According to a recent report by Reports and Data, the global Stainless Steel market is expected to reach USD 297.34 Billion by 2030. The market is experiencing a surge in demand, driven by the growth of end-user industries such as the automotive industry, in both developed and developing economies around the world. However, the demand for stainless steel may be hindered by carbon fibers, which have lightweight, high strength, and load-bearing properties.
The demand for stainless steel has increased due to rapid urbanization and the need for secure infrastructure. The Indian government supports the usage of stainless steel, as India is one of the top manufacturers of stainless steel globally. Other governments in countries like China, Japan, and the United States are also supporting the sales of stainless steel, thereby boosting the growth of the market. After taking control of the Covid-19 pandemic, China has increased the export rebates for various steel products, which may lead to Indian steelmakers seeking higher border tariffs on imports. The Asia Pacific region is expected to witness the highest growth rate due to the increasing use of stainless steel.
The COVID-19 pandemic has impacted the stainless steel market, as manufacturers are changing their practices and purchasing priorities to meet the demands of the pandemic, which has led to a reduction in the need for stainless steel in the market. The global stainless steel markets have been reshaped by the effects of the pandemic, as some suppliers have shut down or reduced their output due to a lack of demand for stainless steel in downstream markets. Some governments have suspended production as a precautionary measure to combat the spread of the virus. In such circumstances, market conditions in the Asia Pacific region have been unstable, making it difficult to stabilize the market.
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Stainless Steel Market Segments:
The global stainless steel market has been segmented by Reports and Data based on grade, product, application, and region for the purpose of this report.
The market has been divided into five segments based on grade: 200 series, 300 series, 400 series, duplex series, and others. The revenue in USD billion and volume in kilo tons of each segment has been analyzed and forecasted for the period of 2019-2030.
In addition to the grade, the market has also been segmented based on product into two categories: flat and long. The revenue in USD billion and volume in kilo tons of each segment has been analyzed and forecasted for the period of 2019-2030.
Furthermore, the market has been segmented based on application into five categories: building and construction, heavy industry, automotive and transportation, consumer goods, and others. The revenue in USD billion and volume in kilo tons of each segment has been analyzed and forecasted for the period of 2019-2030.
Lastly, the market has been segmented based on region into five categories: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Each region has been further segmented into countries such as the United States, Canada, Mexico, Germany, the United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, and Saudi Arabia. The revenue in USD billion and volume in kilo tons of each region and country has been analyzed and forecasted for the period of 2019-2030.
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Stainless Steel Market: Strategic Developments
The global Stainless Steel market is segmented based on grade, product, application, and region. Among these, the 400 series is expected to grow at a CAGR of 6.5% owing to its high carbon content that gives it a martensitic crystalline structure, making it suitable for a variety of applications. The demand for stainless steel in infrastructure development and automotive production is increasing due to its properties, such as resistance to corrosion, strength, and low maintenance, which is driving the demand for the market. The automotive and transportation application is expected to grow at a significant rate of 6.5% in the forecast period.
The consumer goods sector is the major contributor to the Stainless Steel market, which was USD 31.38 billion in 2017 and is forecasted to grow at a rate of 5.4% in the forecast period. The Asia Pacific region holds the largest share of the market, with the consumer goods sector being the major shareholder, holding around 33.0% of the market in 2019.
The Asia Pacific region dominates the market for Stainless Steel due to the consistent focus of the region on cost-effective and innovative procedures adopted in the area, driving the market. In March 2018, Nippon Steel Sumitomo Metal Corporation (NSSMC) and ArcelorMittal (AM) agreed on the basic terms and conditions for jointly acquiring and managing Essar Steel India Limited (ESIL) through a joint venture to be formed by NSSMC and AM. NSSMC will proceed with AM to form the joint venture and acquire ESIL subject to the approval of regulatory authorities. This acquisition is expected to further strengthen the position of NSSMC and AM in the global stainless steel market.
Stainless Steel Market: Competitive Landscape
Jindal Stainless, Acerinox S.A., Outokumpu, Aperam Stainless, ArcelorMittal, Baosteel Group, Nippon Steel Corporation, POSCO, ThyssenKrupp Stainless GmbH, and Yieh United Steel Corp are among the key participants in the Stainless Steel market. These companies are major players in the market and are constantly striving to improve their products and services to maintain their market position. They focus on developing new products, expanding their distribution networks, and improving their manufacturing processes to meet the evolving needs of their customers. The market is highly competitive, and these key participants compete on the basis of product quality, price, and distribution network.
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