Stainless Steel Market Size, Share, Forecast, & Trends Analysis by Product, Type and Applications and Geography-Global Forecast to 2031

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Stainless Steel Market by Product (Flat, Long), Type (Austenitic Stainless Steels, Ferritic Stainless Steels, Martensitic Stainless Steels) and Application (Metal Products, Electric Machinery) and Geography-Global Forecast to 2031

The research report titled 'Stainless Steel Market by Product (Flat, Long), Type (Austenitic Stainless Steels, Ferritic Stainless Steels, Martensitic Stainless Steels) and Application (Metal Products, Electric Machinery) and Geography-Global Forecast to 2031' provides an in-depth analysis of global stainless steel market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The stainless steel market is projected to reach $316.7 billion by 2031, at a CAGR of 6.1% during the forecast period from 2024 to 2031.

Based on volume, the stainless steel market is projected to reach 117.1 million tons by 2031, at a CAGR of 5.8% during the forecast period from 2024 to 2031.

The growth of the stainless steel market is primarily fueled by increasing demand for stainless steel products in the building and construction sector, along with rapid growth in the automotive industry. However, the market growth is constrained by the availability of alternative materials, such as aluminum and carbon steel.

Additionally, the increasing adoption of stainless steel products in the consumer goods sector and a growing emphasis on sustainability are anticipated to create new growth opportunities for market players. However, fluctuating raw material costs pose significant challenges that impact the growth of the stainless steel market.

The stainless steel market is segmented by product (flat {hot rolled wide strip [cold rolled flat, hot dipped metal coated, organic coated], quarto plate, other flat products}, long {wire rod, rebars, merchant bars, other long products}), type (austenitic stainless steels, ferritic stainless steels, martensitic stainless steels, duplex (ferritic-austenitic) stainless steels, and precipitation-hardening stainless steels), application (building & construction, mechanical engineering and heavy industry, electric machinery, automotive parts, consumer goods, metal products, transportation, and other applications). This study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product, the stainless steel market is segmented into the flat and long. In 2024, the flat segment is expected to account for a larger share of over 60.0% of this market. The segment's large market share is attributed to several factors, such as increasing demand for flat products in mechanical engineering and the rising adoption of flat stainless steel products in the automotive sector. In addition, the benefits offered by flat stainless steel products, such as their strength, durability, aesthetic appeal, recyclability, versatility, and longevity, also contribute to the growth of this segment. Moreover, this segment is expected to grow at a higher CAGR during the forecast period.

Based on type, the stainless steel market is segmented into austenitic stainless steels, ferritic stainless steels, martensitic stainless steels, duplex (ferritic-austenitic) stainless steels, and precipitation-hardening stainless steels. In 2024, the austenitic stainless steel segment is expected to account for the largest share of over 46.0% of this market. The segment's large market share is attributed to several factors, such as rapidly growing urban development and infrastructure projects and the growing use of austenitic stainless steel in automotive exhaust systems and structural components.

However, the duplex (ferritic-austenitic) stainless steel segment is estimated to record the highest CAGR during the forecast period. The increasing demand for duplex stainless steel in renewable energy projects and the growing adoption of duplex stainless steel in desalination equipment are expected to support its growth.

Based on application, the stainless steel market is segmented into building & construction, mechanical engineering and heavy industry, electric machinery, automotive parts, consumer goods, metal products, transportation, and other applications. In 2024, the metal products segment is expected to account for the largest share of over 34.3% of this market. The segment's large market share is attributed to several factors, such as a growing emphasis on sustainable materials and a growing demand for superior mechanical properties, such as high strength, toughness, and ductility. Moreover, this segment is expected to register the highest CAGR during the forecast period.

Based on geography, the stainless steel market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 66.0% of this market. The presence of major stainless steel producers is expected to significantly contribute to the high revenue share of this region. In addition, growth in the automotive sector, increased demand for stainless steel in the building and construction industries, and a heightened focus on sustainability driving the demand for stainless steel in the region.

Moreover, Asia-Pacific is expected to witness the highest CAGR during the forecast period. The rapid expansion of emerging economies, particularly in China, South Korea, Japan, and India, coupled with infrastructural development in the APAC region, are driving growth in this market. Additionally, the rising adoption of stainless steel products in the consumer goods sector and increased investment by market players in developing stainless steel products are further fueling the growth of this regional market.

The key players operating in the stainless steel market are Acerinox, S.A. (Spain), Aperam S.A. (Luxembourg), Jindal Stainless Limited (India), Nippon Steel Corporation (Japan), Outokumpu (Finland), Acciai Speciali Terni S.p.A. (Italy), JFE Steel Corporation (Japan), POSCO (South Korea), Thyssenkrupp Materials Services GmbH (Germany), Yieh Corp. (Taiwan), Baosteel Co., Ltd. (China), Tsingshan Steel Pipe Co., Ltd. (China), ArcelorMittal S.A. (Luxembourg), Tsingshan Holdings Group (China), and Tata Steel Ltd. (India).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of product, type, and application?
What is the historical market size for stainless steel across the globe?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global stainless steel market?
Who are the major players in the global stainless steel market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global stainless steel market?
What are the various strategies adopted by major market players?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global stainless steel market? How do they compete with the other players?

Scope of the Report:

Stainless Steel Market Assessment-by Product

Flat
- Hot Rolled Wide Strip
Cold Rolled Flat
Hot Dipped Metal Coated
Organic Coated
- Quarto Plate
- Other Flat Products
Long
- Wire Rod
- Rebars
- Merchant Bars
- Other Long Products

Stainless Steel Market Assessment-by Type

Austenitic Stainless Steel
Ferritic Stainless Steel
Martensitic Stainless Steel
Duplex (Ferritic-Austenitic) Stainless Steel
Precipitation-hardening (PH) Stainless Steel

Stainless Steel Market Assessment-by Application

Building & Construction
Mechanical Engineering and Heavy Industry
Electric Machinery
Automotive Parts
Consumer Goods
Metal Products
Transportation
Other Applications

Stainless Steel Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Austria
- Belgium
- Netherlands
- Sweden
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa

Product Code: MRCHM - 1041322

1. Introduction

1.1. Market Definition & Scope
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation Process
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing & Forecasting
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Market Analysis, by Product
3.3. Market Analysis, by Type
3.4. Market Analysis, by Application
3.5. Market Analysis, by Geography
3.6. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Growing Demand for Stainless Steel Products in the Construction Sector
  - 4.2.1.2. Rapid Growth in Automotive Industry
- 4.2.2. Restraints
  - 4.2.2.1. Availability of Substitute Products Such as Aluminum and Carbon Steel
- 4.2.3. Opportunities
  - 4.2.3.1. Rising Adoption of Stainless Steel Products in Consumer Goods Sector
  - 4.2.3.2. Growing Emphasis on Sustainability
- 4.2.4. Challenges
  - 4.2.4.1. Fluctuating Raw Material Costs
4.4. Vendor Selection Criteria/Factors Influencing Purchase Decisions
4.5. Case Studies
4.6. Stainless Steel Demand Vs. Stainless Steel Consumption (2010 - 2022)
4.7. Foreign Trade Exports of Stainless Steel, by Region
4.8. Stainless Steel Production Vs. Plastic Production (1980-2022)
4.9. Compound Annual Growth Rate (CAGR) Rise in the Prices of Major Metals (% Year): 1980-2022
4.10. Key Government Initiatives (2020-2024)

5. Global Stainless Steel Market Assessment-by Product

5.1. Overview
5.2. Flat
- 5.2.1. Hot Rolled Wide Strip
  - 5.2.1.1. Cold Rolled Flat
  - 5.2.1.2. Hot Dipped Metal Coated
  - 5.2.1.3. Organic Coated
- 5.2.2. Quarto Plate
- 5.2.3. Other Flat Products
5.3. Long
- 5.3.1. Wire Rod
- 5.3.2. Merchant Bars
- 5.3.3. Rebars
- 5.3.4. Other Long Products

6. Global Stainless Steel Market Assessment-by Type

6.1. Overview
6.2. Austenitic Stainless Steel
6.3. Ferritic Stainless Steel
6.4. Martensitic Stainless Steel
6.5. Duplex (Ferritic-Austenitic) Stainless Steel
6.6. Precipitation-Hardening (PH) Stainless Steel

7. Global Stainless Steel Market Assessment-by Application

7.1. Overview
7.2. Building & Construction
7.3. Mechanical Engineering and Heavy Industry
7.4. Electric Machinery
7.5. Automotive Parts
7.6. Consumer Goods
7.7. Metal Products
7.8. Transportation
7.9. Other Applications

8. Stainless Steel Market Assessment-by Geography

8.1. Overview
8.2. North America
- 8.2.1. U.S.
- 8.2.2. Canada
8.3. Europe
- 8.3.1. U.K.
- 8.3.2. Germany
- 8.3.3. France
- 8.3.4. Spain
- 8.3.5. Italy
- 8.3.6. Austria
- 8.3.7. Belgium
- 8.3.8. Netherlands
- 8.3.9. Sweden
- 8.3.10. Rest of Europe
8.4. Asia-Pacific
- 8.4.1. China
- 8.4.2. Japan
- 8.4.3. India
- 8.4.4. Singapore
- 8.4.5. South Korea
- 8.4.6. Australia & New Zealand
- 8.4.7. Rest of Asia-Pacific
8.5. Latin America
- 8.5.1. Mexico
- 8.5.2. Brazil
- 8.5.3. Rest of Latin America
8.6. Middle East & Africa
- 8.6.1. UAE
- 8.6.2. Israel
- 8.6.3. Rest of Middle East & Africa

9. Competition Analysis

9.1. Overview
9.2. Key Growth Strategies
9.3. Competitive Benchmarking
9.4. Competitive Dashboard
- 9.4.1. Industry Leaders
- 9.4.2. Market Differentiators
- 9.4.3. Vanguards
- 9.4.4. Emerging Companies
9.5. Market Rankings of Key Players

10. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments, and SWOT Analysis*)

10.1. Acerinox, S.A. (Spain)
10.2. Aperam S.A. (Luxembourg)
10.3. Jindal Stainless Limited (India)
10.4. Nippon Steel Corporation (Japan)
10.5. Outokumpu (Finland)
10.6. Acciai Speciali Terni S.p.A. (Italy)
10.7. JFE Steel Corporation (Japan)
10.8. POSCO (South Korea)
10.9. Thyssenkrupp Materials Services GmbH (Germany)
10.10. Yieh Corp. (Taiwan)
10.11. Baosteel Co., Ltd. (China)
10.12. Tsingshan Steel Pipe Co., Ltd. (China)
10.13. ArcelorMittal S.A. (Luxembourg)
10.14. Tsingshan Holdings Group (China)
10.15. Tata Steel Ltd. (India)

Note: SWOT analysis will be provided for the top 5 companies.*

11. Appendix

11.1. Available Customization