Global Stainless Steel Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Austenitic stainless steel, ferritic stainless steel, duplex stainless steel Martensitic Stainless Steel, Precipitation Hardening Stainless Steel, and Others), By Product (Flat, Long, and Others), By Application (metal product, electric machinery construction automotive parts, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 - 2030Industry: Advanced Materials
The Global Stainless Steel Market was valued at USD 112.23 billion in 2021 and is expected to reach USD 190.82 billion by 2030, growing at a CAGR of 6.2% during 2021-2030.
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The market is being driven by an increase in consumer disposable income as well as an increase in consumer preference for home stainless steel adoption and growing demand of stainless steel in electrical and mechanical equipment design, as well rising demand of stainless steel in modular construction. Some of the trends that are assisting in market advancement include the increased release of technologically advanced products, while demand for stainless steel in wire manufacturing and rising demand of scrap produced during steel making. Along with this, there are some market constraints and challenges, such as it is difficult to fabricate owing to the inability of being less malleable than other metals and intricacies in welding limits its application. Whereas fluctuation in raw material prices owing to changing market economy and effect of factors such as labor laws and environmental cost on production. In terms of opportunities, the rise in construction industries in emerging countries and rising e-commerce platforms attracts global consumers creating a huge change in the stainless steel industry. These alternative products are offered by local and gray market players in the stainless steel industry. In terms of price competitiveness and an efficient local supply network, the unorganized sector, which includes gray market players and local players, can outperform well-established companies in this market.
- Increased steel demand in 2020 compared to October 2020 forecasts for both developed and developing economies.
- Despite a favorable global figure, many countries saw double-digit declines in steel demand in 2020.
- Because of stricter containment measures, falling raw material prices, tourism collapses, and insufficient fiscal support, emerging economies were more vulnerable to the pandemic.
- In both developed and developing economies, a healthy recovery is expected in 2021.
- Steel demand in developing economies is expected to recover faster than in developed economies, returning to pre-pandemic levels in 2021. It will most likely take longer in developed economies.
- A steady recovery is expected to continue into 2022, with some growth moderation.
Increasing Demand in Emerging Countries Propel Market Growth
Asia has emerged as the world's largest stainless steel producing region, accounting for nearly 60% of global output. China is by far the largest producer and consumer of stainless steel, with an annual output of around 8.8 million metric tons. China produces and consumes more than one-third of all stainless steel in the world. There is actively monitoring and rapidly growing South East Asian markets and have established facilities in Indonesia to capitalize on this opportunity.
Stainless steel production has increased at a five percent annual rate over the last ten years in response to a steady increase in demand. Meanwhile, product manufacturing technology has advanced to provide higher-performance products to the market at lower costs, and as a result, product quality has been improved, manufacturing efficiency has improved, and capacity increase and integration of production equipment has advanced significantly across many regions. New steels with increased functionality, such as high-purity ferritic and dual-phase stainless steels, have been developed and are now in commercial production, thanks to advancements in manufacturing technology.
Global Stainless Steel Market Report Coverage
|Market Size in 2021:||USD 112.23 Billion|
|Forecast Period 2021-2030 CAGR:||6.2%|
|2030 Value Projection:||USD 190.82 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||215|
|Tables, Charts & Figures:||119|
|Segments covered:||By Type, By Product, By Application, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Acerinox S.A, ThyssenKrupp, Pohang Iron & Steel (Posco), Ta Chen International, Jindal Stainless, ATI Flat Rolled Products, AK Steel, Outokumpu, Thyssenkrupp Mexinox S.a. De C.v, Bristol Metals, LLC, Nippon Steel & Sumitomo Metal, Bibus Metals AG, BE Group AB, BGH Edelstahlwerke GmbH, JFE Holdings, ArcelorMittal S.A, Hebei Iron and Steel Group, Baosteel, Jiangsu Shagang, Hyundai Steel, TATA Steel, JSW Steel, Essar Steel, Acciaierie Valbruna SpA|
|Growth Drivers:||1) Increasing Demand in Emerging Countries Propel Market Growth. 2) Rising application in agriculture sector drive market growth|
|Pitfalls & Challenges:||1) Availability of Alternative Products to Impact Market Development. 2) Increasing Demand in Modular Construction Boost Market Growth.|
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Rising application in agriculture sector drive market growth
Stainless steel can be found on farms in a variety of applications, from a simple feeding pail to the most advanced fully robotized milking equipment, where it is an alternative to plastics, light metal, and, most notably, galvanized steel. There are compelling economic reasons to switch from steel to stainless steel: standard galvanized parts have a limited useful life. Their corrosion resistance is dependent on the application of a zinc layer. Light structures such as fences, gates, and partitioning walls are examples of farm buildings. Some of the most advanced systems employ stainless steel tubular structures because the components are simple to pre-fabricate and assemble locally, as well as by welding. Their surfaces are extremely cleanable and have a high resistance to shock and abrasion.
Increasing Demand in Modular Construction Boost Market Growth
Stainless steel first gained popularity in construction during the Art Deco era. The upper portion of the Chrysler Building was famously made of stainless steel. Stainless steel is now widely used in modern construction due to its strength, flexibility, and corrosion resistance. It is used in the exterior cladding of large high-impact buildings and can also be found in the interiors in the form of handrails, counter tops, backsplashes, and other decorative elements. Stainless steel is easily welded, has an appealing finish, and requires little maintenance. As a result, it is prominently featured in high-profile modern architecture such as the Eurostar Terminal in London's Waterloo Station, Singapore's Helix Bridge, and New York's One World Trade Center. The trend toward sustainable building also favors stainless steel, which is frequently made up of 90% recycled metal. Stainless steel with a polished or grain finish can help bring natural light into a building, lowering energy consumption.
Availability of Alternative Products to Impact Market Development
The adoption of the product is hampered by the availability of substitutes like aluminum and carbon steel. When compared to these options, the product is also heavy and not water-resistant. As a result, its utilization is limited in areas where products need to be lightweight. These limitations limit market expansion and slow product adoption across a range of industries, including consumer products, engineering, and electronics.
The Global Stainless Steel Market is segmented by Type, Product, Application, and Region. Based on the Type, the market is categorized into Austenitic stainless steel, ferritic stainless steel, duplex stainless steel Martensitic Stainless Steel, Precipitation Hardening Stainless Steel, and Others. Based on Product, the market is categorized into Flat, Long, and Others. Based on Application, the market is categorized into metal products, electric machinery construction, automotive parts, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
MARKET SEGMENTATION: BY REGION
Based on the Region, the Global Stainless Steel Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
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The North America region is dominating the market share of the global extended warranty market owing to the rapid expansion of the automotive sector and advancements in technology are linked to the region's high demand for the product. Automotive exhaust systems typically contain between 45 and 50 percent steel. Additionally, a number of companies are using cutting-edge techniques for complex designs, such as tube hydroforming with austenitic steel. Therefore, these elements will encourage market expansion in North America. However, the Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period owing to the market expansion in Asia Pacific has been driven by the region's rapid infrastructural development and rising steel technological innovation. China is the country with the largest market share and the quickest economic growth in this region. One of the key reasons driving product demand in China is the rise in steel production, research and development activities, and the expanding construction sector.
MARKET: COMPETITIVE LANDSCAPE
ThyssenKrupp Stainless GmbH, Nippon Steel Corporation, ArcelorMittal, and Acerinox S.A. are important metal producers active in the market. These firms are actively engaged in market partnerships, product development, mergers and acquisitions, and capacity expansion. Steel is produced by ThyssenKrupp Stainless GmbH. The business produces steel-based products for customers using both hot and cold rolled methods. In addition, the business engages in acquisition, R&D, and steel innovation to satisfy consumer demand.
MARKET: KEY PLAYERS
• Acerinox S.A
• Pohang Iron & Steel (Posco)
• Ta Chen International
• Jindal Stainless
• ATI Flat Rolled Products
• AK Steel
• Thyssenkrupp Mexinox S.a. De C.v
• Bristol Metals, LLC
• Nippon Steel & Sumitomo Metal
• Bibus Metals AG
• BE Group AB
• BGH Edelstahlwerke GmbH
• JFE Holdings
• ArcelorMittal S.A
• Hebei Iron and Steel Group
• Jiangsu Shagang
• Hyundai Steel
• TATA Steel
• JSW Steel
• Essar Steel
• Acciaierie Valbruna SpA
MARKET: RECENT DEVELOPMENT
In February 2021, A new line of steel and steel wires and slings was introduced by VINCO. These goods are typically utilized in the fishing, industrial, elevation, and lifting sectors. The corporation will be able to better serve these applications' consumer demands thanks to this launch.
In November 2020, Industrilas Klima-flex, an acid-proof steel latch and handle configuration for HVAC applications, was announced by Industril's AB. The corporation will broaden its product offering with this launch.
MARKET: REPORT OVERVIEW
The stainless steel market research report gives a thorough overview of the industry and focuses on important factors like the top manufacturers, product kinds, markets, and services. Additionally, it offers quantitative information in terms of quantity and value, market analysis, research methodology for market data, and insights into market trends for stainless steel. It also emphasizes significant market changes and the competitive environment. The study includes a number of aspects, in addition to those already mentioned, that have assisted in the market's expansion in recent years.
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