Stainless Steel Market to reach USD 223.7 Bn by 2029, growing at a CAGR of 6.8 percent and forecast (2023

Pune, May 16, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, an international business & consultancy firm has recently published a research report on the " Stainless Steel Market ". The total global market size for the "Stainless Steel Market" was valued at USD 132.7 Bn in 2022 and is expected to grow at a CAGR of 4.7 percent over the forecast period to reach USD 223.7 Bn by 2029.

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Stainless Steel Market Report Scope and Research Methodology

The global stainless steel market presents an analysis of top key players and their business strategies, geographical expansion, market segments, competitive landscape, manufacturing, and pricing and cost analysis. The report provides the market's current size, trend, market growth, and forecast during the period and revenue. Stainless Steel Market report provides a detailed analysis of the market, key opportunities factors, risk side analysis, and business strategy with good decision-making support. The report provides information on the Stainless Steel Market's current trends and future and recent development, drivers, capacities, technologies, and on the changing dynamics of the Stainless Steel Market. Some industrial tools were used like SWOT, PESTLE, and Porter's Five Forces for deep analysis of the market and the bottom-up approach was used to estimate the Stainless Steel Market size. For an in-depth analysis of the market including a segmentation on the basis of their geographical region.

Stainless Steel Market Overview

Stainless steel is an alloy of iron that is resistant to rusting and corrosion. It contains at least 10.5% chromium and contains elements such as carbon, other non-metals and to obtain other desired properties. It is used in many applications including sheets, plates, bars, wire, and tubing cookware, cutlery, surgical instruments, major appliances, vehicles , construction material in large buildings, and industrial equipment.

The increasing consumption of high-strength stainless steel drives the market growth

The growing use of high-strength stainless steel in architecture , industrial, automotive and consumer applications thanks to its quality features such as affordable price and strength-to-weight ratio is expected to grow the Stainless Steel Market growth. The rise in the production of stainless steel in the automobile sector and trends like vehicle customization and aesthetics as well as the adoption of electric vehicles are expected to drive the market growth. Infrastructure development, increasing urbanization, and the growing demand for steel and stainless steel scrap are expected to propel the Stainless Steel Market growth. Demand for energy and power generation infrastructure in the developing country creates an opportunity for industry development across the world.

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Customers are becoming more aware of recycled steel products, which influence the demand for sustainable and eco-friendly materials and boost the Stainless Steel Market potential. However, the growing availability of sustainable alternative products and their corrosion property, durability, and aesthetic appeal are expected to hinder the market growth during the forecast period. While the volatility of raw materials due to the high fluctuant in raw materials and manufacturers’ profit margin cost is also restraining the Stainless Steel Market.

Asia Pacific dominated the global Stainless Steel Market Share in 2022

The regional Stainless Steel Market growth is driven by the rise in demand for stainless steel products in several end-use industries including chemical/petrochemical products, consumer goods, heavy and vehicle transportation, medical items, energy sector. The huge production of stainless steel, research and development activities based on this product, growth of construction activities, and technological advancement are key driving factors for the regional market growth.

Europe is highly demanded stainless steel due to the automotive industry expansion. 40-45% steel is used in Europe for automotive exhaust systems. In addition, some companies are employing innovative processes for complex and unique designs is expected to boost the regional market growth.

Stainless Steel Market Segmentation

Based on the Product Form, the flat products stainless steel segment to dominate the market over the forecast period

In 2022, the flat products segment held the largest Stainless Steel Market share with 74%. The segment growth is driven by increasing demand for CRC in the automotive industry due to its high strength and durability. However, the HRC and palate segment is expected to grow at a significant CAGR over the forecast period due to its high use in construction and infrastructure development projects. The cold-finished bar and wire rod segments also witnessed significant growth in the future, owing to their rise in use in the construction and infrastructure development sectors.

Based on the Application, t he automotive and transportation segment held the largest market share with 25 % in 2022 and is expected to grow at a significant CAGR over the forecast period. This segment growth is driven by the demand for lightweight and durable materials growing in the automotive sector. Growth of consumer disposable income and adoption of metal in utensils and medical assecories is primary influencing factors for the segment growth over the period in the market.

Based on the types, t he austenitic segment held the largest market share in 2022 and is expected to maintain its dominance over the forecast period. This type is widely used in applications such as automotive components, kitchenware, and chemical processing equipment, due to its excellent corrosion resistance, and formability. All these factors are expected to boost the segment growth over the forecast period.

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By Type:

• Austenitic Stainless Steel • Martensitic Stainless Steel • Ferritic Stainless Steel • Precipitation Hard Stainless Steel • Duplex Series

By Application: • Automotive and Transportation • Building and Construction • Consumer Goods • Heavy Industries • Metal Products • Other

By Product Form • Long o Cold Finished Bar o Forged Bar o Hot Rolled Bar o Profile o Wire Rod o Wire • Flat o CRC o HRC o Plate

By Series • 200 • 300 • 400 • 2200 • others

Stainless Steel Key Players include:

• Acerinox S.A. • Aperam Stainless, • POSCO, • Outokumpu, • Arcleor Mittal, • Thysssenkrupp Stainless GmbH, • Yieh United Steel Corp, • Nippon Steel Corporation, • Baosteel Group, • Jindal Stainless • Outokumpu

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Key questions answered in the Stainless Steel Market are:

Key Offerings:

Maximize Market Research is a leading Material & Chemical research firm that has also published the following reports:

Stainless Steel Round Bar Market : The total market size was valued at USD 2.82 Bn in 2021 and the total revenue is expected to grow at a CAGR of 6.5 percent from 2022 to 2029, reaching USD 4.67 Bn. The demand for machinery & automotive parts is expected to drive market growth.

Duplex Stainless Steel Market : The total market size was valued at USD 3.20 Bn in 2021 and the total revenue is expected to grow at a CAGR of 5.05 percent from 2023 to 2029, reaching USD 4.74 Bn. The increasing demand for the global duplex stainless steel market from various end-use industries is expected to drive market growth.

Stainless-Steel Insulated Bottle Market : The total market size was valued at USD 4.57 Bn in 2021 and the total revenue is expected to grow at a CAGR of 6. 2 percent from 2022 to 2029, reaching USD 7.39 Bn. Increasing awareness of the negative environmental impacts of single-use plastic bottles is expected to drive market growth.

Sintered Steel Market : The total market size was valued at USD 24.91 Bn in 2021 and the total revenue is expected to grow at a CAGR of 4.7 percent from 2022 to 2029, reaching USD 35.98 Bn. The growth of the car component sector is expected to drive market growth.

Austenitic Stainless-Steel Market : The total market size was valued at USD 51.61 Bn in 2021 and the total revenue is expected to grow at a CAGR of 6.2 percent from 2022 to 2029, reaching USD 83.63 Bn. The increasing investment in R & D in the automotive sector in the developing construction sector is expected to drive market growth.

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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic Industries, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified Type estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.