Stainless Steel Market Report 2026

The stainless steel market size has grown strongly in recent years. It will grow from $174.95 billion in 2025 to $189.63 billion in 2026 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing demand in construction sector, growth in automotive and transportation applications, expansion of consumer goods industry, technological advancements in stainless steel manufacturing, rising adoption in mechanical engineering and heavy industries.

The stainless steel market size is expected to see strong growth in the next few years. It will grow to $257.57 billion in 2030 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to increasing use in green building and sustainable infrastructure, rising demand in aerospace and transportation sector, expansion in industrial machinery and equipment applications, growth in custom stainless steel solutions, increasing integration with smart and connected manufacturing systems. Major trends in the forecast period include rising demand for cold rolled and hot rolled stainless steel, growth in stainless steel bars and wire applications, increasing use in building and construction industry, expansion in automotive and transportation sector, customization of stainless steel products for mechanical engineering applications.

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.

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 report are 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 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the stainless steel market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the stainless steel market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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