Stainless Steel Market size to grow by 10,299.64 thousand t from 2022 to 2027, Upsurge in consumption of high

Sep 19, 2023

NEW YORK, May 15, 2023 /PRNewswire/ -- The global stainless steel market size is estimated to grow by 10,299.64 thousand t from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 3.38% during the forecast period. APAC is estimated to account for 76% of the global market growth. The region has some of the largest stainless steel-producing countries in the world. The countries include China, Japan, South Korea, and India. In 2020, China was the largest producer and consumer of stainless steel. Manufacturers shift to the consumption of scrap steel and stainless steel as raw materials to reduce pollution as well as manufacturing costs. Hence, such factors will drive the growth of the market in APAC during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Stainless Steel Market - Segmentation AssessmentSegment OverviewThis report extensively covers market segmentation by end-user (metal products, mechanical engineering, automobile and transportation, infrastructure and construction, and electrical engineering), product (flat and long), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The market share growth by the metal products segment will be significant for overall market growth during the forecast period. The use of stainless steel in metal products provides an aesthetic appeal, extensive textures, strength, functionality, corrosion resistance properties, and ease of cleaning properties. The demand for stainless steel for manufacturing metal products is high owing to its ease of fabrication and mechanical properties. Hence, the shift in consumer preference toward hygienic and easy-to-clean products is likely to increase the demand for stainless steel in metal products during the forecast period.

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Stainless Steel Market – Market DynamicsKey factor driving market growth

Upsurge in the consumption of high-strength stainless steel significantly drives the stainless steel market growth.

The use of high-strength stainless steel is rising in architectural, industrial, and consumer applications because of its qualities such as affordable cost and high strength-to-weight ratio.

Strategic positioning and branched-out product portfolios are some of the factors that boost the sales of high-strength stainless steel during the forecast period.

Thus, high-strength steel is also used to develop environment-friendly vehicles. These factors will fuel the growth of the global stainless steel market.

Leading trends influencing the market

The growing demand for steel and stainless steel scrap is an emerging trend influencing the stainless steel market growth.

The use of scraped steel and stainless steel increases due to the need to reduce carbon footprint and recycling improves the industry's economic viability and reduces the environmental impact.

1.79 metric tons of CO2 is saved for each metric ton of scrap steel, on average. Hence, stainless steel producers prefer steel and stainless steel scrap as raw materials.

Therefore, concerns regarding global warming are propelling the use of steel and stainless steel scrap to produce stainless steel products. This will increase their demand during the forecast period.

Major challenges hindering the market growth

Volatility in raw material prices is a major challenge that may impede the stainless steel market growth.

The manufacturing of stainless steel depends on various commodities, metals, and industrial raw materials. It includes iron ore, ferrochrome, scraped steel, chromium, nickel, and others.

But the volatility in the prices of raw materials influences the profit margins of stakeholders.

For instance, in January 2021, the average price of iron ore was about USD 158 per ton, which rose to USD 168 per ton in mid of 2021 and declined to USD 85 per ton in November 2021.

Based on import and export tariffs, the pricing differs from one region to another.

Hence, high volatility in the cost of raw materials is one of the major challenges for the global stainless steel market.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Stainless Steel Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the stainless steel market between 2023 and 2027

Precise estimation of the size of the stainless steel market and its contribution to the market with a focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the stainless steel market across APAC, Europe, North America, Middle East and Africa, and South America

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of the stainless steel market vendors

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Stainless Steel Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 3.38%

Market growth 2023-2027

10,299.64 thousand t

Market structure

Fragmented

YoY growth 2022-2023 (%)

2.81

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 76%

Key countries

US, China, India, Japan, and South Korea, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Acerinox SA, Aperam, Cleveland Cliffs Inc., Foshan Maysky Stainless Steel Co. Ltd., HONG YUE STAINLESS STEEL Ltd., JFE Holdings Inc., Jindal Stainless Ltd., JSW STEEL Ltd., Mirach Metallurgy Co. Ltd., Nippon Steel Corp., Outokumpu, Penn Stainless, POSCO holdings Inc., Reliance Metalcenter, Sandmeyer Steel Co., Tata Steel Ltd., Tsingshan Holding Group Co. Ltd., Ulbrich Stainless Steels and Special Metals Inc., WJH Stainless Steel, and Yieh Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global stainless steel market 2017 - 2021

4.2 End-user Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by End-user

6.1 Market segments

6.2 Comparison by End-user

6.3 Metal products - Market size and forecast 2022-2027

6.4 Mechanical engineering - Market size and forecast 2022-2027

6.5 Automobile and transportation - Market size and forecast 2022-2027

6.6 Infrastructure and construction - Market size and forecast 2022-2027

6.7 Electrical engineering - Market size and forecast 2022-2027

6.8 Market opportunity by End-user

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 Flat - Market size and forecast 2022-2027

7.4 Long - Market size and forecast 2022-2027

7.5 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 India - Market size and forecast 2022-2027

9.10 US - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 South Korea - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Acerinox SA

12.4 Aperam

12.5 Cleveland Cliffs Inc.

12.6 JFE Holdings Inc.

12.7 Jindal Stainless Ltd.

12.8 JSW STEEL Ltd.

12.9 Mirach Metallurgy Co. Ltd.

12.10 Nippon Steel Corp.

12.11 Outokumpu

12.12 POSCO holdings Inc.

12.13 Sandmeyer Steel Co.

12.14 Tata Steel Ltd.

12.15 Tsingshan Holding Group Co. Ltd.

12.16 WJH Stainless Steel

12.17 Yieh Corp.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

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