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.
This product will be delivered within 3-5 business days.
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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Stainless Steel Market Characteristics3. Stainless Steel Market Trends and Strategies4. Stainless Steel Market - Macro Economic Scenario Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market200 Series300 Series32. Global Stainless Steel Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Stainless Steel Market34. Recent Developments in the Stainless Steel Market
5. Global Stainless Steel Growth Analysis and Strategic Analysis Framework
6. Stainless Steel Market Segmentation
400 Series
7. Stainless Steel Market Regional and Country Analysis
8. Asia-Pacific Stainless Steel Market
9. China Stainless Steel Market
10. India Stainless Steel Market
11. Japan Stainless Steel Market
12. Australia Stainless Steel Market
13. Indonesia Stainless Steel Market
14. South Korea Stainless Steel Market
15. Western Europe Stainless Steel Market
16. UK Stainless Steel Market
17. Germany Stainless Steel Market
18. France Stainless Steel Market
19. Italy Stainless Steel Market
20. Spain Stainless Steel Market
21. Eastern Europe Stainless Steel Market
22. Russia Stainless Steel Market
23. North America Stainless Steel Market
24. USA Stainless Steel Market
25. Canada Stainless Steel Market
26. South America Stainless Steel Market
27. Brazil Stainless Steel Market
28. Middle East Stainless Steel Market
29. Africa Stainless Steel Market
30. Stainless Steel Market Competitive Landscape and Company Profiles
31. Stainless Steel Market Other Major and Innovative Companies
35. Stainless Steel Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Stainless Steel Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on stainless steel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for stainless steel? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The stainless steel market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Cold Rolled Flat; Hot Plate and Sheet; Cold Bars and Wire; Hot Bars and Wire Rod; Other Types2) By Grade: 200 Series; 300 Series; 400 Series; Duplex Series; Other Grades
3) By Application: Building and Construction; Automotive and Transportation; Consumer Goods; Mechanical Engineering and Heavy Industries; Other Applications
Subsegments:
1) By Cold Rolled Flat: Cold Rolled Sheets; Cold Rolled Coils2) By Hot Plate and Sheet: Hot Rolled Plates; Hot Rolled Sheets
3) By Cold Bars and Wire: Cold Drawn Bars; Cold Drawn Wire
4) By Hot Bars and Wire Rod: Hot Rolled Bars; Hot Rolled Wire Rods
5) By Other Types: Stainless Steel Tubes and Pipes; Stainless Steel Fittings; Stainless Steel Strips
Key Companies Mentioned: China Baowu Steel Group Corporation Ltd; Sandmeyer Steel Company; ArcelorMittal SA; Pohang Iron and Steel Company; Nippon Steel Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- 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
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | March 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 177.92 Billion |
Forecasted Market Value ( USD | $ 248.39 Billion |
Compound Annual Growth Rate | 8.7% |
Regions Covered | Global |
No. of Companies Mentioned | 29 |