PUBLISHER: Market Research Future | PRODUCT CODE: 1619004
PUBLISHER: Market Research Future | PRODUCT CODE: 1619004
India and Global Stainless-steel Market Research Report Information by Grade (200 Series, 300 Series, 400 Series, Duplex Stainless-steel) By Product Type (Hot Rolled, Hot Rolled, Annealed and Pickled, Bright Bar, Wire Rods, Round Bars and Others) By Customer Type (Trader, Downstream Processors, OEM and Others), By End-User (Building & Construction, Automotive & Transportation, Mechanical Engineering & Heavy Industries, Consumer Goods, Electronic Appliances and Others) and By Region Forecast to 2032
In 2023, the global stainless steel market was estimated to be worth $31,519.0 million USD. According to projections, the stainless-steel sector would expand at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2032, from USD 34,580.1 million to USD 55,099.5 million.
India In 2023, the stainless steel market was estimated to be worth $2,422.5 million USD. With a compound annual growth rate (CAGR) of 7.9% from 2024 to 2032, the stainless-steel industry is expected to increase from USD 2,710.4 million in 2024 to USD 4,981.8 million by 2032.
The term "long stainless steel products" refers to a class of stainless steel products that are frequently utilized in a variety of industrial applications and are distinguished by their continuous lengths and elongated shapes. These goods are usually made by extrusion, rolling, or forging and include things like bars, rods, wires, angles, channels, and beams. Stainless steel long items are vital in industries including mechanical engineering, automotive, aerospace, and construction because of their exceptional strength, durability, and resistance to corrosion. Because of their special qualities, they can be used in difficult settings where material deterioration can result from exposure to chemicals, moisture, and temperature changes. Long stainless steel goods are also frequently used in applications that need exact measurements and a high degree of structural integrity, like making specialized machinery, reinforcing concrete constructions, and supporting frameworks. These goods' adaptability and the growing focus on sustainability and recyclability have raised demand in both established and new markets.
Perspectives on Market Segments
Based on grade, the stainless steel market in India and around the world is divided into 200 Series, 300 Series, 400 Series, and Duplex stainless steel.
The market is divided into several segments based on the kind of product: wire rods, round bars, bright bars, hot rolled, annealed and pickled, and others.
The market is divided into downstream processors, OEMs, traders, and others based on the kind of customer.
Building & Construction, Automotive & Transportation, Mechanical Engineering & Heavy Industries, Consumer Goods, Electronic Appliances, and Others are the segments of the Indian and global stainless-steel market based on fuel.
Local Perspectives
The market for stainless steel in Asia Pacific has the largest market share and is anticipated to generate a sizable revenue share over the course of the projected period. The market for stainless steel in the Asia-Pacific region is expanding significantly due to rising demand from a variety of sectors, such as manufacturing, construction, and the automobile industry. This demand is mostly driven by the rapid urbanization and substantial infrastructure development in nations like China and India, as stainless steel's resistance to corrosion makes it perfect for hostile settings. India is becoming a major role with ambitions to increase manufacturing capacity, but China remains the region's biggest producer and user of stainless steel. Well-established markets like South Korea and Japan provide the sector with cutting-edge technologies and superior standards.
Valbruna S.p.A., ThyssenKrupp AG, Aperam S.A., Acerinox S.A., Nippon Steel, Swastik Pipes, Usha Martin Limited, Jindal Stainless, Viraj Profiles, Shyam Ferro, Mukand Ltd., Ambica Steels Ltd., Panchmahal Steel Ltd., Shah Alloys Ltd., and Chandan Steel Ltd. are the principal participants in the Marcegaglia Group.