Stainless Steel Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 12.80 Million tons |
| Market Volume (2029) | 16.10 Million tons |
| CAGR (2024 - 2029) | 4.69 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Stainless Steel Market Analysis
The Stainless Steel Market size is estimated at 12.80 Million tons in 2024, and is expected to reach 16.10 Million tons by 2029, growing at a CAGR of 4.69% during the forecast period (2024-2029).
The stainless steel market faced setbacks due to the COVID-19 pandemic. Lockdowns and restrictions led to the closure of manufacturing facilities and plants. Additionally, disruptions in the supply chain and transportation posed further challenges. Nevertheless, the industry recovered in 2021, leading to a resurgence in demand.
- Over the short term, increasing demand from the building and construction and automotive industries are the major factors driving the demand for the market studied.
- However, the availability of substitutes is expected to hinder the market's growth.
- Nevertheless, rising technological developments in steel are likely to act as an opportunity for the studied market.
- Asia-Pacific region is expected to dominate the market across the world, with the majority of demand coming from China and India.
Stainless Steel Market Trends
Building and Construction Segment to Dominate the Market
- Stainless steel plays a pivotal role in architecture, construction, and building. Its superior corrosion resistance makes molybdenum-containing stainless steels the preferred choice for architectural design and structural engineering firms, especially in more corrosive environments.
- Stainless steel is rapidly becoming the go-to material in the construction industry. Beyond its use in structural elements like beams and columns, stainless steel finds applications in railings, roofing, lifts, staircases, swimming pool shades, and even atriums.
- Oxford Economics forecasts a robust growth trajectory for global construction output, projecting an increase from over USD 4.2 trillion today to a staggering USD 13.9 trillion by 2037, predominantly fueled by the construction powerhouses of China, the United States, and India.
- Both Asia-Pacific and North America are experiencing a surge in residential construction. In Asia-Pacific, countries like India, China, the Philippines, Vietnam, and Indonesia are at the forefront. Meanwhile, North America's residential construction is buoyed by a growing population, rising immigration, and the trend towards nuclear families.
- With housing markets on the rise, the Asia-Pacific region, spearheaded by China and India, is set to lead the global surge in housing construction.
- China's construction sector, as reported by the National Bureau of Statistics (NBS), grew by 6.5% in actual value in 2023. The sector's economic contribution rose by 7.2% year-on-year in the first nine months. Further, the construction output value reached CNY 31.59 billion (~USD 4.46 billion), marking a 1.3% increase from the previous year.
- Highlighting India's momentum, the National Real Estate Development Corporation (NAREDCO) reports that the top 7 cities collectively completed 4.35 lakh units in 2023, with 2024 poised for a substantial uptick. Further underscoring this trend, County Group, a prominent Noida-based real estate developer, is set to unveil over 4 million sq. ft across three ambitious housing projects this year.
- The United States dominates North America's construction industry, with Canada and Mexico also making notable investments. Data from the US Census Bureau reveals a 4.46% rise in new housing units in 2023, totaling 1,452 thousand units, up from 1,390.5 thousand in 2022.
- Germany's robust economy is driving demand for commercial spaces. High-quality, ESG-compliant office buildings are seeing rising prime rents, signaling strong commercial construction interest. In Q3 2023, about 246,000 square meters of office space were completed, with projections suggesting a total of 1.8 million sq. m by 2024. Retail space development, particularly in shopping centers, experienced steady growth in 2023.
- Brazil's housing ambitions are bolstered by government initiatives. The Ministry of Urban Affairs highlights a focus on affordable housing and urban renewal. With revised regulations for the Minha Casa, Minha Vida (My Home, My Life) program, aimed at lowering interest rates and boosting property purchase subsidies, the goal is to construct two million housing units by 2026.
- Saudi Arabia's housing sector is on the brink of a boom. As per the dataf from the Ministry of Municipal and Rural Affairs and Housing, , the country is expected to see the construction of 300,000 residential units by the end of 2025. Further, in September 2023, the government unveiled housing projects exceeding SAR 65 billion (~USD 17.3 billion), further energizing the construction sector.
- Given these dynamics, the building and construction segment is poised to retain its leading position in the market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region has seen robust growth in the stainless steel industry, with countries like China and India leading in consumption. This surge is primarily fueled by rising demands from various sectors, including automotive & transportation, building & construction, metal products, electrical machinery, and mechanical engineering.
- China leads the global construction market, accounting for 20% of worldwide investments. With an anticipated spend of nearly USD 13 trillion on buildings by 2030, creating a positive outlook for the market studied.
- In response to a struggling economy, still reeling from pandemic-related challenges, Chinese governors are ramping up budgets for major building projects by nearly 20% this year. Over two-thirds of China's regions have committed to significant projects, including transportation infrastructure and industrial zones, with a combined budget exceeding CNY 12.2 trillion (USD 1.8 trillion) for 2024.
- As per the data from the China Electricity Council highlights that in 2023, the high-tech and equipment manufacturing sectors saw a 11.3% year-on-year increase in electricity consumption, outpacing the overall manufacturing industry's growth by 3.9 percentage points. Notably, the electrical g quarterly growth rates and a two-year average exceeding 20%.
- Additionally, figures from the Department of Commerce (India) indicate that in FY 2024, India's exports of electrical machinery and equipment surged to nearly USD 12.37 billion, up from USD 10.96 billion the previous year. This growth is anticipated to bolster demand in the electrical machinery sector, subsequently benefiting the studied market.
- India is set to witness a 70% increase in affordable housing availability in 2024. As reported by Invest India, the nation's construction industry is on track to hit USD 1.4 trillion by 2025. With forecasts suggesting that over 30% of the population will be urban dwellers by 2030, there's a pressing need for 25 million more mid-end and affordable housing units. Recent reforms, such as the Real Estate Act, GST (goods and services tax), and REITs, (real estate investment trusts), aim to expedite approvals and strengthen the construction industry, further propelling market growth.
- In India, data from the Society of Indian Automobile Manufacturers (SIAM) indicates that from July to September 2024, the total production of passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycle reached 8.07 units. Specifically, sales for passenger and commercial vehicles were 1.05 million and 0.22 million units, respectively. Consequently, this uptick in automobile production is poised to bolster demand in the stainless steel market.
- South Korea boasts a mature automotive industry with notable brands like Hyundai, Renault, Samsung, and Kia. Projections from the Automobile Manufacturers Association and The Korea Automobile Research Institute anticipate a 1.0% rise in domestic automobile production for 2024, reaching 4.36 million units. This growth is expected to drive demand in the studied market.
- Given these dynamics, the Asia-Pacific stainless steel market is poised for steady growth in the coming years.
Stainless Steel Industry Overview
The stainless steel market is partially consolidated in nature. The major players (not in any particular order) include Nippon Steel Corporation, Acerinox, ArcelorMittal, Jindal Stainless, and Acciai Speciali Terni S.p.A., among others.
Stainless Steel Market Leaders
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Acerinox
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ArcelorMittal
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Acciai Speciali Terni S.p.A.
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Nippon Steel Corporation
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Jindal Stainless
*Disclaimer: Major Players sorted in no particular order
Stainless Steel Market News
- May 2024: Jindal Stainless has formed a joint venture (JV) in Indonesia to develop and operate a stainless steel melt shop (SMS) with an annual production capacity of 1.2 million tonnes per annum (MTPA). This venture boosts the company's melting capacity by over 40%, elevating it to 4.2 MTPA, with an investment exceeding INR 7,000 million (~USD 84 million). This strategic investment aims to balance its downstream cold-rolled capacities, aligning them more closely with global benchmarks.
- June 2023: Outokumpu partnered with Nordic Steel to launch sustainable stainless steel solutions in Norway. Outokumpu's Circle Green boasts the title of the world's most sustainable stainless steel, achieving a carbon footprint that's up to 92% lower than the industry average. This collaboration not only underscores Outokumpu's commitment to environmental strategies but also positions Nordic Steel as the pioneer in Norway, offering these innovative solutions to its clientele.
Stainless Steel Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand from Construction Industry
4.1.2 Increasing Demand from Automotive Sector
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Availability of Substitutes
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Product
5.1.1 Cold Flat
5.1.2 Hot Coils
5.1.3 Cold Bars
5.1.4 Hot Bars
5.1.5 Hot Plate and Sheet
5.1.6 Other Products
5.2 Application
5.2.1 Automtoive and Transportation
5.2.2 Building and Construction
5.2.3 Metal Products
5.2.4 Electrical Machinery
5.2.5 Mechanical Engineering
5.2.6 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Malaysia
5.3.1.6 Thailand
5.3.1.7 Indonesia
5.3.1.8 Vietnam
5.3.1.9 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Spain
5.3.3.6 NORDIC Countries
5.3.3.7 Turkey
5.3.3.8 Russia
5.3.3.9 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 Qatar
5.3.5.3 United Arab Emirates
5.3.5.4 Nigeria
5.3.5.5 Egypt
5.3.5.6 South Africa
5.3.5.7 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Acciai Speciali Terni S.p.A.
6.4.2 Acerinox
6.4.3 Aperam
6.4.4 ArcelorMittal
6.4.5 Baosteel Group
6.4.6 China Baowu Steel
6.4.7 JFE Steel Corporation
6.4.8 Jindal Stainless
6.4.9 Nippon Steel Corporation
6.4.10 Outokumpu
6.4.11 POSCO
6.4.12 thyssenkrupp AG
6.4.13 Zhejiang Tsingshan Steel Pipe Co., Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Technological Developments in Steel
7.2 Other Opportunities
Stainless Steel Industry Segmentation
Stainless steel, an iron-based alloy, boasts a minimum chromium content of 10.5%, as per international standards. Often alloyed with elements like nickel and molybdenum, stainless steel finds extensive application across diverse industries, especially where enhanced corrosion resistance and aesthetic appeal are paramount.
The stainless steel market is segmented by type, end-user industry, and geography. By type, the market is segmented into cold flat, hot coils, cold bars, hot bars, hot plate and sheet, and others. By end-user industry, the market is segmented into automotive and transportation, building and construction, metal products, electrical machinery, mechanical engineering, and others. The report also covers the market sizes and forecasts for the global stainless steel market in 27 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of of volume (tons).
| Product | |
| Cold Flat | |
| Hot Coils | |
| Cold Bars | |
| Hot Bars | |
| Hot Plate and Sheet | |
| Other Products |
| Application | |
| Automtoive and Transportation | |
| Building and Construction | |
| Metal Products | |
| Electrical Machinery | |
| Mechanical Engineering | |
| Other Applications |
| Geography | |||||||||||
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Stainless Steel Market Research FAQs
How big is the Stainless Steel Market?
The Stainless Steel Market size is expected to reach 12.80 million tons in 2024 and grow at a CAGR of 4.69% to reach 16.10 million tons by 2029.
What is the current Stainless Steel Market size?
In 2024, the Stainless Steel Market size is expected to reach 12.80 million tons.
Who are the key players in Stainless Steel Market?
Acerinox, ArcelorMittal, Acciai Speciali Terni S.p.A., Nippon Steel Corporation and Jindal Stainless are the major companies operating in the Stainless Steel Market.
Which is the fastest growing region in Stainless Steel Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Stainless Steel Market?
In 2024, the Asia-Pacific accounts for the largest market share in Stainless Steel Market.
What years does this Stainless Steel Market cover, and what was the market size in 2023?
In 2023, the Stainless Steel Market size was estimated at 12.20 million tons. The report covers the Stainless Steel Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Stainless Steel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the future trends in the Stainless-Steel Market?
The future trends in the Stainless Steel Market are a) Development of new and more sustainable production methods. b) Increasing demand for high-performance stainless steel grades. c) Growing focus on applications in renewable energy sectors.
What are the future trends in the Stainless-Steel Market?
The future trends in the Stainless Steel Market are a) Development of new and more sustainable production methods. b) Increasing demand for high-performance stainless steel grades. c) Growing focus on applications in renewable energy sectors.
Stainless Steel Industry Report
The global stainless steel market is experiencing significant growth, driven by its extensive use in key industries such as automotive, construction, and electronics. The market's diverse product range, including cold rolled flats and hot plates & sheets, caters to a wide array of applications, from metal products to complex engineering projects. Leading steel companies are engaging in strategic collaborations and innovations to meet the growing demand for sustainable, high-quality stainless steel products, in line with current market trends.
The market outlook is positive, with a strong emphasis on sustainability and technological advancements. The eco-friendly, corrosion-resistant, and recyclable nature of stainless steel positions it as a preferred material for automotive parts like seatbelt springs and hose clamps, as well as for construction materials in modern architecture. This surge in demand, especially within the automotive and construction sectors, underscores the material's strength, durability, and aesthetic appeal.
Industry analysis indicates that the market size is expanding, supported by growth rate projections and industry trends. Market research reveals that industry leaders are focusing on market segmentation to better address the needs of different end-user industries. The market forecast suggests continued growth, driven by the increasing demand for stainless steel in various applications.
Market reports highlight the importance of industry statistics and industry research in understanding market dynamics. The market value is expected to rise as more companies adopt stainless steel for its durability and sustainability. Industry reports provide valuable insights into market growth and market predictions, helping stakeholders make informed decisions.
In summary, the stainless steel market is poised for substantial growth, with industry information and market data supporting a positive market review. The market overview and report pdfs offer detailed insights, making it easier for research companies and stakeholders to understand the market's trajectory.
Stainless Steel Market Report Snapshots
