Stainless Steel Market Research Scope And Data Sources By 2030

Stainless Steel Market Growth & Trends

The global stainless steel market size is expected to reach USD 223.60 billion by 2030, registering a CAGR of 8.9% during the forecast period, according to a new report by Grand View Research, Inc. Higher penetration of the product and its vital importance in numerous applications is expected to support the market growth, during the forecast period.

Stainless Steel Market Segmentation

Grand View Research has segmented the global stainless steel market based on the grade, product, application, and region:

Based on the Grade Insights, the market is segmented into 200 series, 300 series, 400 series, Duplex series, Others.

• 300 series was the largest segment in 2021 with a volume share of above 54.0% in 2021. Grade 303in the series is used almost entirely for every movable part requiring polishing, grinding, and machining where good corrosion resistance is also compulsory. Its non-seizing non-galling attributes make it suitable for moving parts. It has fairly good forming properties used for aircraft components, also valves, shafts, valve trim, gears, and all types of screw machine products.
• Grade 304 in the 300 series is specifically suited for all kinds of dairy equipment including containers, sterilizers, milking machines, homogenizers, and storage & hauling tanks, including railroad cars, milk trucks, valves, and piping. This 18-8 alloy is similarly operative in the brewing business where it is used in storage & transport cars, fermentation vats, yeast pans, and pipelines.
• Duplex series SS is anticipated to exhibit the highest CAGR of 10.9% during the forecast period, in terms of revenue. Superior properties of the product such as high strength, low weight, and high corrosion resistance particularly stress corrosion cracking is anticipated to drive product demand in the forecast period. The product finds applications in pharma, oil & gas, water desalination, and chemical & petrochemical industries.

Based on the Product Insights, the market is segmented into Flat and Long.

• Flat products accounted for a revenue share of over 73.0% in 2021 and is likely to dominate the market in the forecast period. Flat products mainly include sheets/coil and plates. SS flat products are widely used in mechanical parts and industrial tools along with construction and structural applications. These products are hot rolled and cold rolled and have properties such as corrosion resistance, high strength, and great thickness.
• The demand for SS products is likely to be driven by the growth of the automotive and transportation industry. Railways are one of the important applications, wherein COR-TEN steel is being replaced by stainless steel for coaches. This was mainly due to the energy absorption capacity and high strength to weight ratio to improve the crash effectiveness of the coach.
• Long products are widely used in industries such as textile, automotive, defense, shipbuilding, cement, fabrication, paper & pulp, and earth-moving machinery. Rounds bar is an important product in this category and can easily be machined and bent as per the requirement. These products are used in grills, fasteners, and machining applications along with the production of parts for automotive and machinery & equipment.

Based on the Application Insights, the market is segmented into Building & Construction, Automotive & Transportation, Consumer Goods, Mechanical Engineering & Heavy Industries, Others.

• The consumer goods segment dominated the market and accounted for the largest revenue share of above 37.0% in 2021. The segment is projected to grow owing to increasing demand for the washing machine & fridge parts, sinks, utensils, kitchen parts, and many more. Characteristics such as easy fabrication, corrosion resistance, and aesthetic appeal are likely to contribute to the demand for consumer goods; thus, positively influencing the market growth.
• The building & construction (B&C) segment witnessed a sizable impact in 2020 by the outbreak of the COVID-19 pandemic. Factors such as the global financial crunch, supply disruptions, global demand, and decline in 2020 have affected the market dynamics in the B&C sector in recent times. For instance, as per the data released by EUROCONSTRUCT, construction output in European countries witnessed a decline of 5.1% in 2020 from the previous year.
• The automotive & transportation segment also observed a significant decline during 2020 in terms of automotive production and sales. For instance, global automobile production declined by 16.0% in 2020 as per the International Organization of Motor Vehicle Manufacturers (OICA). The production levels continued to struggle in 2021 owing to the chip shortages. However, the demand levels of automotive vehicles are likely to be driven by the need for private vehicles among consumers masses.

Stainless Steels Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

Market Share Insights

• February 2021: Jindal Stainless announced a capex plan for its Odisha stainless steel plant worth Rs. 2000-3000 crore (~ USD 261.8-392.7 million) over the next few years.

Key Companies Profile & Market Share Insights

Players in the stainless steel market are adopting several organic and inorganic growth strategies such as capacity expansion, mergers & acquisitions, and joint ventures, in order to maintain and expand their market share.

Some of the prominent players operating in the global stainless steels market include,

• Acerinox S.A.
• Aperam Stainless
• ArcelorMittal
• Baosteel Group
• Jindal Stainless
• Nippon Steel Corporation
• Outokumpu
• POSCO
• ThyssenKrupp Stainless GmbH
• Yieh United Steel Corp.

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