Stainless Steel Market is Projected to Accelerate at a CAGR of 5.5% to top US$ 183.86 Billion by 2032
As per the report published by FMI, the global stainless steel market is projected to have a moderate-paced CAGR of 5.5% during the forecast period. The current valuation of the market is US$ 119.80 billion in 2022. The market value of stainless steel is anticipated to reach a high of US$ 183.86 billion by the year 2032.
The stainless steel market is gaining rapid traction due to the flourishing demand for stainless steel in the manufacturing of kitchen products such as showpieces, cookware, and stoves owing to its benefits that include high ductility & toughness, resistance to corrosion, and low maintenance required that in turn fuel the market growth in the different industries.
According to the findings of Future Market Insights stainless steel seeks significant demand from the automotive industry again influences the market growth positively. Increasing automobile production in the regions such as the Middle East, the Asia Pacific, and Latin America has prominently escalated the demand for stainless steel in these regions.
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FMI has analyzed that the main factors contributing to the increased automobile production are the rise in easy access to credit facilities, disposable income, and the increasing necessity of people for personal transportation. The aforementioned factors are likely to boost the demand for stainless steel across the globe.
Key Takeaways from the Stainless Steel Market
- The automotive and transportation segment accounts for 12% market share of the global steel consumption.
- On the basis of the product type, the flat product segment is going to dominate at a significant CAGR during the period 2022-2032. This segment accounted for 73% of revenue share in 2021.
- Europe is projected to advance at a CAGR of 5.6% during the estimated period.
- Asia Pacific is projected to dominate the stainless steel market with a market share of 74% during the forecast period.
“Socio-economic factors and drastic development of the construction & building and automotive industry is likely to curate lucrative growth opportunities for the stainless steel manufacturers and leverage the market growth during the forecast period”– Says an FMI Analyst
Competition Landscape in the Stainless Steel Market
The market players in the stainless steel industry focus primarily on their capacity expansion across various regions. the manufacturer has helped in the development of advanced techniques to enhance the properties of stainless steel which further extends profitable opportunities to the market players in the forecast period of 2022 to 2032.
The global stainless steel market can be considered oligopolistic due to the presence of a considerable number of players across the globe. The intensity of participation in the market is high owing to the excellent scope of demand. Tier-I companies are planning to venture into collaboration and acquisitions of accompanying businesses to further increase their market presence.
Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, and Outokumpu are some key players in the stainless steel market.
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Key Segments In The Stainless Steel Market
- Austenitic Stainless Steel
- Ferritic Stainless Steel
- Duplex Stainless Steel
- Martensitic Stainless Steel
- Precipitation Hardening Stainless Steel
- Flat Products
- Long Products
- Tubular Products
- Building & Construction
- Industrial Machinery & Components
- Automotive & Transportation
- Home Appliances
- Cookware & Cutlery
- Medical & Surgical Tools
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Recent Developments in the Stainless Steel Market:
- In November 2021, the U.S. government introduced USD 2 trillion plan for infrastructure. It includes heavy fund allocation for repair and renovation of bridges, highways, EV charging facilities, airports, water infrastructure, communication networks, high-speed Internet, clean energy & environment, and carbon reduction. This plan is likely to assist the SS demand for structural applications in infrastructure and construction.
- In February 2021, Jindal Stainless announced a CAPEX plan for its Odisha stainless steel plant worth Rs. 2000-3000 crore (USD 261.8-392.7 million) over the next few years
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