The market for stainless steel is expected to grow at a CAGR of around 5.5% from 2020 to 2027 and expected to reach the market value of around US$ 174.6 Bn by 2027.
Stainless steel is a corrosion-resistant alloy of iron, chromium sometimes nickel, and other metals. It is infinitely recyclable, hence it’s a “green material”. It is environmentally neutral and inert, and its longevity ensures that it meets the needs of sustainable construction with a recovery rate of close to 100%. Instead, of all these environment-friendly benefits it is also esthetically appealing, extremely hygienic, easy to maintain, highly durable, and offers a wide variety of others. Additionally, the composition of stainless steel include >= 10.5% chromium, <=1.2% carbon and other alloying elements. Moreover, the corrosion resistance and mechanical properties of the stainless steel can be further enhanced by adding elements like nickel, molybdenum, titanium, niobium, and manganese among others. Basically, a chromium oxide layer is formed on the surface of the material when contact with the oxygen, and this passive layer protects it with its unique ability to repair itself.
The properties associated with stainless steel such as low maintenance, ease of fabrication, and aesthetic appeal are driving the segmental market value. The growing usage of stainless steel in pre-engineered buildings for roofing and building system along with the increasing preference for sustainable construction is supporting the market growth. The high-temperature resistance and easy maintenance along with the wide range of applications in the automotive, aerospace, and construction industries are contributing to its expanding usage across the globe. The rising demand from various applications such as gas turbine exhaust silencers, agricultural equipment, heat exchanger, hardware, and motor shafts is accelerating the market value. Furthermore, rising demand for stainless steel in the medical industry for instruments like kidney dishes, surgical and dental instruments, and medical equipment including steam sterilizers, MRI scanners, and cannulas is anticipated to create growth over the forecast period from 2020 to 2027.
On the other side, uncertainties associated with the prices of the raw materials are likely to hinder the growth to an extent over the forecast period from 2020 to 2027.
Segment Instance of Global Stainless Steel Market
Consumer Goods accounted for the maximum revenue share in the global stainless steel
Based on application, the consumer goods segment is leading the market with maximum revenue share (%) in terms of value. This segment is particularly inclusive of cookware, stoves, showpieces, cutlery, and catering among others.
Asia Pacific accounted for the maximum revenue share in the stainless steel market
In 2019, Asia Pacific dominated the market with maximum revenue share (%), and the region is also projected to maintain its dominance throughout the forecast period from 2020 to 2027. The major developing economy of the region, China is having dominance in the regional market with maximum revenue share. Moreover, Asia Pacific is followed by Europe in the stainless steel market. The environmental concerns and emission reduction standards are encouraging regional automotive OEM’S to increase usage of stainless steel in structural components.
Key Market Players
The players profiled in the report include Acerinox S.A., AK Steel Corporation, Aperam S.A., ArcelorMittal, Baosteel Group, JFE Holdings, Jindal Stainless, Nippon Steel & Sumitomo Metal Corporation, North American Stainless, Outokumpu Oyj, POSCO, ThyssenKrupp Stainless GmbH, and Yieh United Steel Corp. among others.
Market By Types
Market By Application
Surgical tools and medical equipment
Automotive and aerospace applications
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The market for stainless steel is expected to reach a market value of around US$ 174.6 Bn by 2027.
The stainless steel market is expected to grow at a CAGR of around 5.5% from 2020 to 2027.
Consumer goods is the leading segment by application in the stainless steel market
The properties associated with the stainless steel such as low maintenance, ease of fabrication, and aesthetic appeal, growing usage of stainless steel in pre-engineered buildings for roofing and building system, increasing preference for sustainable construction, rising demand from various applications such as gas turbine exhaust silencers, agricultural equipment, heat exchanger, hardware and motor shafts are some of the factor driving the market growth.
Acerinox S.A., AK Steel Corporation, Aperam S.A., ArcelorMittal, Baosteel Group, JFE Holdings, Jindal Stainless, Nippon Steel & Sumitomo Metal Corporation, North American Stainless, Outokumpu Oyj, POSCO, ThyssenKrupp Stainless GmbH, and Yieh United Steel Corp. are some of the prominent players in the market.
Asia Pacific held the highest market share in the stainless steel market
Asia Pacific is expected to be the fastest growing market over the forecast period