High corrosion resistance,elasticity, and ductility make stainless steel one of the most preferred materials for application in various end-use industries. As per a recent market analysis by ESOMAR-certified consulting firm Future Market Insights (FMI), the stainless steel market is poised to expand at a steady 5.5% CAGR through 2031.
Stainless steel finds applications in industries including construction, automotive, chemical, oil & gas, power generation, and food and beverage. Ongoing expansions in these industries are promoting demand for stainless steel, thereby augmenting market growth.
Besides this, increasing sales of cookware and cutlery products, and home appliances will boost sales in the market. Owing to its corrosion resistance feature, stainless steel is actively used in pumps, valves, piping systems, and storage tanks which are prevalent in various manufacturing and production facilities.
In addition, applications of stainless steel in the renewable energy industry are anticipated to rise exponentially. Due to greenhouse gas emission concerns, several countries are resorting to renewable energy sources. Stainless steel is used in the production of geothermal, solar, and wind power plant equipment. This factor will contribute majorly to fostering sales in the stainless steel market.
As per FMI’s survey, austenitic stainless steel is anticipated to account for 3/4th of the total market share, owing to properties such as wear and tear resistance and high tensile strength. Industries such as petrochemical and oil & gas industry are increasingly generating demand for austenitic stainless steel.
Owing to the presence of various end-use industries including automotive, transport healthcare, and consumer goods industry in the U.S., the market is anticipated to experience high demand for stainless steel during the forecast period.
“Rising applications of stainless steel in high growth potential end-use industries will provide lucrative growth opportunities for players in the market through 2031. Against this backdrop, focus on innovations will be at all-time high in the upcoming years, as manufacturers aim at customizing solutions as per specific requirements of industries,” says the FMI analyst.
- Austenitic stainless steel will dominate the material type segment in the stainless-steel market.
- Tubular segment is expected to garner maximum revenue share, owing to increasing adoption in petrochemical and food and beverage industries.
- Industrial machinery is anticipated to lead the end-use segment. High demand can be attributed to various applications in power generation and manufacturing facilities.
- The U.S. stainless steel market will witness significant growth trends due to prevalence of well-established end-use industries.
- Increasing expansions in automotive industry will drive sales of stainless steel in Italy.
- Sales of stainless steel are anticipated to gain momentum in India due to growing urbanization and developments in heavy engineering industries.
- Rapid growth in consumer goods sector, particularly domestic appliance sector will propel sales of stainless steel in Japan.
- Technological advancements in the production of stainless steel will shape the sales outlook in the market.
- Increasing demand from petrochemicals, renewable energy, and the oil & gas industry will create lucrative growth prospects in the market.
- Growing demand from various end-use industries will further boost sales in the stainless-steel market.
- Fluctuations in the cost of stainless steel will hamper growth prospects in the market.
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As per FMI’s analysis, top players operating in the stainless steel market are focusing on research and development to innovate new technologies to support product enhancements. Product portfolio expansions and customization as per end-user demand will further help them strengthen their foothold in the market.
Apart from these strategies, mergers, acquisitions, and collaborations are also helping players to expand their global footprint in the market. For instance:
- In March 2021, ArcelorMittal’s XCarb innovation made a US$ 25 Mn equity injection in Form Energy. With this investment, the company has entered a partnership with Form Energy to supply production material to Form Energy for its battery production.
- In July 2021, Hyundai Steel announces a mass production system for nickel steel plates to expedite the supply of cryogenic steel to its corporate customers.
Leading players operating in Stainless Steel Market profiled by FMI include:
- Nippon Steel Corporation
- JFE Steel Corporation
- AK Steel
- Thyssenkrupp AG
- Hyundai Steel Co.,Ltd.
- Yieh United Steel Corp.
- Baosteel Group
- Jindal Stainless Limited
More Insights on FMI’s Stainless Steel Market
The latest market study on stainless steel market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
- Austenitic Stainless Steel
- Ferritic Stainless Steel
- Duplex Stainless Steel
- Martensitic Stainless Steel
- Precipitation Hardening Stainless Steel
- Flat Products
- Long Products
- Tubular Products
- Building & Construction
- Industrial Machinery & Components
- Automotive & Transportation
- Home Appliances
- Cookware & Cutlery
- Medical & Surgical Tools
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa
Key Questions Covered in Stainless Steel Market Report
- The report offers detailed insights into stainless steel demand outlook for 2021-2031
- The market study also highlights projected sales growth for stainless steel market between 2021 and 2031
- Stainless steel market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Stainless steel market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others