Dublin, Feb. 11, 2025 (GLOBE NEWSWIRE) — The “Stainless Steel – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Stainless Steel was valued at US$120.2 Billion in 2024 and is projected to reach US$157.4 Billion by 2030, growing at a CAGR of 4.6% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Stainless steel is a versatile alloy known for its corrosion resistance, strength, and durability, making it a preferred material across industries like construction, automotive, medical, and food processing. Composed primarily of iron, chromium, nickel, and other elements, stainless steel offers various grades and finishes to meet specific requirements, including resistance to heat, moisture, and chemical exposure.
What Factors Are Driving the Growth in the Stainless Steel Market?
The growth in the Stainless Steel market is driven by several factors, including increasing demand for durable and corrosion-resistant materials across industries like construction, automotive, and medical devices. Advancements in alloy composition, manufacturing techniques, and recycling processes have improved the performance, availability, and sustainability of stainless steel, supporting broader adoption in diverse applications.
The focus on infrastructure development, lightweight automotive components, and hygienic food processing equipment has further fueled demand, as manufacturers and builders seek reliable materials that offer long service life and minimal maintenance. Additionally, rising investments in construction projects, automotive manufacturing, and healthcare infrastructure have contributed to market growth, encouraging the integration of stainless steel in various industrial and consumer applications.
What Are the Key Segments in the Stainless Steel Market?
Key types include austenitic, ferritic, martensitic, and duplex stainless steel, with austenitic stainless steel holding the largest market share due to its wide-ranging applications in kitchenware, construction, and medical devices. Grades cover 200, 300, 400 series, and others, with the 300 series representing a significant segment driven by its superior corrosion resistance and weldability. Applications span construction, automotive, consumer goods, medical devices, and industrial machinery, with construction leading the market as it utilizes stainless steel for structural frameworks, railings, and facades.
How Is Stainless Steel Integrated Across Various Industries?
In the construction sector, stainless steel is used for structural beams, facades, and cladding due to its strength, corrosion resistance, and aesthetic appeal, supporting modern architecture and infrastructure. The automotive industry relies on stainless steel for exhaust systems, fuel tanks, and chassis components, ensuring durability and resistance to high temperatures and corrosive environments.
In the food processing industry, stainless steel is used in equipment like tanks, piping, and kitchenware, as it resists contamination and is easy to clean, ensuring food safety standards. Additionally, the medical sector uses stainless steel for surgical instruments, implants, and hospital furniture, as it is biocompatible and maintains sterility.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Acerinox S.A., Aperam S.A., ArcelorMittal S.A., Baosteel Group, Bristol Metals, LLC and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Flat Stainless Steel segment, which is expected to reach US$113.3 Billion by 2030 with a CAGR of a 4.4%. The Long Stainless Steel segment is also set to grow at 5.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, valued at $32.5 Billion in 2024, and China, forecasted to grow at an impressive 7.5% CAGR to reach $32.2 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Segments:
- Product Type (Flat Stainless Steel, Long Stainless Steel)
- Grade (400 Series Grade, 300 Series Grade, 200 Series Grade, Other Grades)
- Application (Consumer Goods Application, Mechanical Engineering & Heavy Industries Application, Automotive & Transportation Application, Building & Construction Application, Other Applications).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 93 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $120.2 Billion |
| Forecasted Market Value (USD) by 2030 | $157.4 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Stainless Steel – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Corrosion-Resistant Materials Spurs Stainless Steel Market Growth
- Increasing Use of Stainless Steel in Food Processing Expands Addressable Market
- Advancements in Stainless Steel Alloys Propel Adoption Across Industries
- Growing Demand in Automotive Manufacturing Drives Market Expansion
- Expansion of Oil and Gas Sector Fuels Demand for Stainless Steel Equipment
- Increasing Adoption in Medical Device Manufacturing Drives Growth
- Rising Demand for Hygienic Materials in Food Packaging Boosts Market
- Emergence of Recycled Stainless Steel Enhances Market Sustainability
- Growing Focus on Durable Building Materials Expands Stainless Steel Adoption
- Increasing Use in Renewable Energy Infrastructure Spurs Demand
- Expansion of Chemical Processing Drives Demand for Corrosion-Resistant Steel
- Rising Popularity of Stainless Steel Appliances Expands Residential Market
- Increasing Demand for High-Strength Stainless Steel Alloys Fuels Growth
- Growing Use in Water Treatment Equipment Enhances Market Opportunities
FOCUS ON SELECT PLAYERS: Some of the 42 companies featured in this report
- Acerinox S.A.
- Aperam S.A.
- ArcelorMittal S.A.
- Baosteel Group
- Bristol Metals, LLC
- Jindal Stainless Limited
- Mirach Metallurgy Co., Limited
- Nippon Steel Corp.
- Outokumpu Oyj
- POSCO
- Sandvik AB
- ThyssenKrupp Stainless GmbH
- Viraj Profiles Limited
- Yieh United Steel Corp.
For more information about this report visit https://www.researchandmarkets.com/r/dvoj7r
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