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Stainless Steel Market Size 2023-2027

The stainless steel market size is forecasted to increase by 10,299.64 thousand tons at a CAGR of 3.38% between 2022 and 2027. Market growth relies on various factors, notably the increased consumption of high-strength stainless steel, propelled by its corrosion resistance and excellent mechanical properties. Additionally, economic expansion in China and India contributes significantly to market growth. As these nations continue to develop industrially and infrastructurally, the demand for stainless steel, particularly for construction and manufacturing applications, is expected to rise. This confluence of factors positions the market for substantial growth in the foreseeable future. Furthermore, the stainless steel market analysis report includes historic market data from 2017 to 2021. The stainless steel market forecast indicates robust expansion, driven by increasing demand for steel across various industries. The stainless steel market size growth is propelled by advancements in production technologies and the rise of sustainable manufacturing practices. Current stainless steel market trends show a surge in applications, particularly in construction and automotive sectors, underscoring its vital role in modern infrastructure.

What will be the Size of the Stainless Steel Market During the Forecast Period?

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Stainless Steel Market Segmentation

The stainless steel market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in 'USD Million' for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments

End-user Outlook 

  Metal products
  Mechanical engineering
  Automobile and transportation
  Infrastructure and construction
  Electrical engineering





Product Outlook

  Flat
  Long





Region Outlook

  North America

    The US
    Canada


  Europe

    The UK
    Germany
    France
    Rest of Europe


  APAC

    China
    India


  Middle East and Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East and Africa


  South America

    Argentina
    Brazil
    Chile

By End-user

The market share growth by the metal products segment will be significant during the forecast period. The use of stainless steel in metal products provides an aesthetic appeal, extensive textures, strength, functionality, corrosion resistance properties, and ease of cleaning properties such products, driving the growth of steel manufacturing. The demand for stainless steel for manufacturing metal products is high due to its ease of fabrication and mechanical properties.

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The metal products segment showed a gradual increase in the market share of 20,426.71 thousand t in 2017. Stainless steel is used in jewelry, belt buckles, clips, casings, watch straps and backs, cooker hoods, outdoor kitchen cabinets, worktops, drainers, sinks, and others. It is also used in kitchen vessels due to its hygiene properties, durability, and resilience to food discoloration and spoilage. The shift in consumer preference toward hygienic and easy-to-clean products is likely to increase the demand for stainless steel in metal products during the forecast period.

By Region

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APAC is estimated to account for 76% of the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC has some of the largest stainless steel-producing countries in the world, such as China, Japan, South Korea, and India. China was the largest producer and consumer of stainless steel in 2020. Manufacturers are shifting to the consumption of scrap steel and stainless steel as raw materials to reduce pollution as well as manufacturing costs. These factors will drive the growth of the market in APAC during the forecast period.

Stainless Steel Market Dynamics

The market plays a vital role across various sectors, including residential housing, building & construction, railways, and automotive & transportation. Its resistance to corrosion surpasses that of carbon steel, making it a preferred choice. Renowned companies like Jindal Steel and Daido Steel contribute to its production capacities. Stainless steel finds applications in diverse architectural elements such as railings, roofing, and staircases, offering both pliability and appealing aesthetic properties. Moreover, it serves industrial needs like heat exchangers and tubulars, alongside providing swimming pool shades, canopies, and atriums with durability and low maintenance cost during repair and renovation

The Steel Sections Market report segments the industry into By Product Type (Heavy Structural Steel, Light Structural Steel, Rebar), By End-User Industry (Residential, Manufacturing, Aerospace And Automotive, Power And Utilities, Construction, Oil And Gas, Other End-User Industries), and By Geography (Asia-Pacific, North America, Europe, Latin America, Middle East And Africa).

Global Steel Products market size is expected to reach $609.09 billion by 2029 at 4.5%, increasing urbanization is fuelling steel product market

The global Carbon Steel market size reached USD 934.33 Billion in 2021 and is expected to reach USD 1273.26 Billion in 2030 registering a CAGR of 3.4%. Carbon Steel industry report classifies global market by share, trend, growth and based on type, application, and region.

The global high-strength steel market was valued at USD 35.80 billion in 2022 and is projected to reach USD 65.28 billion by 2030, registering a CAGR of 7.8% for the forecast period 2023-2030. Factors Affecting High Strength Steel Market Growth

Increasing demand from the automotive industry: 

Increasing demand from the automotive industry for high-strength steel drives the market. As the population and income rise, the demand for automobiles or vehicles is also boosting. According to data from the Ministry of Industry and Information Technology, passenger vehicles sold in China in 2021 show an increase of 7.1 % from 2020. This growth in vehicle manufacturing directly translates into higher demand for high-strength steel. High-strength steel offers a superior strength-to-weight ratio, improved crashworthiness, and fuel efficiency. High-strength steel has properties useful in automotives such as improved toughness properties even at low temperatures, improved weldability, and excellent formability. As automotive manufacturers strive to meet stringent safety regulations and enhance fuel economy, the demand for high-strength steel in the production of lightweight vehicles is growing, surging the high-strength steel market growth.

Growing infrastructure and construction activities:

As the population is rising, the demand for construction activities such as the construction of new buildings and houses is also increasing. People are investing in construction due to urbanization, and population growth. In China, according to estimates, during the 14th five-year plan period from 2021 to 2025, the overall investment in new infrastructure will roughly reach around $ 4.2 trillion. High-strength steel is widely used in construction projects, such as bridges, buildings, and stadiums. High-strength steel reduces material consumption, lowering the erection and transportation costs. HSS is used widely in tall structures and is incorporated in bars to exhibit a specific quantity of deformation under heavy-loaded actions due to its inelastic ability. Thus, the demand for high-strength steel in these sectors is driven by factors like urbanization, population growth, and the need for durable and structurally sound constructions.

The Restraining Factor of High Strength Steel:

High cost of production of high-strength steel:

High-strength steel tends to be more expensive compared to conventional steel and other materials like aluminum. Iron ore is the major material that is used in the production of high-strength steel. Also, other materials such as nickel, chromium, and copper are of importance in the production of high-strength steel. As the cost of these materials like iron ore and other materials is high it directly impacts the cost of high-strength steel by making it expensive. This higher cost can make it less affordable for certain industries, especially those operating on tight budgets or in cost-sensitive markets. Manufacturers and end-users may opt for lower-cost alternatives, consisting of the potential benefits of high-strength steel which may hinder the market of high-strength steel.

Impact of the COVID-19 Pandemic on the High-Strength Steel Market:

The outbreak of COVID-19 hurt the high-strength steel market. The government-imposed lockdowns across various countries disturbed the supply chain and decreased the activities such as the production and utilization of high-strength steel by various industries as the industries’ activities were also paused. Construction projects and infrastructure developments were significantly affected by the pandemic. Many projects were delayed or put on hold due to labor shortages, supply chain disruptions, and financial uncertainties. As a result, the demand for high-strength steel used in construction applications, such as buildings, bridges, and infrastructure was negatively affected. Vehicle production was disrupted due to factory shutdowns, reduced consumer demand, and supply chain interruptions. As a result, the demand for high-strength steel used in automotive applications, such as body frames and components, was significantly impacted. As the pandemic situation improved and the pandemic situation improved and countries began to reopen their economies, the high-strength steel market started to recover. The resumption of construction projects, infrastructure investments, and automotive production contributed to t...

Global Coated Steel Market Report 2021 comes with the extensive industry analysis of development components, patterns, flows and sizes. The report also calculates present and past market values to forecast potential market management through the forecast period between 2021-2027. The report may be the best of what is a geographic area which expands the competitive landscape and industry perspective of the market.

Structural Steel Market size was valued at USD 99.91 Billion in 2021 and is poised to grow from USD 105.5 Billion in 2022 to USD 163.15 Billion by 2030, at a CAGR of 5.5% during the forecast period (2023-2030).

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The steel long products market size is expected to grow by 121.55 mn MT and record a CAGR of 2% during 2020-2024.

This post-pandemic global steel long products market report has assessed the shift in consumer behavior and has identified and explored the upcoming trends and drivers that the vendors can capitalize on to support prompt business decisions. In this steel long products market analysis report, key drivers such as rising industrialization in apac have been discussed with emerging growth regions, which will offer immense business opportunities. Our analysts have also identified challenges, which will impede market growth. With these insights, the vendors can recreate their plan of action to obtain growth opportunities in the future.

What will the Steel Long Products Market Size be in 2020?

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Who are the Key Vendors in the Steel Long Products Market?

The steel long products market forecast report provides insights on complete key vendor profiles and their business strategies to reimage themselves. The profiles include information on the production, competitive landscape, sustainability, and prospects of the leading companies includng:

ArcelorMittal SA
Essar Steel India Ltd.
Hitachi Metals Ltd.
Hyundai Steel Co.
JSW Steel Ltd.
Nippon Steel Corp.
Nucor Corp.
POSCO Group
Tata Steel Ltd.
United States Steel Corp.

The steel long products market is fragmented and the vendors are deploying various growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

This steel long products market report further entails segmentations by Geography (APAC, Europe, North America, MEA, and South America) and Type (Rebars, Wire rods, Tubes, Sections, and Others). View our sample report to gather market insights on the segmentations.

To make the most of the opportunities, vendors should focus on fast-growing segments, while maintaining their positions in the slow-growing segments. Fetch actionable market insights on post COVID-19 impact on each product and service segments.

Which are the Key Regional Markets for Steel Long Products?

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The report offers an up-to-date analysis of the geographical composition of the market. APAC had the largest market share in the steel long products market in 2020, and the region will offer several growth opportunities to market vendors during the forecast period. The increase in use of steel scrap will significantly influence biofuels market growth in this region. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

82% of the market’s growth will originate from APAC during the forecast period. China, India, Japan, and South Korea (Republic of Korea) are the key markets for steel long products market in the region. This report provides estimations of the contribution of all regions to the growth of the steel long products market size.

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What are the Key Factors Covered in this Steel Long Products Market Report?

CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will drive steel long products market growth during the next five years
Precise estimation of the steel long products market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the steel long products market industry across APAC, Europe, North America, MEA, and South America
A thorough analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of steel long products market vendors

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    Steel Long Products Market Scope




    Report Coverage


    Details




    Page number


    120




    Base year


    2019




    Forecast period


    2020-2024




    Growth momentum & CAGR


    Accelerate at a CAGR of 2%




    Market growth 2020-2024


    121.55 mn MT




    Market structure


    Fragmented




    YoY growth (%)


    1.64




    Regional analysis


    APAC, Europe, North America, MEA, and South America




    Performing market contribution


    APAC at 82%




    Key consumer countries


    China, India, Japan, South Korea (Republic of Korea), and US




    Competitive landscape


    Leading companies, competitive strategies, consumer engagement scope




    Companies profiled


    ArcelorMittal SA, Essa

High Strength Steel Market size was USD 37.46 Billion in 2021 and is expected to register a revenue CAGR of 8.4% during the forecast period.

global Steel Forging market accounted for USD 51.26 Billion in 2020 and is expected to reach USD 70.23 Billion by 2028, growing at a CAGR of 3.9% between 2021 and 2028.

As per Cognitive Market Research's latest published report, The Europe Metal Heat Treatment market size will be $26,266.36 Million by 2029. The Europe Metal Heat Treatment Industry's Compound Annual Growth Rate will be 2.66% from 2023 to 2030. What is the Driving Metal Heat Treatment Market?

Rising vehicle production

The need for vehicles has increased as the population has grown. Almost every family in Europe owns at least one vehicle. People rely on automobiles as a need is drastically increasing. People use automobiles to commute to work, visit another state, go on vacation, and do daily errands. Vehicles, in reality, are the most extensively utilized equipment for transportation and other basic everyday necessities.

According to the study, around 11.7 million new cars were registered in the EU and the UK in 2020. Since the past few months, Spain, Germany, UK, are bouncing at a rapid rate after the pandemic. In 2021, Germany produced some 3.1 million passenger cars and Spain produced 1.7 million passenger cars. Similarly, in March 2021, new car sales in Europe are raised by 63% as compared to March 2020.

According to JATO statistics for 26 European markets, automotive sales volume increased from 842,094 units in March 2020 to 1,374,313 units in March 2021. The total sales volume in Q1/2021 increased by 1% to 3,045,703 vehicles.

Despite enormous attempts to build cars with all aluminum auto bodywork, most automobiles today are built of iron and steel (70%), aluminum (6%), plastics (9%), rubber (4%), glassware (3%), and other materials. Thus, the demand for metal heat treatment methods is rising rapidly as it plays a significant role in achieving the desired parts of vehicles. The heat treatment process is widely used in the automotive industry for engine and powertrain, wheels and drivetrain, brakes, chassis, suspension, steering, and many others.

The component of the engines, transmission, wheels, and drivetrain are subject to endure high temperatures, corrosive chemicals, and the ever-present wear and tear that come from normal engine operation. In this scenario metal heat treatment process help to achieve this goal.

Furthermore, brakes in the automotive are more vulnerable to wear and tear. Thus, metal heat treatment is used in the brakes to withstand these situations. Typically, the components that receive heat treatment in brakes include the brake web and caliper piston.

Additionally, automotive heat treatment is required for a vehicle's bodywork and suspension. As suspension and steering components are the most exposed to weather, chemicals, and debris on the road surface, they require strong resistance to wear and corrosion. To preserve the integrity and endurance of these critical parts, heat treatment is performed. Seating, ball studs, torsion bars, arm levers, pins and fasteners, and other applications make use of it.

As a result, rising vehicle production drives the growth of the Europe metal heat treatment market.

Rise in the number of developmental projects being undertaken is driving market demand

Restrains of the Europe Metal Heat Treatment Market

Fluctuation in raw material prices. (Access Detailed Analysis in the Full Report Version)

Opportunities of the Europe Metal Heat Treatment Market

Rapid industrialization.(Access Detailed Analysis in the Full Report Version)

What is Metal Heat Treatment?

Metal heat treatment is the process of altering the physical properties of metal at various stages through the usage of heating and cooling procedures. The metal is heated to a specific temperature and then it is cooled down to harden the metal. When metal is heated its microstructure changes this in turn changes the physical properties of metal.

The goal of this heat treatment process is directed towards improving physical and structural properties for special use or for future use. Thus, by making the use of metal heat treatment method, it is possible to advance wear resistance, corrosion resistance, durability, toughness, strength, magnetic properties, and many other properties of metal.

Several metals such as steel, cast iron, and many others undergo hardening & tempering, annealing, case hardening, normalizing, and more processes in the metal heat treatment process. Thus, metal heat treatment become a significant process of mechanical CNC parts and mold manufacturing. The p...

In 2024, a total of around 1,885 million metric tons of crude steel were produced worldwide. This was almost the same as the previous year's production figure. Steel is an alloy made by combining iron and other elements.

The Flat Steel Market size was valued at USD 433.83 USD Billion in 2023 and is projected to reach USD 594.35 USD Billion by 2032, exhibiting a CAGR of 4.6 % during the forecast period. Flat steel is one of the most essential markets within the global steel industry and it can be produced in a wide range of products like sheets, strips and plates with high tensile strength and durability. It can be found in sectors like construction, automotive industries and manufacturing. Different types of steel include hot-rolled, cold-rolled and coated, thus each type of steel performs a specific function. Casting technology, such as continuous casting, is integrated into the procedures to increase output because of their efficiency. In this regard, it helps build and modernize critical infrastructure, as well as boosts the progress of the automotive sector. Its merits include dimensional stability, production cost savings, and recycling, which contribute to the process of sustainable industrial practices and keep the country's economy sound. Summarizing, the flat steel market is a vested interest, expressing the ability to recover and adapt optimally in the present industrial arena. Recent developments include: June 2022: Nippon Steel Corporation announced the offering of a 30-year service life warranty program for ZEXEED, the company's high corrosion-resistant coated steel in relation to perforation caused by corrosion in products that satisfy certain requirements. This development will help the company serve its customers efficiently., April 2021: Nippon Steel Corporation (Nippon Steel) announced the launch of its new product, ZAM-EX, highly corrosion-resistant coated steel sheets for the global market. This product development will allow the company to gain competence in the market. , March 2021: ArcelorMittal launched XCarb, an initiative to reduce CO2 emissions during steel manufacturing while focusing on achieving demonstrable progress toward carbon-neutral steel. The company invested in several initiatives to reduce carbon emissions from the blast furnace., October 2020: ArcelorMittal Europe announced a CO2 technology strategy to produce the first green steel solutions for customers. With this initiative, the company aims to deliver its 30% CO2 emissions target by 2030 and achieve net zero by 2050. Also, the company is implementing projects in almost all flat product sites to use gases from different sources for blast furnace injection to reduce CO2 emissions.. Key drivers for this market are: Robust Demand for Flat Steel from the Construction Industry to Drive Market Growth. Potential restraints include: Fluctuation in Steel Prices is Likely to Hamper the Market Proliferation . Notable trends are: Rapid Inclusion of Steel in the Automotive Industry Attributable to its Characteristics to Propel Market Progress.

The global crude steel market, valued at approximately $XX million in 2025, is projected to experience robust growth, exhibiting a compound annual growth rate (CAGR) of 4.84% from 2025 to 2033. This expansion is fueled by several key drivers. Firstly, the burgeoning construction and infrastructure sectors in developing economies like India and Southeast Asia are significantly increasing demand for steel. Secondly, the automotive and transportation industries' continued reliance on steel for vehicle manufacturing contributes substantially to market growth. The increasing adoption of steel in renewable energy projects, such as wind turbines and solar panels, further fuels market expansion. Finally, advancements in steel manufacturing processes, like the wider adoption of Electric Arc Furnaces (EAFs), leading to greater efficiency and reduced environmental impact, are positively impacting the market. However, the market is not without its challenges. Fluctuations in raw material prices, particularly iron ore and coal, can significantly impact production costs and profitability. Moreover, stringent environmental regulations aimed at reducing carbon emissions from steel production are imposing additional costs on manufacturers. Despite these restraints, the long-term outlook for the crude steel market remains positive, driven by sustained global infrastructure development and technological advancements within the steel manufacturing sector. The market segmentation reveals a significant share held by killed and semi-killed steel compositions and a growing preference for EAF manufacturing processes reflecting sustainability concerns. Key players like ArcelorMittal, POSCO, and Tata Steel are expected to maintain their dominant positions while facing increased competition from Chinese steelmakers. The Asia-Pacific region, particularly China and India, is projected to remain the largest market due to its rapid industrialization and robust construction activity, though other regions like North America and Europe will also experience steady growth, albeit at a slower pace. Recent developments include: April 2022: China Baowu Steel Group announced the acquisition of Xinyu Iron & Steel Co. (XISCO), a state-owned steel manufacturer in Jiangxi province, China, with the transfer of 51% of the shares enhancing Baowu's overall steel production capacity as XISCO is the largest steel manufacturer in Jiangxi Province, with a total output of around 9.89 million tons in 2020.January 2022: Tata Steel Ltd's crude steel production increased by 16% Y-o-Y to 14.16 million tons at the end of the third quarter on December 31, 2021. Its total deliveries increased by 4% at 13 MT Y-o-Y on the back of continued economic recovery.. Key drivers for this market are: Increasing Demand from the Building and Construction Industry, Recovering Automotive Production; Others. Potential restraints include: Increasing Demand from the Building and Construction Industry, Recovering Automotive Production; Others. Notable trends are: Increasing Demand from the Building and Construction Industry.

Steel Rebars market report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2028

This statistic represents the size of the global forging market in 2015 and 2021. Between 2016 and 2021, it is expected that the global forging market will grow at an annual compound growth rate of 7.2 percent to reach around 87 billion U.S. dollars by 2021.

Global Flat-Rolled Stainless Steel Market Report 2021 comes with the extensive industry analysis of development components, patterns, flows and sizes. The report also calculates present and past market values to forecast potential market management through the forecast period between 2021-2027. The report may be the best of what is a geographic area which expands the competitive landscape and industry perspective of the market.

[250 Pages Report] The global stainless steel foil market size is expected to reach US$ 6.3 Billion in 2022 and US$ 10.4 Billion in 2032. It is likely to exhibit growth at a CAGR of 6.2% in the forecast period from 2022 to 2032. The rising need to enhance the dimensional stability that often prevents contamination of steel tool parts during heat treatment is expected to drive the sales of stainless steel foil in future years.

Report Scope

Over the five years through 2024-25, iron and steel manufacturing revenue is expected to dip at a compound annual rate of 3.3% to £7.2 billion. Heaps of cheap steel on the global market have undercut British prices and caused big trade partners like the EU to institute import quotas. Unable to lower prices because of high labour costs and environmental charges, industry giants like British Steel and Tata Steel have stated a need for government intervention to continue operating. Both companies are also moving away from blast furnace operations to invest in greener electric arc furnaces, marking a complete industry shift. Tata Steel closed its Port Talbot site in September 2024, marking the end of traditional steelmaking in Wales and the switch to its electric arc furnace, which is set to begin operations in 2028. British Steel is preparing to close its Lincolnshire blast furnace site before the end of 2024-25. However, ongoing discussions with the government over the size of the support package for British Steel’s transition could delay the closure. The industry has been wracked by volatility. Metal prices dropped during 2020-21 as the COVID-19 pandemic slashed downstream demand for iron and steel. However, as manufacturing and construction activity started recovering in 2021-22, iron and steel prices soared as production failed to keep up, causing a global undersupply of steel. This massively raised revenue in 2021-22, driving up profitability. Steel prices started to dip in 2022-23, bringing down iron and steel manufacturers’ revenue. In 2024-25, revenue is set to dip by 2.9% owing to a slump in sales volumes in the second half of the year, resulting from the 2024 Autumn Budget denting business confidence and slashing construction and manufacturing new orders. This will coincide with iron and steel prices continuing to stave off. Profit is expected to remain flat as iron ore, carbon and energy prices continue to normalise, reducing manufacturers’ costs. However, higher wage costs and subdued demand will keep profit low at 1.1% in 2024-25. Over the five years through 2029-30, revenue is forecast to drop at a compound annual rate of -0.2% to £7 billion. While UK steel manufacturers no longer face tariffs in the US, EU import quotas will stay put, causing significant harm. Despite UK quotas, competition from imports will prevail, especially as China’s manufacturing rebounds. Reduced production from British Steel and Tata Steel as both companies switch to electric arc furnace production will also hinder revenue growth until 2028-29.

The Stainless Steel Market Report Segments the Industry by Product Type (Flat Products and Long Products), Form (Hot Rolled, Cold Rolled, and Cold Drawn), Grade (200 Series, 300 Series, and More), Application (Building and Construction, Automotive and Transportation, Metal Products, Electrical Machinery, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).