Stainless Steel Market Report 2025

The stainless steel market size has grown strongly in recent years. It will grow from $164.9 billion in 2024 to $177.92 billion in 2025 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to manufacturing expansion, energy sector requirements, consumer goods innovation, urbanization and construction boom, aerospace and defense sector utilization.

The stainless steel market size is expected to see strong growth in the next few years. It will grow to $248.39 billion in 2029 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to rising industrialization in emerging markets, infrastructure development projects, global economic recovery, sustainable practices and regulations. Major trends in the forecast period include technological advancements in manufacturing, global economic growth, shift to sustainable materials, automotive industry demand, advancements in automotive design.

The stainless-steel market is projected to grow owing to the rapid expansion in the automotive The rapid expansion of the automotive industry is anticipated to boost the stainless steel market in the coming years. The automotive industry encompasses various businesses and organizations involved in the design, production, marketing, and sale of automobiles. Stainless steel is valued for its durability and aesthetic appeal, making it a popular choice within this sector. For example, in May 2024, data from the International Energy Agency (IEA), a France-based intergovernmental organization, revealed that SUVs accounted for 48% of global car sales, achieving a record high in 2023 and further cementing their popularity in the automotive market. Sales of SUVs in advanced economies surpassed 20 million in 2022, marking a 50% market share for the first time, while there were over 360 million SUVs on the roads worldwide. Consequently, the rapid growth of the automotive industry is propelling the stainless steel market.

The rising demand within the construction industry is expected to drive the growth of the stainless steel market in the future. This industry encompasses a broad array of activities related to the planning, design, development, and execution of structures, facilities, and infrastructure. Stainless steel is favored in construction for its corrosion resistance, strength and durability, aesthetic appeal, low maintenance requirements, fire resistance, recyclability, versatility, and ability to withstand extreme temperatures. For example, in March 2023, Oxford Economics, a UK-based economic information services firm, projected that the value of construction work will increase from $9.7 trillion in 2022 to $13.9 trillion by 2037, primarily driven by significant construction markets in China, the U.S., and India. Thus, the growing demand in the construction industry is propelling the stainless steel market forward.

Product innovations are emerging as a significant trend in the stainless steel market. Leading companies in this sector are concentrating on developing new products to enhance their market position. For example, in June 2023, Outokumpu Oyj, a Finland-based manufacturer of stainless steel, introduced its new emission-minimized product line, Circle Green. This innovative line features stainless steel with a carbon footprint that is 92% lower than the industry average, achieved through the utilization of bio-based materials and optimized production processes. Circle Green aims to meet the increasing demand for sustainable materials in various sectors, including construction and consumer products, positioning it as an excellent choice for environmentally conscious applications.

Major players in the stainless-steel market are driving innovation through the development of new products such as A4 stainless steel, seeking a competitive advantage. For instance, in January 2023, 3DEO Inc. unveiled 316L stainless steel, recognized for its exceptional corrosion resistance and mechanical properties. This weldable material finds applications across various sectors, including medical, industrial, marine, and food processing, due to its resilience in harsh conditions.

In January 2023, Marcegaglia Group, a leading steel product transformation company based in Italy, acquired Outokumpu's stainless steel long product division for an undisclosed amount. This acquisition signifies Marcegaglia's entry into liquid steel production and includes the historic Sheffield Meltshop, known for manufacturing stainless steel billets, blooms, and slabs. The deal is anticipated to significantly enhance production capacity, aiming for over 500,000 tons per year of stainless steel products. This strategic move is in line with Marcegaglia's commitment to sustainability and innovation within the stainless steel market. Outokumpu, on the other hand, is a Finland-based producer of sustainable stainless steel.

Major companies operating in the stainless steel market include China Baowu Steel Group Corporation Ltd, Sandmeyer Steel Company, ArcelorMittal SA, Pohang Iron and Steel Company, Nippon Steel Corporation, ThyssenKrupp AG, JFE Steel Corporation, Tata Steel Limited, Essar Steel India Limited, Steel Authority of India Limited, Sandvik AB, Outokumpu Oyj, Marcegaglia Specialties S.p.A., Jindal Steel and Power Limited, Acerinox SA, Aperam SA, AK Steel Holdings Corporation, ATI Specialty Alloys & Components, Schmolz + Bickenbach AG, Allegheny Technologies Incorporated Carpenter Technology Corporation, Rashtriya Ispat Nigam Limited, North American Stainless, Viraj Profiles Limited, Ulbrich Stainless Steels & Special Metals Inc., Yieh Corporation, Aamor Inox Limited, Bristol Metals LLC, Valbruna Stainless Inc., Mahindra Ugine Steel.

Asia-Pacific was the largest region in the stainless steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the stainless steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the stainless steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Stainless steel denotes an alloy combining steel with elements such as chromium, nickel, or molybdenum, providing superior corrosion resistance, durability, and high tensile strength. It finds extensive use due to its immunity to rust and ordinary corrosion.

Stainless steel comes in various types, including cold-rolled flat, hot plate and sheet, cold bars and wire, hot bars and wire rods, among others. Cold-rolled flat stainless steel is strengthened without heat, altering its shape to enhance durability. Grades such as the 200, 300, 400 series, and duplex series find applications across building and construction, automotive, consumer goods, mechanical engineering, heavy industries, and other sectors.

The stainless steel market research report is one of a series of new reports that provides stainless steel market statistics, including stainless steel industry global market size, regional shares, competitors with a stainless steel market share, detailed stainless steel market segments, market trends and opportunities, and any further data you may need to thrive in the stainless steel industry. This stainless steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The stainless steel market consists of sales of austenitic stainless steel, ferritic stainless steel, duplex stainless steel, and martensitic stainless steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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