Stainless Steel Market size to grow by 10,299.64 thousand t from 2022 to 2027, Upsurge in consumption of high-strength stainless steel to boost the market growth – Technavio

NEW YORK, May 15, 2023 /PRNewswire/ — The global stainless steel market size is estimated to grow by 10,299.64 thousand t from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 3.38% during the forecast period. APAC is estimated to account for 76% of the global market growth. The region has some of the largest stainless steel-producing countries in the world. The countries include China, Japan, South Korea, and India. In 2020, China was the largest producer and consumer of stainless steel. Manufacturers shift to the consumption of scrap steel and stainless steel as raw materials to reduce pollution as well as manufacturing costs. Hence, such factors will drive the growth of the market in APAC during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

What’s New?

• Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 

Stainless Steel Market – Segmentation Assessment

Segment Overview

This report extensively covers market segmentation by end-user (metal products, mechanical engineering, automobile and transportation, infrastructure and construction, and electrical engineering), product (flat and long), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

• The market share growth by the metal products segment will be significant for overall market growth during the forecast period. The use of stainless steel in metal products provides an aesthetic appeal, extensive textures, strength, functionality, corrosion resistance properties, and ease of cleaning properties. The demand for stainless steel for manufacturing metal products is high owing to its ease of fabrication and mechanical properties. Hence, the shift in consumer preference toward hygienic and easy-to-clean products is likely to increase the demand for stainless steel in metal products during the forecast period.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report

Stainless Steel Market – Market Dynamics

Key factor driving market growth

• Upsurge in the consumption of high-strength stainless steel significantly drives the stainless steel market growth. 
• The use of high-strength stainless steel is rising in architectural, industrial, and consumer applications because of its qualities such as affordable cost and high strength-to-weight ratio.
• Strategic positioning and branched-out product portfolios are some of the factors that boost the sales of high-strength stainless steel during the forecast period.
• Thus, high-strength steel is also used to develop environment-friendly vehicles. These factors will fuel the growth of the global stainless steel market.

Leading trends influencing the market 

• The growing demand for steel and stainless steel scrap is an emerging trend influencing the stainless steel market growth. 
• The use of scraped steel and stainless steel increases due to the need to reduce carbon footprint and recycling improves the industry’s economic viability and reduces the environmental impact. 
• 1.79 metric tons of CO₂ is saved for each metric ton of scrap steel, on average. Hence, stainless steel producers prefer steel and stainless steel scrap as raw materials.
• Therefore, concerns regarding global warming are propelling the use of steel and stainless steel scrap to produce stainless steel products. This will increase their demand during the forecast period.

Major challenges hindering the market growth

• Volatility in raw material prices is a major challenge that may impede the stainless steel market growth.
• The manufacturing of stainless steel depends on various commodities, metals, and industrial raw materials. It includes iron ore, ferrochrome, scraped steel, chromium, nickel, and others.
• But the volatility in the prices of raw materials influences the profit margins of stakeholders.
• For instance, in January 2021, the average price of iron ore was about USD 158 per ton, which rose to USD 168 per ton in mid of 2021 and declined to USD 85 per ton in November 2021.
• Based on import and export tariffs, the pricing differs from one region to another.
• Hence, high volatility in the cost of raw materials is one of the major challenges for the global stainless steel market.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Stainless Steel Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the stainless steel market between 2023 and 2027
• Precise estimation of the size of the stainless steel market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the stainless steel market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the stainless steel market vendors

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Related Reports:

Steel scrap market size is estimated to grow by 62.78 million tones from 2023 to 2027 and the market’s growth momentum will accelerate at a CAGR of 2%. This report extensively covers market segmentation by end-user (construction, automotive, consumer goods, and industrial goods) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The increasing applications for steel scrap are notably driving the steel scrap market growth.

The steel manufacturing market size is estimated to grow at a CAGR of 4.02% between 2022 and 2027. The market size is forecast to increase by USD 369.6 billion. This steel manufacturing market report extensively covers market segmentation by end-user (construction, machinery, automotive, metal products, and others), type (flat and long), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The upsurge in the consumption of high-strength steel is notably driving the market growth.

Table of Contents: 

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (thousand t)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (thousand t)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global stainless steel market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global stainless steel market 2017 – 2021 (thousand t)

• 4.2 End-user Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – End-user Segment 2017 – 2021 (thousand t)

• 4.3 Product Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – Product Segment 2017 – 2021 (thousand t)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (thousand t)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (thousand t)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user – Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user – Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Metal products – Market size and forecast 2022-2027
• Exhibit 34: Chart on Metal products – Market size and forecast 2022-2027 (thousand t)
• Exhibit 35: Data Table on Metal products – Market size and forecast 2022-2027 (thousand t)
• Exhibit 36: Chart on Metal products – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Metal products – Year-over-year growth 2022-2027 (%)

• 6.4 Mechanical engineering – Market size and forecast 2022-2027 
• Exhibit 38: Chart on Mechanical engineering – Market size and forecast 2022-2027 (thousand t)
• Exhibit 39: Data Table on Mechanical engineering – Market size and forecast 2022-2027 (thousand t)
• Exhibit 40: Chart on Mechanical engineering – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Mechanical engineering – Year-over-year growth 2022-2027 (%)

• 6.5 Automobile and transportation – Market size and forecast 2022-2027 
• Exhibit 42: Chart on Automobile and transportation – Market size and forecast 2022-2027 (thousand t)
• Exhibit 43: Data Table on Automobile and transportation – Market size and forecast 2022-2027 (thousand t)
• Exhibit 44: Chart on Automobile and transportation – Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Automobile and transportation – Year-over-year growth 2022-2027 (%)

• 6.6 Infrastructure and construction – Market size and forecast 2022-2027 
• Exhibit 46: Chart on Infrastructure and construction – Market size and forecast 2022-2027 (thousand t)
• Exhibit 47: Data Table on Infrastructure and construction – Market size and forecast 2022-2027 (thousand t)
• Exhibit 48: Chart on Infrastructure and construction – Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Infrastructure and construction – Year-over-year growth 2022-2027 (%)

• 6.7 Electrical engineering – Market size and forecast 2022-2027 
• Exhibit 50: Chart on Electrical engineering – Market size and forecast 2022-2027 (thousand t)
• Exhibit 51: Data Table on Electrical engineering – Market size and forecast 2022-2027 (thousand t)
• Exhibit 52: Chart on Electrical engineering – Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Electrical engineering – Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by End-user 
• Exhibit 54: Market opportunity by End-user (thousand t)

7 Market Segmentation by Product

• 7.1 Market segments 
• Exhibit 55: Chart on Product – Market share 2022-2027 (%)
• Exhibit 56: Data Table on Product – Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 57: Chart on Comparison by Product
• Exhibit 58: Data Table on Comparison by Product

• 7.3 Flat – Market size and forecast 2022-2027
• Exhibit 59: Chart on Flat – Market size and forecast 2022-2027 (thousand t)
• Exhibit 60: Data Table on Flat – Market size and forecast 2022-2027 (thousand t)
• Exhibit 61: Chart on Flat – Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Flat – Year-over-year growth 2022-2027 (%)

• 7.4 Long – Market size and forecast 2022-2027
• Exhibit 63: Chart on Long – Market size and forecast 2022-2027 (thousand t)
• Exhibit 64: Data Table on Long – Market size and forecast 2022-2027 (thousand t)
• Exhibit 65: Chart on Long – Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Long – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Product 
• Exhibit 67: Market opportunity by Product (thousand t)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 APAC – Market size and forecast 2022-2027
• Exhibit 73: Chart on APAC – Market size and forecast 2022-2027 (thousand t)
• Exhibit 74: Data Table on APAC – Market size and forecast 2022-2027 (thousand t)
• Exhibit 75: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027
• Exhibit 77: Chart on Europe – Market size and forecast 2022-2027 (thousand t)
• Exhibit 78: Data Table on Europe – Market size and forecast 2022-2027 (thousand t)
• Exhibit 79: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 North America – Market size and forecast 2022-2027
• Exhibit 81: Chart on North America – Market size and forecast 2022-2027 (thousand t)
• Exhibit 82: Data Table on North America – Market size and forecast 2022-2027 (thousand t)
• Exhibit 83: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa – Market size and forecast 2022-2027 (thousand t)
• Exhibit 86: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (thousand t)
• Exhibit 87: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.7 South America – Market size and forecast 2022-2027
• Exhibit 89: Chart on South America – Market size and forecast 2022-2027 (thousand t)
• Exhibit 90: Data Table on South America – Market size and forecast 2022-2027 (thousand t)
• Exhibit 91: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.8 China – Market size and forecast 2022-2027
• Exhibit 93: Chart on China – Market size and forecast 2022-2027 (thousand t)
• Exhibit 94: Data Table on China – Market size and forecast 2022-2027 (thousand t)
• Exhibit 95: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.9 India – Market size and forecast 2022-2027
• Exhibit 97: Chart on India – Market size and forecast 2022-2027 (thousand t)
• Exhibit 98: Data Table on India – Market size and forecast 2022-2027 (thousand t)
• Exhibit 99: Chart on India – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on India – Year-over-year growth 2022-2027 (%)

• 9.10 US – Market size and forecast 2022-2027
• Exhibit 101: Chart on US – Market size and forecast 2022-2027 (thousand t)
• Exhibit 102: Data Table on US – Market size and forecast 2022-2027 (thousand t)
• Exhibit 103: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.11 Japan – Market size and forecast 2022-2027
• Exhibit 105: Chart on Japan – Market size and forecast 2022-2027 (thousand t)
• Exhibit 106: Data Table on Japan – Market size and forecast 2022-2027 (thousand t)
• Exhibit 107: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.12 South Korea – Market size and forecast 2022-2027
• Exhibit 109: Chart on South Korea – Market size and forecast 2022-2027 (thousand t)
• Exhibit 110: Data Table on South Korea – Market size and forecast 2022-2027 (thousand t)
• Exhibit 111: Chart on South Korea – Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on South Korea – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography (thousand t)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Acerinox SA 
• Exhibit 120: Acerinox SA – Overview
• Exhibit 121: Acerinox SA – Business segments
• Exhibit 122: Acerinox SA – Key offerings
• Exhibit 123: Acerinox SA – Segment focus

• 12.4 Aperam 
• Exhibit 124: Aperam – Overview
• Exhibit 125: Aperam – Business segments
• Exhibit 126: Aperam – Key offerings
• Exhibit 127: Aperam – Segment focus

• 12.5 Cleveland Cliffs Inc. 
• Exhibit 128: Cleveland Cliffs Inc. – Overview
• Exhibit 129: Cleveland Cliffs Inc. – Product / Service
• Exhibit 130: Cleveland Cliffs Inc. – Key offerings

• 12.6 JFE Holdings Inc. 
• Exhibit 131: JFE Holdings Inc. – Overview
• Exhibit 132: JFE Holdings Inc. – Business segments
• Exhibit 133: JFE Holdings Inc. – Key news
• Exhibit 134: JFE Holdings Inc. – Key offerings
• Exhibit 135: JFE Holdings Inc. – Segment focus

• 12.7 Jindal Stainless Ltd. 
• Exhibit 136: Jindal Stainless Ltd. – Overview
• Exhibit 137: Jindal Stainless Ltd. – Product / Service
• Exhibit 138: Jindal Stainless Ltd. – Key offerings

• 12.8 JSW STEEL Ltd. 
• Exhibit 139: JSW STEEL Ltd. – Overview
• Exhibit 140: JSW STEEL Ltd. – Product / Service
• Exhibit 141: JSW STEEL Ltd. – Key offerings

• 12.9 Mirach Metallurgy Co. Ltd. 
• Exhibit 142: Mirach Metallurgy Co. Ltd. – Overview
• Exhibit 143: Mirach Metallurgy Co. Ltd. – Product / Service
• Exhibit 144: Mirach Metallurgy Co. Ltd. – Key offerings

• 12.10 Nippon Steel Corp. 
• Exhibit 145: Nippon Steel Corp. – Overview
• Exhibit 146: Nippon Steel Corp. – Business segments
• Exhibit 147: Nippon Steel Corp. – Key offerings
• Exhibit 148: Nippon Steel Corp. – Segment focus

• 12.11 Outokumpu 
• Exhibit 149: Outokumpu – Overview
• Exhibit 150: Outokumpu – Business segments
• Exhibit 151: Outokumpu – Key news
• Exhibit 152: Outokumpu – Key offerings
• Exhibit 153: Outokumpu – Segment focus

• 12.12 POSCO holdings Inc. 
• Exhibit 154: POSCO holdings Inc. – Overview
• Exhibit 155: POSCO holdings Inc. – Business segments
• Exhibit 156: POSCO holdings Inc. – Key offerings
• Exhibit 157: POSCO holdings Inc. – Segment focus

• 12.13 Sandmeyer Steel Co. 
• Exhibit 158: Sandmeyer Steel Co. – Overview
• Exhibit 159: Sandmeyer Steel Co. – Product / Service
• Exhibit 160: Sandmeyer Steel Co. – Key offerings

• 12.14 Tata Steel Ltd. 
• Exhibit 161: Tata Steel Ltd. – Overview
• Exhibit 162: Tata Steel Ltd. – Business segments
• Exhibit 163: Tata Steel Ltd. – Key news
• Exhibit 164: Tata Steel Ltd. – Key offerings
• Exhibit 165: Tata Steel Ltd. – Segment focus

• 12.15 Tsingshan Holding Group Co. Ltd. 
• Exhibit 166: Tsingshan Holding Group Co. Ltd. – Overview
• Exhibit 167: Tsingshan Holding Group Co. Ltd. – Product / Service
• Exhibit 168: Tsingshan Holding Group Co. Ltd. – Key offerings

• 12.16 WJH Stainless Steel 
• Exhibit 169: WJH Stainless Steel – Overview
• Exhibit 170: WJH Stainless Steel – Product / Service
• Exhibit 171: WJH Stainless Steel – Key offerings

• 12.17 Yieh Corp. 
• Exhibit 172: Yieh Corp. – Overview
• Exhibit 173: Yieh Corp. – Product / Service
• Exhibit 174: Yieh Corp. – Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 175: Inclusions checklist
• Exhibit 176: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 177: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 178: Research methodology
• Exhibit 179: Validation techniques employed for market sizing
• Exhibit 180: Information sources

• 13.5 List of abbreviations 
• Exhibit 181: List of abbreviations

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