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(MENAFN – GetNews)
The “IMF” stainless steel market is expected to reach US $ 193.97 billion by the end of 2031 due to increasing demand from various industries.
Growing demand for stainless steel from industries such as chemicals, construction and petroleum is expected to drive demand.
Future market outlook, Dubai: ESOMAR Future Market Insights (IMF) certified consulting firm has conducted a study of the global stainless steel market for the forecast period 2021-2031. According to IMF analysis, the growing demand for stainless steel in sectors such as industrial machinery, chemicals, food and beverage, etc. accelerates growth. Various applications of stainless steel for manufacturing and production of equipment and tools are expected to drive the market. In addition, the demand for sustainable products and renewable energy production has prompted manufacturers to invest more in research and development activities. Therefore, accelerating the growth of stainless steel.
According to IMF, the main players are turning to the development of low-carbon products and technologies. Thus, increasing the application of stainless steel in the development of green technology used for geothermal, solar and wind power plants. Based on these factors, the global stainless steel market is poised to grow at a CAGR of 5.5% to reach a value of $ 193.97 billion by 2031.
“The increasing use of stainless steel in the chemical industry as mining and chemical equipment and storage tanks in manufacturing and construction is propelling growth,” notes the IMF analyst.
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Key points to remember
- Austenitic stainless steel will remain the best-selling product, accounting for over 77% of the global market share
- Growing demand from chemical and petroleum industry increases sales of stainless steel tubular products
- Industrial machinery is expected to be the first end-user segment, supported by the growing demand for stainless steel in the manufacturing sector
- China will maintain its dominance over the forecast period, supported by growing end-user industries such as chemicals, automotive and others.
- UK and Italy together to lead the European stainless steel market, supported by the development of the construction and infrastructure sector
- India is expected to be one of the fastest growing countries in the global stainless steel market
- Strong demand for stainless steel from the automotive and construction industry offers lucrative growth opportunities across Japan for market players
Leading pilots
- Growing demand for stainless steel with end use industries such as building and construction, automotive and other industries is driving demand
- Rising offshore spending and growing potential for industrial machinery and oil field discovery are expected to accelerate growth
Find out more about the stainless steel market with numbers and data tables, as well as the table of contents. You will also find detailed market segmentation at
Key restrictions
- Increasing cost of raw materials for making duplex stainless steel will hamper demand
- The oversupply due to the massive production of stainless steel has led to a fall in prices which creates a challenge for market players
Competitive landscape
ArcelorMittal, Nippon Steel 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 among others. Leading players focus on research and development activities to develop new products, solutions and technologies for end user specifications. According to IMF, the market appears to be dominated by very few leading players around the world. Leading companies are diversifying with strategic collaborations and acquisitions to maintain their position in the industry.
For example, on May 3, 2021, Nippon Steel and the former Nippon Steel Nisshin Co. Ltd announced the launch of ZAM®-EX, highly corrosion resistant coated steel sheet for the overseas market.
In addition, in May 2021, Sandvik and its subsidiary BEAMIT Group announced a unique ability to additively manufacture components from super duplex stainless steel, an alloy that combines mechanical strength with high corrosion resistance.
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More information on the FMI stainless steel market
In its latest report, Future Market Insights provides an exhaustive analysis of the major growth drivers and factors affecting the global stainless steel market during the forecast period 2021 and 2031. To better understand the key segments and sub-segments of markets, FMI separated the market on the basis of type (austenitic stainless steel, ferritic stainless steel, duplex stainless steel, martensitic stainless steel and precipitation hardening stainless steel), shape (flat products, long products and tubular products), end use (building and construction, industrial machinery and components, automotive and transportation, household appliances, kitchenware and cutlery, medical and surgical tools and others) and regions (North America, Latin America, Europe, Asia ‘East, South Pacific and Middle East and Africa).
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