Global Stainless Steel Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Stainless Steel Market Overview

"The Stainless Steel Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

Stainless steel is an iron alloy that contains a minimum of 10.5% chromium. The chromium content in the alloy produces a thin layer of oxide on the steel surface known as the passive layer. Stainless steel contains varying amounts of manganese, carbon, silicon, and other elements such as nickel and molybdenum to enhance formability and increase corrosion resistance.

Rising demand for stainless steel from end-use industries, namely automobile and building & construction, is expected to drive the market growth over the forecast period. Properties of stainless steel, such as tensile strength, corrosion resistance, and aesthetic appearance, are expected to fuel the market growth. However, the rising use of carbon fiber as a replacement for stainless steel in the automobile industry, owing to its properties such as high strength and low weight, is estimated to hamper the market growth over the forecast period.

Based on grade, the duplex series is the fastest-growing segment in the global stainless steel market. Duplex series stainless steel properties such as high corrosion resistance, low weight, and high strength are anticipated to boost market growth over the forecast period.

Based on product type, flat type is expected to be the largest product segment in revenue. Flat-type products are used in packaging and tinplate, appliances, heavy plates, construction, and pipes and tubes. Increasing demand for flat products in the automobile and construction industry is expected to propel market growth over the forecast period.

Based on application, heavy industries are expected to be the largest segment in terms of revenue in the global stainless steel market and are estimated to maintain their dominance over the forecast period. Stainless steel is an excellent material for industrial, commercial, and residential HVAC applications. Stainless steel is widely used in gas heaters, heat exchangers, air handling units, ventilation and heating components owing to its properties which includes high corrosion resistance and high strength is thus anticipated to drive the market growth over the forecast period.

North America market is estimated to hold significant revenue share in the global stainless steel market in 2017. Increasing infrastructure investments owing to rising population is expected to boost construction and automobile industries in the region. In addition, presence of a large number of manufacturers in China, Japan, and India is estimated to propel the market growth. Availability of raw materials such as iron ore and nickel in the region is estimated to drive the market growth.

Market segmentation and key players operating in the global stainless steel market:

By grade:

• 200 series
• 300 series
• 400 series
• Duplex series

By product:

• Long
• Flat

By application:

• Automotive & transportation
• Building & construction
• Heavy industries
• Consumer goods
• Others (food production, medical applications, and cutlery & kitchenware)

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa