Stainless Steel Market By Type (Austenitic Stainless Steel, Ferritic Stainless Steel, Duplex Stainless Steel), Form (Flat Products, Long Products, Tubular Products), End Use (Industrial Machinery & Components, Automotive & Transportation, Home Appliances) & Region – Forecast 2021 - 2031
Stainless Steel Market - Analysis, Outlook, Growth, Trends, Forecasts
- April 2021
- 280 pages
- Chemicals & Materials
Stainless Steel Market Overview
[280 Pages Report] Global stainless steel market is estimated to expand at a CAGR of 5.5% during the forecast period of 2021-2031. Stainless steel market is anticipated to reach US$ 193.97 Bn by the end of 2031
Stainless steel is a special type of iron based steel, which consist of chromium and certain percent of carbon, molybdenum, nickel, and other elements which enhances the property of stainless steel. It is a highly corrosion resistant material and has excellent properties in terms of elasticity, ductility, hardness, wear and tear resistance.
The global Stainless Steel Market is anticipated to grow at a substantial rate during the forecast period owing to its increasing application in various industries such as chemical industries, petrochemical industries, oil & gas industries, food and beverage industries, and power generation industries.
Stainless steel also has diverse applications in building and construction and automotive and transportation industries. It also is used for the production of various home appliances, cookware and cutlery and other components.
ESOMAR-certified Market Research Company and consulting firm Future Market Insights (FMI) in its new study offers key insights and key factors driving the growth of the stainless steel market. The report tracks the global sales in more than 20 high-growth markets for Stainless Steel. Further, analyzing the impact of the COVID-19 Pandemic on the global market of stainless steel
How the Historical and Future Outlook for Stainless Steel Market Compare?
Stainless steel market is estimated to grow by 1.7 times over the assessment period between 2021 and 2031. Increase in production of stainless steel in China will aid growth. However, the pandemic crisis has impacted the growth of stainless steel market to a significant extent in the year 2020 owing to significant decrease in demand from various end use sectors.
The delay of the construction projects, lockdowns, and low demand of automotive have resulted in the decelerating growth of stainless steel market in the year 2020. However, with the recovery of economy and recovery of industrial performance, the stainless steel market is anticipated to grow at a desirable growth rate. According to FMI’s analysis, stainless steel market is expected to grow at 5.5% CAGR over the assessment period.
Increasing sales of cookware and cutlery and domestic appliances will bode well for the stainless steel market. East Asia is expected to remain the dominant market for stainless steel during the assessment period due to high consumption from the string presence of end use industries and massive production rate of stainless steel in this region, especially in China. It is anticipated to account for more than three fifth of the stainless steel produced globally.
Key players are focusing on expanding their footprint by collaborating with other players and strategic acquisition of medium size and other key players. Key market participants are also focusing on development of innovative and advance product by significantly investing in research and development (R&D).
How Development in Technologies Can be Key to the Stainless Steel Market?
Some of the leading players are investing in research and development to gain competitive edge. For instance, Acerinox S.A. invested a significant amount on annealing and pickling lines. According to company officials, this is an advanced technological system in the global stainless steel market, and it is expected to create considerable opportunities for the company in the coming years
In addition, several companies are developing new products and technologies. For example, In March 2021, ArcelorMittal announces the launch of XCarb™, to established development of products and technologies with low carbon emission. Switching towards the development of Green technologies by investing in research and development is expected to remain a key for the market players in the coming years.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
How is Stainless Steel Application in Machineries, Equipment, and Tools Production Affecting Growth?
The increasing demand of stainless steel from various industries including chemical, petrochemical, food & beverages, oil & gas and power generation industries, and others is expected to drive the market. Stainless steel is used in pumps, valves, piping system, storage tanks, and reactors and in many other places due to its excellent corrosion resistance, wear and tear resistance and tensile strength properties.
The demand for renewable energy production units is expected to grow at a significant rate in the coming years across several nations, owing to the growing necessity to produce electricity from alternative sources to curb greenhouse gas emission. This will benefit the market of Stainless Steel as the material is used in geothermal, solar, wind power plant, and hydro power plant. The material can withstand harsh environmental conditions. All these factors are expected to boost the demand of stainless steel over the forecast period.
How Price of Stainless Steel and Supply Glut will affect the Market?
The steel industry has faced an oversupply due to the massive production of various types of steel including stainless steel by China, which is further the largest consumer and producer of stainless steel in the world. This massive oversupply of the steel has resulted in the fall in the price of stainless steel and has affected the business of manufacturers of several other countries across the globe.
The increasing fluctuations in the price of stainless steel and steel products have been observed in the past decade, which also has impacted the industries to a significant extent. In addition, a sharp fall in stainless steel prices and elevated raw material costs have reduced the profit margins of the steelmakers and distributors. The industry’s debt protection metrics have also become weak.
Stainless Steel Market Opportunities
There is a growing demand for construction of residential and commercial buildings and hospitals across the globe, owing to the growing population and urbanization. Moreover, there is an increasing demand for fast construction mode. The growing urbanization leads to the requirement for more construction of buildings and infrastructure.
Growing population and urbanization further increases the demand for transportation mode which will increase the production of automotive and railways. These factors are increasing the opportunity in the stainless steel market.
There is a growing use of innovative technologies such as, Building Information Management (BIM) and increasing use of innovative materials & processes will create growth opportunity for stainless steel business. The increasing population will also lead to the usage of domestic appliances and cookware and cutlery, which will benefit the market of stainless steel in the coming years.
Stainless Steel Market Country-wise Insights
What is the Market Scenario of Stainless Steel in China?
China is anticipated to remain the dominant country in the global market of stainless steel during the assessment period. The country has witnessed a tremendous growth in stainless steel market in the past few years and is anticipated to remain one of the fastest growing markets across the globe. The strong presence of several industries including chemical, petrochemical, automotive, and significantly growing building and construction and infrastructure sectors has contributed to the substantial development of the stainless steel market in China.
How is Market Projections in the U.S.?
The U.S. is a highly developed nation with presence of some of the well-established end-use sector such as, automotive and transportation, building and construction, in several manufacturing industries, heavy engineering, medical and surgical devices, and domestic appliances, which has result in the significant consumption and demand of stainless steel in U.S.
What are the Market Projections for Italy?
Italy is also anticipated to remain a leading country in the market for stainless steel. The country has also witnessed a significant growth in the market owing to development in the infrastructure and construction sector. The country is known for its automotive industry which also has contributed to the growth of stainless steel in this country. Italy also has a fair share of key manufacturers and the country is one of the key producers of stainless steel across the globe.
What is the Market Projections of India?
India is anticipated to remain one of the fastest growing countries in the global market for stainless steel. The country is witnessing a substantial growth in the end-use sectors such as, automotive and transportation, manufacturing industries, in the field of heavy engineering, in construction and infrastructure sector and in other sectors. This significantly growing end use industries is expected to boost the market of stainless steel in the coming years in India.
State the Market Scenario of Japan?
Japan is also anticipated to remain a key country in the stainless steel global market owing to the strong presence of the key manufacturing companies and end-use sectors. Strong growth in the automotive and transportation sector, building and construction sector, manufacturing and heavy engineering sector, domestic appliances and other sector has contributed to the strong growth in the stainless steel market.
Stainless Steel Market Category-wise Insights
Which Type of Stainless Steel is forecast to Remain Top-selling?
Austenitic stainless steel is expected to remain a prominent type in the global market of stainless steel. The segment is anticipated to account for nearly three-fourth of the stainless steel market. Owing to excellent properties of corrosion resistance, wear and tear resistance, tensile strength and many others, austenitic type is preferred in various manufacturing industries including chemical, petrochemicals, oil & gas, etc., in heavy engineering and in other end use sectors.
Which is the Preferred Form of Stainless Steel?
Tubular segment is anticipated to witness a significant growth in the global market for stainless steel. The increasing demand from chemical industries, petrochemical industries, and food and beverage industries, from construction and infrastructure sector and from other industries will benefit the tubular products of stainless steel.
Who is the Key End User of Stainless Steel?
Industrial machinery and components segment is anticipated to remain one of the leading end users of stainless steel owing to the application of stainless steel manufacturing sector, heavy engineering, and power generation industries. Increasing demand for stainless steel in storage tanks, reactors, pipes, and valves and other equipment in the chemical, food & beverages, oil & gas and in various applications within power generation industries is driving the consumption of stainless steel.
Stainless Steel Market Competitive Landscape
Key Players are focusing on research and development activities to introduce new and innovative products, solutions and technologies for end users specifications, standards, and custom need. The global stainless steel market can be considered as 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 excellent scope of demand. Tier-I companies are planning to venture into collaboration and acquisitions of accompanying businesses to further increase their market presence.
List of some of the key companies operating in the market includes:
- Nippon Steel Corporation
- JFE Steel Corporation
- AK Steel
- Thyssenkrupp AG
- Hyundai Steel Co.,Ltd.
- Yieh United Steel Corp.
- Baosteel Group
- Jindal Stainless Limited
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.
Scope of the Report
Historical Data Available for
USD Million for value and Kilo Tons for Volume
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered
US, Canada, Brazil, Mexico, Germany, U.K., France, Italy, Spain, Benelux, Russia, China, Japan, South Korea, India, ASEAN, GCC Countries, Turkey, North Africa, South Africa
Key Segments Covered
By Material, By Type, By Application, By Formulation
Key Companies Profiled
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
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- Is this research conducted by Future Market Insights?
Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst
- What research methodology is followed by FMI?
FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology
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- What are the sources of secondary research?
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Stainless Steel Market by category
- 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
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa