Stainless Steel Market Scope, Industry Trends And Share Forecast To 2033

Overview and Scope
Stainless steel refers to an alloy of steel with chromium and other elements (such as nickel or molybdenum) that is practically immune to rusting and ordinary corrosion. It is used to provide corrosion resistance, high tensile strength, and durability.

Sizing and Forecast
The stainless steel market size has grown strongly in recent years. It will grow from $154.25 billion in 2023 to $167.2 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%.  The growth in the historic period can be attributed to manufacturing expansion, energy sector requirements, consumer goods innovation, urbanization and construction boom, aerospace and defense sector utilization.

The stainless steel market size is expected to see strong growth in the next few years. It will grow to $228.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.  The growth in the forecast period can be attributed to rising industrialization in emerging markets, infrastructure development projects, global economic recovery, sustainable practices and regulations. Major trends in the forecast period include technological advancements in manufacturing, global economic growth, shift to sustainable materials, automotive industry demand, advancements in automotive design.

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Segmentation & Regional Insights
The stainless steel market covered in this report is segmented –
1) By Type: Cold Rolled Flat, Hot Plate and Sheet, Cold Bars and Wire, Hot Bars and Wire Rod, Other Types
2) By Grade: 200 Series, 300 Series, 400 Series, Duplex series, Other Grades
3) By Application: Building and Construction, Automotive and Transportation, Consumer Goods, Mechanical Engineering and Heavy Industries, Other Applications

Asia-Pacific was the largest region in the stainless steel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the stainless steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Rapid growth in the automotive industry is expected to propel the stainless-steel market going forward. The automotive industry refers to several businesses and organizations engaged in the creation, production, marketing, and sale of automobiles. Stainless steel provides durability and aesthetic appeal that is utilized by the automotive industry. For instance, in May 2022, according to the Society of Indian Automobile Manufacturers, an Indian-based agency representing all vehicle and vehicular engine manufacturers, reported that the total number of automobiles produced is increased to 22.93K in 2021 in India. Further, in 2021, according to the European Automobile Manufacturers' Association, a Belgium-based automotive industry standards group, 79.1 million automobiles were produced in the year 2021. Therefore, rapid growth in the automotive industry is driving the growth of the stainless steel market.

Key Industry Players
Major companies operating in the stainless steel market report are China Baowu Steel Group Corporation Ltd, Sandmeyer Steel Company, ArcelorMittal SA, Pohang Iron and Steel Company, Nippon Steel Corporation, ThyssenKrupp AG, JFE Steel Corporation, Tata Steel Limited, Essar Steel India Limited, Steel Authority of India Limited, Sandvik AB, Outokumpu Oyj, Marcegaglia Specialties S.p.A., Jindal Steel and Power Limited, Acerinox SA, Aperam SA, AK Steel Holdings Corporation, ATI Specialty Alloys & Components, Schmolz + Bickenbach AG, Allegheny Technologies Incorporated Carpenter Technology Corporation, Rashtriya Ispat Nigam Limited, North American Stainless, Viraj Profiles Limited, Ulbrich Stainless Steels & Special Metals Inc., Yieh Corporation, Aamor Inox Limited, Bristol Metals LLC, Valbruna Stainless Inc., Mahindra Ugine Steel

The stainless steel market report table of contents includes:
1. Executive Summary
2. Stainless Steel Market Characteristics
3. Stainless Steel Market Trends And Strategies
4. Stainless Steel Market - Macro Economic Scenario
5. Global Stainless Steel Market Size and Growth

....

32. Global Stainless Steel Market Competitive Benchmarking
33. Global Stainless Steel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Stainless Steel Market
35. Stainless Steel Market Future Outlook and Potential Analysis
36. Appendix

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