Stainless steel market is anticipated to reach US$ 193.97 Bn by the end of 2031 owing to the increasing demand from various industries. As per a study by Future Market Insights (FMI), the growing demand for corrosion resistant material, with high tensile strength material in various sectors such as chemical industries, petrochemicals industries, food and beverage industries, oil & gas, automotive sector, construction industry and many others is anticipated to augment the growth of the stainless steel market in the coming years.
Also the use of stainless steel is rising in the production of home appliances, cookware, and cutlery, which is expected to continue enabling sales in the market. Austenitic stainless steel is estimated to remain the top-selling stainless steel owing to its application in chemical industry, equipment and storage tanks manufacturing, in mining and chemical equipment, in pharmaceutical equipment, and in cookware and cutlery. According to the report, more than 77% of stainless steel sold in 2021 will belong from this category.
Key Takeaways of Global Stainless Steel Market Study
- The global stainless steel market is estimated to expand at a CAGR of 5.5% during the forecast period of 2021-2031
- Presence of well-established industries and expansion of power plants sealed America’s dominance, enabling the U.S. represent over 86% of North America stainless steel market in 2021
- Expansion of building and construction sectors will drive sales in Germany and France
- The U.K. will remain a key market, exhibiting 4.4% y-o-y growth in 2021 after a brief period of negative sales
- Backed by increasing production of stainless steel, China will remain dominant in East Asia
“Companies operating in the stainless steel market are focusing on capacity expansion. A trend which will continue through the assessment period, enabling growth in the stainless steel market,” said an analyst at FMI.
Growing demand from various end use sectors is projected to boost the Stainless Steel market significantly during the forecast period 2021-2031. China, U.S., and Japan are anticipated to remain prominent countries in the market of stainless steel, owing to presence of various end-use sectors and excellent production capacity of stainless steel.
However, owing to the pandemic impact in the year 2020, stainless steel market is expected to witness a significant downfall in the growth due to the disruption in the supply chain and decrease in demand. However, post the pandemic crisis, the market is anticipated to grow with a significant growth rate over the forecast period.
Who is Winning?
The global stainless steel market has been identified as a significantly fragmented market along with organized sectors occupying a fair share of the overall market. Some of the key market participants which are included in the report are ArcelorMittal, Nippon Steel and Sumitomo Metal Corporation, POSCO, JFE Steel Corporation, AK Steel, Thyssenkrupp AG, Hyundai Steel Co., Ltd., Outokumpu, Acerinox, Yieh United Steel Corp., Baosteel Group, Aperam, Jindal Stainless Limited, Gerdau, and Vallourec.
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Future Market Insights has published a market research report on the Global Stainless Steel Market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in depth analysis of the Global Stainless Steel Market through different segments, namely by type, by size, application and region. The Global Stainless Steel Market report also provides supply and demand trends, along with an overview of the parent market.