Market to reach US$ 210.44 Billion by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2023-2028.
IMARC Group, a leading market research company, has recently releases report titled “Stainless Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global stainless steel market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the stainless steel market?
The global stainless steel market size reached US$ 146.27 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 210.44 Billion by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2023-2028.
What is stainless steel?
Stainless steel (SS) is an alloy of iron with high chromium content and other elements such as nickel, carbon, and molybdenum that is immune to rusting and ordinary corrosion. The alloyed chromium emits a thin oxide layer or a passive layer, which transmits excellent heat and corrosion resistance properties to the steel. It also exhibits enhanced corrosion resistance, desired characteristics in specific environments and improved oxidation resistance. In addition, it provides ease of fabrication, flexibility, aesthetic appeal, excellent tensile strength, low and high-temperature resistance, low maintenance costs, environment-friendliness, recyclability, and prolonged product life. Consequently, stainless steel is widely adopted in various industrial verticals such as automotive, transportation, building and construction, railways, consumer goods, mechanical engineering, and heavy industries across the globe.
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What are the growth prospects and trends in the stainless steel?
The market is primarily driven by the significant expansion in building and construction activities. This can be attributed to the escalating product demand for columns, beams, and general architectural applications. These products are employed extensively in lifts, railings, staircases, swimming pool shades, roofing, canopies, and atriums. In addition, the increasing use of stainless steel in energy, and mechanical applications, including heat exchangers and boilers in power plants and components in processing machinery of pulp and paper, chemicals, and food and beverage (F&B) industries, are contributing to the market growth. Moreover, governments are investing extensively in infrastructure development, such as repairing and renovating bridges, public buildings, highways, airports, water infrastructure, communication networks, clean energy and environment, and electric vehicles (EV) charging facilities to minimize carbon emissions, representing another major growth-inducing factor.
Besides this, the rising product application in the transportation industry, such as railway, wherein corten steel is being replaced by stainless steel due to their high strength-to-weight ratio to enhance crash effectiveness of the coach and energy absorption capacity is augmenting the market growth. Along with this, various leading players are widely adopting energy-efficient manufacturing processes and novel technologies to minimize costs, enhance efficiency, and improve production capacities, thus influencing market growth. Apart from this, the stainless steel (SS) market is growing at different rates in numerous regions, with the Asia Pacific being the largest stainless steel (SS) markets due to the heavy investments in energy and infrastructure development programs, significant expansion in automotive machinery, and shipbuilding industries.
Furthermore, the rising product application in the electrical and electronics industries, ongoing industrial and infrastructural development activities, continuous technological advancement, and mergers and acquisitions (M&A) among key market players are other factors creating a positive market outlook across the globe. For instance, in May 2022, Jindal Stainless became a supplier to Alstom to develop technologically advanced trainsets for Regional Rapid Transit System. Jindal Stainless will supply around two kilotons of 301LN stainless steel grade in 2J finish to produce 210 trainsets.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Geography:
Who are the key players operating in the industry?
The report covers the major market players including:
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