Stainless Steel Industry Overview
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, restraints, 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.
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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 wires and slings. These 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.
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