August 21, 2023 02:49 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global stainless steel market size was valued at USD 204.07 billion in 2022 and is projected to reach a valuation of USD 205.88 billion in 2023 and is expected to reach USD 305.56 billion by 2030 with a CAGR of 5.8% during the forecast period. Stainless Steel Pipe
Stainless steel is made of various components such as chromium, nitrogen, and molybdenum. Rapid growth in the automotive industry is set to drive the market growth. Rising technological advancements in steel due to increasing carbon emissions are also driving the demand for steel. Fortune Business Insights™ shares this information in its report titled “Global Stainless Steel Market, 2023-2030.”
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List of Key Players Profiled in the Stainless Steel Market Report:
Report Scope & Segmentation:
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Cold Rolled Flat Segment to Dominate Due to Its Highly Ductile Nature
On the basis of product type, the market is divided into cold-rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rods, and others. The cold-rolled flat segment dominated and is set to have the fastest growth as it is highly ductile in nature. Hot plate & sheet is also referred to as structural steel and is projected to be the second-largest as it can be cut and welded to manufacture a more complicated product.
Metal Products Segments Led The Market Due To Growing Consumer Disposable Income
On the basis of application, the market is classified into metal products, electrical machinery, engineering, construction, automotive parts, and others. The metal products segment is set to hold the largest share in 2022 due to growing consumer disposable income and rising adoption of metals in utensils and medical accessories.
Steel Producers Faced Shortage Of Steel Due To Trade Restrictions Affecting The Construction Industry
The pandemic of COVID-19 affected the construction industry due to machinery closures, scarcity of qualified labor, factory shutdowns, and shortage of raw materials, due to which production remained closed. After the pandemic, production recovered more quickly in emerging nations than in developed ones, returning to pre-pandemic levels in 2021.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Growth In The Automotive Industry To Drive Market Growth Growth in the automotive industry is anticipated to drive the stainless steel market growth. Stainless steel is used in the automotive industry due to its corrosion, high strength, and heat resistance properties. Increasing technological advancement in the automotive industry and rising innovation in electric vehicles will contribute to product adoption. Rising product consumption due to its characteristics in the construction industry to drive market growth.
However, the presence of substitute products, such as aluminum, galvanized steel, carbon steel, and engineered plastics can hamper the market growth.
Increasing Demand For The Product in China to Drive Market Growth In Asia Pacific Asia Pacific is set to lead in the global stainless steel market share due to rapid development in the infrastructure and an increasing number of technological developments. The market reached a valuation of USD 136.91 billion in the year 2022 with China being the fastest-growing country in the region.
Europe region is driven by rapid growth in the automotive industry and technological advancements. About 45%-50% of steel is being used in the automotive exhaust systems which is further creating demand for stainless steel.
Key market players are ThyssenKrupp Stainless GmbH, Nippon Steel Corporation, ArcelorMittal, and Acerinox S.A. The market players have been production capacity expansion, product development, mergers & acquisitions, and market collaborations. In April 2021, Sandvik and BEAMIT Group collectively launched Osprey 2507 super-duplex stainless-steel powder which can be used for additive manufacturing with excellent durability and corrosion resistance properties.
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