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The global stainless steel market size was USD 118.98 billion in 2023, calculated at USD 127.07 billion in 2024 and is expected to reach around USD 241.70 billion by 2034. The market is expanding at a solid CAGR of 6.6% over the forecast period 2024 to 2034.
The global stainless steel market size accounted for USD 127.07 billion in 2024 and is expected to reach around USD 241.70 billion by 2034, expanding at a CAGR of 6.6% from 2024 to 2034.
The Asia Pacific stainless steel market size was estimated at USD 79.72 billion in 2023 and is predicted to be worth around USD 161.94 billion by 2034, at a CAGR of 7% from 2024 to 2034.
Asia Pacific held the largest share of the market in 2023. The increasing manufacturing activities in the region contributed to the regional market growth. Stainless steel is increasingly used in industrial applications due to its high strength, durability, and corrosion resistance properties. The rising industrialization and increasing construction activities in countries such as India and China augmented the market in the region.
As per the United Nations Conference on Trade & Development, the inward Foreign Direct Investment (FDI) rate for the Asia Pacific region was around 9.1% in 2017, the highest compared to other regions. An increase in FDI helps the region to develop various industries in the country as well as generate more employment that in turn anticipated to boosts the demand for stainless steel in the region over the coming years.
The application of stainless steel spans across aerospace, medical, construction, automotive, and consumer goods industries due to its aesthetic appeal, durability, and resistance to rust. The market can fluctuate due to global trade policies, availability of alternative materials, and volatility in raw material prices. The rising advancements in production technologies are expected to drive the market growth over the forecast period.
Increase in demand from consumer goods sector is the key factor that propels the market growth of stainless steel. Flourishing demand of stainless steel in the manufacturing of kitchen products such as showpieces, cookware, and stoves owing to its benefits that include high ductility & toughness, resistant to corrosion, and low maintenance required that in turn fuel the market growth in the consumer goods industry.
Other than this, stainless steel seeks significant demand from the automotive industry that again influences the market growth positively. Increasing automobile production in the regions such as Middle East, the Asia Pacific, and Latin America has prominently escalated the demand of stainless steel in these regions. Main factors contributing towards the increased automobile production are rise in easy access to credit facility, disposable income, and increasing necessity of people for personal transportation. The aforementioned factors likely to boosts the demand of stainless steel across the globe.
Despite of the increased production of automobile, shifting market trend towards implementation of lighter material such as carbon fiber to enhance the fuel efficiency is a significant factor that expected to hamper the demand of stainless steel in the near future. Governments of various regions have issued stringent emission regulations that propel the demand for high fuel efficiency. Furthermore, carbon fiber also aids high strength and load-bearing capacities that triggers its implementation over stainless steel in the automotive sector.
| Report Highlights | Details |
| Market Size in 2023 | USD 118.98 Billion |
| Market Size in 2024 | USD 127.07 Billion |
| Market Size by 2034 | USD 241.70 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 6.6% |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Product, Technology, Application, End User, Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Rising usage of stainless steel in the automotive industry
Stainless steel is heavily used in the automotive industry for manufacturing automotive parts due to its high robustness and resistance to corrosion. The rising automobile production in regions such as Asia Pacific, Latin America, and the Middle East boosts the demand for stainless steel in these regions. The rising need for personal transportation significantly boosts the demand for stainless steel, thereby driving the market. Moreover, the rising adoption of stainless steel in the aerospace industry is likely to propel the market.
Economic downturns can impede the market growth
Despite increased production of automobiles, shifting market trend toward implementation of lighter material, such as carbon fiber, to enhance the fuel efficiency is a significant factor that expected to hamper the demand of stainless steel in the near future. Governments of various regions have issued stringent emission regulations that propel the demand for high fuel efficiency. Furthermore, carbon fiber also aids high strength and load-bearing capacities that triggers its implementation over stainless steel in the automotive sector.
The growing demand for scrap steel
The utilization of scrap steel is rising due to the necessity to reduce carbon footprint. Recycling enhances the industry's economic viability and decreases the environmental impact. Therefore, stainless steel producers choose stainless steel scrap as raw materials.
The 300 series segment dominated the market in 2023. The growth of the segment is attributed to the good anti-corrosion resistance properties of the 300 series grade steel. The 300 series grade steel is used in applications where low magnetic permeability is required. This is particularly suited for all types of dairy equipment, including sterilizers, milking machines, and containers.
The duplex series segment is expected to grow at the fastest rate over the forecast period. Duplex series grade stainless steel has superior properties like low weight, high strength, and high corrosion resistance, especially for stress corrosion cracking. The rising demand for robust materials in the automotive industry is projected to boost the segment.
In 2023, flat products dominated the global stainless steel market because of increasing use of cold-rolled products. Superior properties of flat steel that includes concentricity, straightness, and tolerance make them suitable for various end-use industries such as home appliances, energy, and construction. Further, the growth in these end-use industries is likely to impel the market growth for stainless steel over the analysis period.
On the other hand, long products segment projected to register an escalating growth of around 6.8% in terms of value over the forecast timeframe due to the increasing infrastructure spending in various Asia Pacific regions. In addition, the increasing implementation of stainless steel long products in heavy industries anticipated to augment the market growth over the coming years.
Based on application the stainless steel market is bifurcated into automotive & transportation, building & construction, heavy industry, consumer goods, and others. Heavy industry constitute significant value share on a global scale. Heavy industries include heating cooling & ventilation, chemical industry, pulp & paper, oil & gas, water treatment, food processing, energy industry, and many others. Rising trend of renewable generation in the energy sector to manufacture parts and components of generating station or plant anticipated to boost the growth of stainless steel in the near future. Furthermore, rising industrial revolution along with increasing number of manufacturing plants in the Asia Pacific region because of several unexplored opportunities in the region likely to spurs the demand for stainless steel especially in the engineering & machinery sector of industries.
On the other hand, automotive & transportation is an important application segment that contributes significantly to the overall market revenue. As per the statistics published by the World Steel Association in 2021, the automotive sector accounts for around 12% of global steel consumption. Stainless steel is mainly used in manufacturing various automotive parts & components that include basic vehicle frame for hoods, mufflers, doors, and fuel tanks. Stainless steel together with iron contributes nearly 70% of the total vehicle weight. Consequently, the above mentioned factors expected to propel the market growth over the analysis period.
Segments Covered in the Report
By Product
By Grade
By Application
By Regional Outlook
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