The market for stainless steel worldwide was estimated to be worth USD 104.23 billion in 2021 and is projected to grow to USD 166.13 billion by 2029, recording a CAGR of 6.00% over the forecast period of 2022-2029. The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.
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Market Definition
Stainless steel contains a variety of materials that when the fused result in a power alloy. Stainless steel, an alloy of iron and chromium, and nickel in some cases provide resistance to corrosion of iron. Chromium is responsible for providing this resistance property to the alloy. Chromium secretes a thin layer of oxide that is known as the passive layer. Other than chromium, nitrogen and molybdenum are also added to this alloy. It is an environmentally inert and neutral alloy, which means that it is infinitely recyclable. Stainless steel is durable and strong which makes it perfect use for various end-user verticals.
COVID-19 Impact on Stainless Steel Market
The recent outbreak of coronavirus had a negative impact on the stainless steel market. The pandemic crisis has had a significant impact on the growth of the stainless steel market in the year 2020, owing to a significant decrease in demand from various end use sectors. Furthermore, there has been a decrease in construction activity as well as the closure of some manufacturing plants. For example, Nippon Steel announced in March 2021 that it will reduce capacity by 10%, following a 10% reduction in production in 2020 due to a drop in demand caused by the pandemic. Furthermore, Oxford Economics predicted that annual construction output in China would fall by 8% in 2020. Nonetheless, they forecast $5.8 trillion in global construction activity over the next ten years, led by the United States, China, India, and Indonesia.
While companies have reduced short-term revenue targets, the stainless steel market outlook for 2022-2028 remains bullish. Stakeholders are expected to establish large capacities and investigate opportunities in the construction sector with stainless steel recycling.
STAINLESS STEEL MARKET SEGMENTATION
Product
Flat Products
Long Products
Bars/ Wire Rods
Hot Bars/ Wire Rods
Cold Bars/ Wire Rods
Cold Rolled Flats
Coils
Sheets
Strips
Hotplates and Sheet
Hot Coils
Tubes
Castings
Others
Type
Austenitic Stainless Steels
Martensitic Stainless Steels
Ferritic Stainless Steels
Precipitation-Hard enable Stainless Steels
Duplex Series
Grade
200 Series
300 Series
400 Series
Duplex Series
Application
Automotive and Transportation
Building and Construction
Consumer Goods
Heavy Industries
Metal Products
Other Applications
KEY POINTERS COVERED IN STAINLESS STEEL MARKET INDUSTRY TRENDS AND FORECAST TO 2027
Market Size
Top to Bottom Market Analysis
Recent Developments for Market Competitors
Recent Market Value for Different Countries
Market value and over view of Stainless Steel Market
Company profiling of top eight players of Stainless Steel Market
BASIC QUESTIONS ASKED
Which key product category dominates the Stainless Steel Market?
What problems do SMEs and well-known vendors in the Stainless Steel Market face?
What are the main driving forces behind the global Stainless Steel Market?
What potential does the market for digital payments have?
What trends are present in this business?
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Stainless Steel Market analysis report offers an examination of a range of segments that are relied upon to witness the quickest development amid the estimate forecast frame. A complete discussion about frequent market related topics in this industry report is sure to aid the client in studying the market on competitive landscape. The company profiles of all the key players and brands that are dominating the Stainless Steel Market with moves like product launches, joint ventures, mergers and acquisitions which in turn is affecting the sales, import, export, revenue and CAGR values are mentioned in the report. Stainless Steel Market report also presents suggestions about consumer’s demands, preferences, and their altering likings about particular product.
KEY MARKET COMPETITORS COVERED IN THE REPORT
DuPont (U.S.)
DOW (U.S.)
Umicore (Belgium)
Glencore (Switzerland)
Jinchuan Group International Resources Co. Ltd (China)
Huayou Cobalt Co., Ltd (China)
Freeport Cobalt (Finland)
Sherritt International Corporation (Canada)
solvay (Belgium)
DAIKIN (Japan)
BHP (Australia)
Eramet (France)
Vale (Brazil)
Votorantim Metais SA (Brazil)
Sumitomo Corporation (Japan)
STAINLESS STEEL MARKET COUNTRY LEVEL ANALYSIS
The countries covered in the Stainless Steel Market report are
U.S.
Canada
Mexico
South Korea
Australia
Hong-Kong and the rest of Asia-Pacific
Brazil
Argentina
Venezuela
Colombia
Ecuador
Peru
Uruguay
Costa Rica
Panama
Dominican Republic and Rest of Latin America and Turkey.
MAJOR TOC OF THE REPORT
Introduction
Market Segmentation
Executive Summary
Premium Insights
Stainless Steel Market: Regulations
Market Overview
Stainless Steel Market, By Type
Stainless Steel Market, By Source
Stainless Steel Market, By Therapy
Stainless Steel Market, By Transporting Capacity
Stainless Steel Market, By Route of administration
Stainless Steel Market, By Region
Stainless Steel Market: Company Landscape
SWOT Analyses
Company Profile
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