$ 125.7 Bn in 2022. The market value of stainless steel is expected to reach US$ 194.3 Bn by the year 2030, growing at a CAGR of 5.6% over the forecast period.
The stainless steel market is rapidly expanding due to the growing demand for stainless steel in the production of kitchen products such as showpieces, cookware, and stoves due to its benefits such as high ductility and toughness, resistance to corrosion, and low maintenance requirements, which in turn fuel market growth in various industries.
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ChemView Consulting has analyzed that stainless steel seeks significant demand from the automotive industry, positively influencing the market growth. Increasing automobile production in regions such as the Middle East, Asia Pacific, and Latin America has risen dramatically stainless steel demand.
According to ChemView Consulting, the main factors contributing to increased automobile production are increased credit availability, disposable income, and people’s increasing need for personal transportation. The factors mentioned above are likely to increase global demand for stainless steel.
Segments Covered in Report
By Type:
- Austenitic
- Ferritic
- Duplex
- Martensitic
- Precipitation Hardening
By Form:
- Flat
- Long
- Tubular
By End-Use:
- Building & Construction
- Industrial Machinery & Components
- Automotive & Transportation
- Home Appliances
- Cookware & Cutlery
- Medical & Surgical Tools
- Others
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
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Key Takeaways from the Stainless-steel Market
- Based on the end-use, the automotive and transportation segment accounts for 13% of the global steel consumption market share.
- Based on the product type, the flat product segment will dominate at a significant CAGR during 2022-2032. This segment accounted for 71% of revenue share in 2021.
- Based on the form, the tubular sector is expected to increase the stainless-steel demand significantly worldwide. Increasing demand from the chemical, petrochemical, food, and beverage industries and the building and infrastructure sectors will boost stainless-steel tubular goods.
- Asia-Pacific is projected to dominate the stainless-steel market with a market share of 75% during the forecast period due to high consumption from the region’s stringent end-use industries and enormous stainless-steel production rate, particularly in China. It is expected to account for over a third of all stainless steel produced globally.
Competition Summary
Key companies covered in the market study are ArcelorMittal, Nippon Steel Corporation, POSCO, JFE Steel Corporation, AK Steel, Thyssenkrupp AG, Hyundai Steel Co., Ltd., Outokumpu, Acerinox, Yieh United Steel Corp., Baosteel Group, Aperam, Jindal Stainless Limited, Gerdau and Vallourec.
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Report Key Highlights
- Detailed information on factors that will assist Global Stainless-steel’s growth during the next eight years
- Assessment of the historical and current Global Stainless-steel Market size (2017-2021), market projections (2022-2030), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies
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ChemView Consulting’s chemicals & materials domain provides unique, reliable, and in-depth analysis of the chemicals and materials business with the help of its in-house and experienced analysts and subject matter experts. The comprehensive coverage includes bulk, fine, specialty, petrochemicals, innovative materials, composites, and nanotechnology, focusing on “green alternatives,” recycling, and renewable technology advances. In addition, for developing – “The Future Growth Plan,” our research studies serve as market reference guides for chemical manufacturers, research institutes, channel partners, and government agencies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving worldwide Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy, and Packaging clients. 70% of the largest Forbes 1000 enterprises are our clients. We serve global clients across leading & niche market segments across Chemicals & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging. ChemView Consulting serves clients in approximately 100 countries, with its office in the U.S. and delivery centers in India.
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