Stainless Steel Global Market Report 2024

The stainless steel market size has grown strongly in recent years. It will grow from $154.25 billion in 2023 to $167.2 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%.The growth observed in the historical period can be attributed to several factors, including expansions in manufacturing, increased demands from the energy sector, innovations in consumer goods, rapid urbanization, construction booms, and the utilization of products within the aerospace and defense sectors.

The stainless steel market size is expected to see strong growth in the next few years. It will grow to $228.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. Anticipated growth in the upcoming period is expected to stem from rising industrialization in emerging markets, extensive infrastructure development initiatives, a global economic recovery, and increased focus on sustainable practices and regulations. Major trends projected for the forecast period encompass technological advancements in manufacturing processes, a surge in global economic growth, a notable shift towards sustainable materials across industries, increased demand within the automotive sector, and advancements in automotive design to meet evolving consumer needs and preferences.

The stainless-steel market is projected to grow owing to the rapid expansion in the automotive industry. Stainless steel's durability and aesthetic appeal find extensive usage in vehicle manufacturing. For instance, in India, the Society of Indian Automobile Manufacturers reported a production increase to 22.93K automobiles in 2021. The European Automobile Manufacturers' Association noted a global production of 79.1 million vehicles in 2021. These statistics underscore the pivotal role of stainless steel in meeting automotive industry demands, propelling the market's growth.

The stainless-steel market envisions growth due to increased demand in the construction industry. Stainless steel, known for its durability, corrosion resistance, aesthetic appeal, and recyclability, is extensively used in construction. By 2030, global construction output is projected to rise by 42%, amounting to USD 15.2 trillion. This increased demand in the construction sector is a driving force behind the growth of the stainless-steel market.

The stainless-steel market sees a predominant focus on product innovation among major companies seeking to fortify their positions. For example, in December 2021, Jindal Stainless, an India-based stainless steel manufacturer, launched 'Jindal Infinity,' a branded stainless steel variant of chequered sheets made from high-end 409M grade stainless steel. This innovation presents a superior and cost-efficient alternative for various applications.

Major players in the stainless-steel market are driving innovation through the development of new products such as A4 stainless steel, seeking a competitive advantage. For instance, in January 2023, 3DEO Inc. unveiled 316L stainless steel, recognized for its exceptional corrosion resistance and mechanical properties. This weldable material finds applications across various sectors, including medical, industrial, marine, and food processing, due to its resilience in harsh conditions.

In December 2021, Aperam S.A. a Europe-based stainless, electrical, and specialty steel producing company acquired ELG for $ 393 million (EUR 357 million). This acquisition is anticipated to create a new reportable division called Recycling and produce minimum synergies of EUR 24 million over the course of the following three years, with additional improvements. This acquisition is in line with Aperam's dedication to sustainability and its objective of generating value through recycling and renewable energy initiatives. ELG is a Germany-based stainless steel and superalloys recycling company.


Major companies operating in the stainless steel market report are China Baowu Steel Group Corporation Ltd., Sandmeyer Steel Company, ArcelorMittal SA, Pohang Iron and Steel Company, Nippon Steel Corporation, ThyssenKrupp AG, JFE Steel Corporation, Tata Steel Limited, Essar Steel India Limited, Steel Authority of India Limited, Sandvik AB, Outokumpu Oyj, Marcegaglia Specialties S.p.A., Jindal Steel and Power Limited, Acerinox SA, Aperam SA, AK Steel Holdings Corporation, ATI Specialty Alloys & Components, Schmolz + Bickenbach AG, Allegheny Technologies Incorporated, Carpenter Technology Corporation, Rashtriya Ispat Nigam Limited, North American Stainless, Viraj Profiles Limited, Ulbrich Stainless Steels & Special Metals Inc., Yieh Corporation, Aamor Inox Limited, Bristol Metals LLC, Valbruna Stainless Inc., Mahindra Ugine Steel.

Asia-Pacific was the largest region in the stainless steel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the stainless steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the stainless steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Stainless steel comes in various types, including cold-rolled flat, hot plate and sheet, cold bars and wire, hot bars and wire rods, among others. Cold-rolled flat stainless steel is strengthened without heat, altering its shape to enhance durability. Grades such as the 200, 300, 400 series, and duplex series find applications across building and construction, automotive, consumer goods, mechanical engineering, heavy industries, and other sectors.

The stainless steel market research report is one of a series of new reports that provides stainless steel market statistics, including stainless steel industry global market size, regional shares, competitors with a stainless steel market share, detailed stainless steel market segments, market trends and opportunities, and any further data you may need to thrive in the stainless steel industry. This stainless steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The stainless steel market consists of sales of austenitic stainless steel, ferritic stainless steel, duplex stainless steel, and martensitic stainless steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.