Due to rising demand from various industries, the stainless steel market is expected to reach US$ 193.97 billion by the end of 2031. The increased need for corrosion resistant material, according to a study by Future Market Insights (FMI).
The use of high tensile strength materials in a variety of industries, including chemical, petrochemical, food and beverage, oil & gas, automotive, construction, and others, is expected to boost the expansion of the stainless steel market in the coming years.
Stainless steel is also becoming more popular in the production of home appliances, cookware, and cutlery, which is likely to boost market sales. Due to its use in the chemical industry, equipment and storage tank manufacture, mining and chemical equipment, pharmaceutical equipment, and cookware and cutlery, austenitic stainless steel is expected to remain the most popular stainless steel. According to the research, this category will account for more than 77 percent of stainless steel sold in 2021.
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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.
During the forecast period 2021-2031, rising demand from various end-use sectors is expected to significantly boost the Stainless Steel market. Due to the presence of diverse end-use industries and excellent stainless steel manufacturing capability, China, the United States, and Japan are expected to remain significant countries in the stainless steel market.
However, due to the pandemic impact in 2020, the stainless steel market is predicted to have a considerable decline in growth due to supply chain disruption and decreased demand. However, following the pandemic crisis, the market is expected to expand at a rapid pace over the projection 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.
Want to Know More?
Future Market Insights has released a market research report on the Global Stainless Steel Market, which includes a global industry analysis from 2016 to 2020 as well as a 2021–2031 opportunity evaluation. The study examines the Global Stainless Steel Market in detail, breaking it down into components such as type, size, application, and region. The Global Stainless Steel Market research also includes an analysis of the parent market, as well as supply and demand trends.
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Stainless Steel Market Competitive Landscape
Key players are concentrating their efforts on R&D in order to deliver new and innovative products, solutions, and technologies that meet end-user specifications, norms, and custom requirements. Due to the presence of a large number of companies around the world, the global stainless steel market might be termed oligopolistic.
Due to the wide range of demand, there is a high level of market participation. Tier-I enterprises are planning to expand their market footprint through partnership and acquisitions of complementary businesses.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.