Fort Collins, Colorado, Sept. 21, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Stainless Steel Market Size, Growth, Share, Statistics Report, By Product (Flat & Long), By Application (Automotive & Transportation, Building & Construction, Heavy Industries, Consumer Goods & Others), By Grade (200,300,400 & Duplex), By Region, and Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, The stainless steel market size was valued at USD 114.3 Billion in 2022 and is anticipated to reach USD 236.9 Billion by 2032 with a CAGR of 7.7%. The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights.
Stainless steel is highly durable and is used to manufacture kitchen utensils. With governmental and private expenditures on infrastructure and residential housing, the industry witnessed an exponential demand for stainless steel in the past few years. In addition, it is recognized as a significant material in industrial applications, including automobile, infrastructure, railroad building & construction, transportation, and process industries. The increase in real estate investments and the development of new infrastructure and progress across the globe, such as building & construction, railways, processing industries, and automotive industries have been driving the market developments.
Steel can easily be 100% recycled and exhibits versatility compared to iron, which gets rusted over time. This property of steel makes it a perfect choice for industrial uses. Other steel uses are manufacturing railway lines, electric poles, electricity wires, and internet cables. These factors exhibit tremendous growth in respective industries, leading to huge demand. Globally, the rapid increase in the construction of buildings, particularly in developing countries, has led to a rise in demand for steel products. These products are used as base pillars in the development stages of construction.
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Report Snapshot:
| Report Title | Stainless Steel Market |
| Market Size in 2022 | USD 114.3 Billion |
| Market Size by 2032 | USD 236.9 Billion |
| CAGR from 2023 to 2032 | 7.7% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Product | Flat and Long |
| By Application | Automotive & Transportation, Building & Construction, Heavy Industries, Consumer Goods, and Others |
| By Grade | 200, 300, 400 and Duplex |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | POSCO, Acerinox S.A., Baosteel Group, Jindal Stainless, Aperam Stainless, Nippon Steel Corporation, Yieh United Steel Corp. (YUSCO), ThyssenKrupp Stainless GmbH, Outokumpu, and Arcelor Mittal |
Segmentation overview:
The global stainless steel market has been segmented as product, application, grade, and region. Flat steel rolls are dominant stainless steel products and account for a high market share in the upcoming years. In addition, they are widely used in manufacturing railway coaches and aircraft bodies. Heavy industries have the upper hand in terms of application owing to their production capacities and distribution channels. Steel products constitute up to 75% of the households for consumer goods.
Asia Pacific is the leading region for the stainless steel market and is projected to maintain a significant position in the following years. The presence of automotive industries, manufacturing hubs, and high dependence on steel products highlights the industry's significance. North America is a fast-growing market attributed to the rise in exports and the presence of the shipping industry.
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Stainless Steel Market Report Highlights:
- The stainless steel market is projected to reach a CAGR of 7.7% by 2032.
- The stainless steel market is largely driven by growing demand in the commercial and residential sectors. The market share for stainless steel is anticipated to be higher in the forthcoming years owing to its robust features to the end-user.
- Flat steel is a dominant product owing to its usability in the construction and automotive sectors. On the other hand, heavy industries employ wide applications of stainless steel.
- Asia Pacific is the leading region for stainless steel in terms of revenue and volume. The huge presence of manufacturing industries with efficient distribution channels will likely encourage huge market growth.
- Some of the prominent players in the stainless steel market report include POSCO, Acerinox S.A., Baosteel Group, Jindal Stainless, Aperam Stainless, Nippon Steel Corporation, Yieh United Steel Corp. (YUSCO), ThyssenKrupp Stainless GmbH, Outokumpu, and Arcelor Mittal, and Tata Steel.
Key Developments in the Industry:
- In 2023, Hyundai Steel Co. will close its stainless steel plant in Incheon, South Korea, on the backdrop of demand for Chinese-made products. With an informed decision amid the declining sales, its distribution partner, Hyundai BNG, would also discontinue selling stainless steel products and instead focus on selling automotive steel plates.
- Mumbai, India, will host a stainless steel expo in the last week of September 2023. It is projected that over 500 stakeholders from India and abroad will visit this expo to discuss upcoming opportunities in the industry. After the recent G20 summit, the stainless steel market in India is expected to offer numerous opportunities to small and large-scale players.
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Stainless Steel Market Report Segmentation:
Stainless Steel Market, By Product (2023-2032)
- Flat
- Long
Stainless Steel Market, By Application (2023-2032)
- Automotive & Transportation
- Building & Construction
- Heavy Industries
- Consumer Goods & Others
Stainless Steel Market, By Grade (2023-2032)
- 200
- 300
- 400
- Duplex
Stainless Steel Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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