stainless steel market
The stainless steel market is expected to reach USD 193.97 billion by the end of 2031 owing to growing demand from various industries. According to a study by Future Market Insights (FMI), the growing demand for corrosion resistant materials.
With high tensile strength materials in various sectors such as chemical industries, petrochemical industries, food and beverage industries, oil and gas, automotive sector, construction industry and many more , it is expected to increase the growth of the stainless steel market in the coming years.
Additionally, the use of stainless steel is increasing in the production of household appliances, kitchenware, and cutlery, which is expected to continue driving sales in the market. Austenitic stainless steel is estimated to remain the top-selling stainless steel due to its application in the chemical industry, equipment manufacturing and storage tanks.
In mining and chemical equipment, in pharmaceutical equipment and in kitchen utensils and cutlery. According to the report, more than 77% of stainless steel sold in 2021 will fall into this category.
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Key takeaways from the study of the global stainless steel market
The global stainless steel market is estimated to grow at a CAGR of 5.5% during the forecast period 2021-2031
The presence of well-established industries and the expansion of power plants has sealed America’s dominance, allowing the United States to account for more than 86% of the stainless steel market in North America in 2021
Expanding building and construction sectors will boost sales in Germany and France
The UK will remain a key market, posting 4.4% year-on-year growth in 2021 after a brief period of negative sales
Supported by growing stainless steel production, China will remain dominant in East Asia
“Companies operating in the stainless steel market are focusing on capacity expansion. A trend that will continue throughout the assessment period, enabling the stainless steel market to grow,” said an IMF analyst.
Rising demand from various end-use sectors is expected to significantly drive the stainless steel market during the forecast period 2021-2031. China, the United States and Japan are expected to remain leading countries in the stainless steel market, due to the presence of various end-use sectors and excellent stainless steel production capacity .
However, due to the impact of the pandemic in 2020, the stainless steel market is expected to witness a significant decline in growth due to supply chain disruption and lower demand. However, after the pandemic crisis, the market is expected to grow with a significant growth rate over the forecast period.
Who wins?
The global stainless steel market has been identified as a significantly fragmented market with organized sectors occupying a fair share of the overall market. Some of the major market players included in the report are ArcelorMittal, Nippon Steel and Sumitomo Metal Corporation, POSCO, JFE Steel Corporation, AK Steel, Thyssenkrupp AG, Hyundai Steel Co., Ltd., Outokumpu, Acerinox, Yieh United Steel Corp. ., Baosteel Group, Aperam, Jindal Stainless Limited, Gerdau and Vallourec.
Want to know more?
Future Market Insights published a market research report on the global stainless steel market which contains a global industry analysis from 2016-2020 and an opportunity assessment for 2021-2031. The report provides an in-depth analysis of the global stainless steel market across various segments including type, size, application and region. The global stainless steel market report also provides supply and demand trends along with an overview of the parent market.
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Stainless Steel Market by Category
Type
Austenitic stainless steel
Ferritic stainless steel
Duplex stainless steel
Martensitic stainless steel
Precipitation hardening stainless steel
Form
Flat products
Long products
Tubular products
End use:
Building construction
Industrial machinery and components
Automotive and transportation
Household appliances
Kitchen utensils and cutlery
Medical and surgical tools
Others
Region:
North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East and Africa
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Stainless Steel Market Competitive Landscape
The key players focus on research and development activities to introduce new and innovative products, solutions, and technologies for end-user’s customized specifications, standards, and needs. The global stainless steel market can be considered oligopolistic due to the presence of a huge number of players across the globe.
The intensity of market participation is high due to the excellent magnitude of demand. Tier I companies plan to venture into collaboration and flanking business acquisitions to further increase their market presence.
Learn about FMI’s extensive ongoing coverage in chemicals and materials
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About the IGF
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
This press release was published on openPR.
