Stainless Steel Market growth driver analysis 2022 - 2030.

The global stainless steel market size was valued at USD 104.23 billion in 2021 and is expected to exhibit a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030. The private and public investments in infrastructure, as well as residential housing, is likely to provide a boost to the stainless steel demand. Stainless steel (SS) is an important material in industrial applications such as building & construction, infrastructure, railways, automotive & transportation, and process industries. SS has a unique edge over carbon steel as it has a combination of properties such as pliability, strength, corrosion resistance, aesthetic properties, low maintenance cost, and average product life cycle. These properties along with increasing penetration in numerous applications are anticipated to drive the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Stainless Steel Market

The U.S. stainless steel market is expected to be driven by the demand for mechanical, chemical, and energy applications. These applications are diversified such as tubular in the oil industry; heat exchangers, heat vessels, & boilers in power plants; furnace plants; and components in processing machinery of pulp & paper, chemicals, and food & beverage industries.

Building & construction is one of the important applications of stainless steel. The segment accounted for a volume share of 11.3% of overall U.S. demand. For structural purpose, SS products are used in beams, columns, and general architectural applications. It is used in railings, roofing, lifts, staircases, swimming pool shades, canopies, and atriums among others.

In November, the U.S. government introduced USD 2 trillion plan for infrastructure. It includes heavy fund allocation for repair and renovation of bridges, highways, EV charging facilities, airports, water infrastructure, communication networks, high-speed Internet, clean energy & environment, and carbon reduction. This plan is likely to assist the SS demand for structural applications in infrastructure and construction.

Browse through Grand View Research's Advanced Interior Materials Industry Related Reports

  • Steel Market - The global steel market size was valued at USD 807 billion in 2016 and is projected to grow at a CAGR of 2.6% from 2017 to 2025. Growing popularity of pre-engineered metal buildings and lightweight building materials to foster energy savings has been a key driver of the industry.
  • Carbon Dioxide Market - The global carbon dioxide market size was valued at USD 7.80 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028. The rise in utilization of carbon dioxide (CO2) in the oil & gas sector for Enhanced Oil Recovery (EOR) technology has been one of the key drivers for the market

Stainless Steel Market Segmentation

Grand View Research has segmented the global stainless steel market based on the grade, product, application, and region:

  • Stainless Steel Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

o   200 series

o   300 series

o   400 series

o   Duplex series

o   Others

  • Stainless Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

o   Flat

o   Long

  • Stainless Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

o   Building & Construction

o   Automotive & Transportation

o   Consumer Goods

o   Mechanical Engineering & Heavy Industries

o   Others

  • Stainless Steel Regional Outlook (Revenue, USD Million, 2017 - 2030)

o   North America

o   Europe

o   Asia Pacific

o   Central & SouthAmerica

o   Middle East & Africa

Market Share Insights

February 2021: Jindal Stainless announced a capex plan for its Odisha stainless steel plant worth Rs. 2000-3000 crore (~ USD 261.8-392.7 million) over the next few years.

February 2021: VINCO launched a new range of steel wiresand slings. Such products are usually used in lifts sectors, fishing, industrial, and elevation.

Key Companies profiled:

Some prominent players in the global Stainless Steel market include

  • Acerinox S.A.
  • Aperam Stainless
  • ArcelorMittal
  • Baosteel Group
  • Jindal Stainless
  • Nippon Steel Corporation
  • Outokumpu
  • POSCO
  • ThyssenKrupp Stainless GmbH
  • Yieh United Steel Corp.

Order a free sample PDF of the Stainless Steel Market Intelligence Study, published by Grand View Research.

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