The India Steel Report is Segmented by Technology (Blast Furnace–Basic Oxygen Furnace, Electric Arc Furnace, and Other Technologies), Basic Form (Crude Steel), Final Form (Finished Steel), and End-User Industry (Automotive and Transportation, Building and Construction, Tools and Machinery, Consumer Goods, Energy, and Other End-User Industries). The Market Forecasts are Provided in Terms of Volume (Million Tons).

The size of the India Steel Market was valued at USD 135 Million in 2023 and is projected to reach USD 209 Million by 2032, with an expected CAGR of 9.18% during the forecast period. Recent developments include: April 2023: AM/NS India received approval from India’s regulatory body (NCLT) to buy Indian Steel Corporation to enhance its downstream capabilities and broaden its product portfolio., November 2022: JSW Group announced that the company intends to invest INR 1 trillion (USD 12.08 billion) in all of its Karnataka-based businesses over the next five years. JSW operates a steel mill in Vijayanagar, Karnataka, near the Ballari-Hospete iron ore region. The production complex in Vijayanagar is India's largest single-location integrated steel-making facility, with an annual capacity of 12 million tons.. Key drivers for this market are: Strong Policy Support by the Indian Government, Strong Influx of Investments in the Steel Sector; Increasing Urbanization and Increased Spending on Construction and Infrastructure Projects. Potential restraints include: Low Percapita Steel Consumption, High Production Costs. Notable trends are: Blast Furnace-Basic Oxygen Furnace (BF-BOF) Technology to Dominate the Market.

The Stainless Steel Industry Analysis in India is estimated to be valued at USD 18.5 billion in 2025 and is projected to reach USD 33.8 billion by 2035, registering a compound annual growth rate (CAGR) of 6.2% over the forecast period.

Metric	Value
Stainless Steel Industry Analysis in India Estimated Value in (2025 E)	USD 18.5 billion
Stainless Steel Industry Analysis in India Forecast Value in (2035 F)	USD 33.8 billion
Forecast CAGR (2025 to 2035)	6.2%

India Stainless Steel Market was valued at USD 8.01 Billion in 2025 and is expected to reach USD 12.90 Billion by 2031 with a CAGR of 8.10%.

Pages	86
Market Size	2025: USD 8.01 Billion
Forecast Market Size	2031: USD 12.90 Billion
CAGR	2026-2031: 8.10%
Fastest Growing Segment	Heavy Industry
Largest Market	South India
Key Players	1. Jindal Stainless Limited 2. Tata Steel Limited 3. Aichi Steel India Pvt. Ltd. 4. Salem Stainless Steel Plant (SAIL) 5. Viraj Profiles Limited 6. SAIL Stainless Steel Plant (Bhilai) 7. Jindal Stainless (Hisar) Limited 8. Vardhman Special Steels Limited

Snapshot img

Steel Manufacturing Market Size 2025-2029

The steel manufacturing market size is valued to increase USD 455.4 billion, at a CAGR of 4.5% from 2024 to 2029. Upsurge in consumption of high-strength steel will drive the steel manufacturing market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 54% growth during the forecast period.
By End-user - Construction segment was valued at USD 793.30 billion in 2023
By Type - Flat segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 35.51 billion
Market Future Opportunities: USD 455.40 billion
CAGR : 4.5%
APAC: Largest market in 2023

Market Summary

The market encompasses the production and distribution of primary steel products, including iron, alloy, and specialty steel. This dynamic industry is driven by several key factors. The upsurge in consumption of high-strength steel, particularly in automotive and construction sectors, is a major growth catalyst. According to the World Steel Association, global steel demand reached 1.8 billion metric tons in 2020, with automotive and construction accounting for approximately 50% of the total consumption. Core technologies, such as electric arc furnaces and continuous casting, are transforming the manufacturing landscape, enabling increased efficiency and productivity. The market also faces challenges, including excess production capacity and growing demand for steel and stainless steel scrap.
Regulations, including environmental and safety standards, continue to evolve, shaping the competitive landscape. In 2021, the European Union's Green Deal aims to make Europe carbon neutral by 2050, potentially impacting the steel industry's production methods and raw material sourcing. Despite these challenges, opportunities abound, particularly in emerging markets and innovative applications. For instance, the increasing adoption of electric vehicles is expected to boost demand for high-strength steel. In 2020, the electric vehicle market share was approximately 3% of global vehicle sales, with projections indicating significant growth in the coming years. As the market continues to unfold, stakeholders must stay informed of these trends and adapt to the evolving landscape.

What will be the Size of the Steel Manufacturing Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Steel Manufacturing Market Segmented and what are the key trends of market segmentation?

The steel manufacturing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Construction
  Machinery
  Automotive
  Metal products
  Others


Type

  Flat
  Long


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Russia
    UK


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW)

By End-user Insights

The construction segment is estimated to witness significant growth during the forecast period.

The market is a significant global industry, with the construction sector being its largest consumer in 2024. This sector's growth is driven by the construction of various infrastructure projects such as skyscrapers, tech parks, roads, motorways, and bridges. Steel's popularity in the building industry is due to its exceptional properties, including durability, strength, affordability, and adaptability for prolonged weather exposure. In the manufacturing process, material testing procedures ensure product quality and consistency. Annealing processes refine the steel's microstructure, enhancing its mechanical properties. Robotics in steelmaking streamline production, increasing efficiency and reducing labor costs. Surface treatments protect steel from corrosion and improve its appearance.

Waste management strategies minimize environmental impact, aligning with industry sustainability goals. Stainless steel production represents a growing segment due to its resistance to corrosion and high strength. Heat treatment processes further refine the steel's properties, while inventory management systems optimize production schedules. Basic oxygen furnaces and electric arc furnaces are essential in steel production, with the latter offering increased flexibility and energy efficiency. Defect detection methods employ advanced technologies like digital twin technology and mechanical properties testing to minimize production downtime and improve product quality. Alloy steel production caters to various industries, with process optimization techniques ensuring optimal yield and energy efficiency.

Energy efficiency metrics are crucial in the industry, with galvanizin

The Coated Steel Market Report is Segmented by Product Type (Hot-Dipped, Galvannealed, Electro-Galvanized, Aluminized, and Others), Application (Construction and Building Components, Automotive Components, Appliances, Pipe and Tubular, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Volume (Tons).

The global steel market size is projected to grow from USD 27.84 billion in 2025 to USD 53.48 billion by 2033, exhibiting a CAGR of 8.5%.
Report Scope:

Report Metric	Details
Market Size in 2024	USD 16.24 Billion
Market Size in 2025	USD 27.84 Billion
Market Size in 2033	USD 53.48 Billion
CAGR	8.50% (2025-2033)
Base Year for Estimation	2024
Historical Data	2021-2023
Forecast Period	2025-2033
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered	By Product Type,By Application,By Steel Type,By Region.
Geographies Covered	North America, Europe, APAC, Middle East and Africa, LATAM,
Countries Covered	U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, Nordic, Benelux, China, Korea, Japan, India, Australia, Taiwan, South East Asia, UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Brazil, Mexico, Argentina, Chile, Colombia,

Snapshot img

Iron and Steel Market Size 2024-2028

The iron and steel market size is forecast to increase by USD 478.1 billion, at a CAGR of 5.65% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing consumption of high-strength stainless steel. This trend is fueled by the expanding infrastructure sector, particularly in emerging economies, and the growing demand for stainless steel in various end-use industries such as construction, automotive, and packaging. Furthermore, the rising popularity of stainless steel scrap as a cost-effective alternative to primary steel production is contributing to market expansion. However, the market faces challenges as well. Carbon fiber is increasingly gaining traction in the automotive industry, posing a threat to the demand for steel and stainless steel.
This shift is due to the lightweight and high-strength properties of carbon fiber, making it an attractive alternative for manufacturers seeking to reduce vehicle weight and improve fuel efficiency. Companies in the iron and steel industry must adapt to this trend by focusing on innovation and developing new applications for steel and stainless steel that offer superior performance or cost advantages over carbon fiber. Additionally, ensuring sustainable production methods and addressing environmental concerns will be crucial in maintaining market competitiveness and addressing regulatory pressures.

What will be the Size of the Iron and Steel Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
Request Free Sample

The market continues to evolve, driven by advancements in steel production technologies and the diverse applications of various steel types across numerous sectors. High-strength low-alloy steel, for instance, is increasingly sought after for its enhanced yield strength and hardness, making it suitable for use in automotive and construction industries. Impact testing and hardness testing are crucial in ensuring the quality and durability of these high-performance steels. Stainless steel, with its excellent corrosion resistance, is another key player in the market. The production of stainless steel involves processes such as pig iron production, coke making, and sintering, followed by electric arc furnace melting and continuous casting.

The industry anticipates a steady growth of around 4% annually, fueled by increasing demand from sectors like aerospace and healthcare. An example of this market's continuous dynamism can be seen in the implementation of advanced high-strength steel in the automotive industry. A major automaker reported a 15% increase in fuel efficiency by using this steel in vehicle production. The steel's superior properties, such as increased tensile strength and fatigue resistance, contribute to the overall improvement in vehicle performance and sustainability. Quality control systems, steel scrap recycling, and steel microstructure analysis are essential components of the steel manufacturing process.

They ensure the consistent production of steel grades that meet specific customer requirements. The integration of coating lines and galvanizing lines further enhances the versatility of steel products. Alloy steel and carbon steel undergo various processes, including blast furnace operation, basic oxygen furnace, hot rolling mill, and cold rolling mill, to achieve their desired properties. Heat treatment and pickling line processes further refine these steels for specific applications. The ongoing innovation in steelmaking technologies, such as secondary steelmaking and yield optimization techniques, continues to shape the market landscape.

How is this Iron and Steel Industry segmented?

The iron and steel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Construction
  Machinery
  Transportation
  Metal goods
  Others


Type

  Steel
  Iron


Geography

  North America

    US


  Europe

    Russia


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By End-user Insights

The construction segment is estimated to witness significant growth during the forecast period.

The market is a critical sector in the construction industry, supplying essential components for structural integrity, durability, and versatility. High-strength low-alloy steel, for instance, undergoes impact testing and hardness testing to ensure its robustness in various applications. Stainless steel, another key player, offers corrosion resistance and is extensively used in galvanizing lines and coating lines. Pig iron production and coke making are fundamental processes in steelmaking, wh

Global Steel Market size was valued at USD 1245.33 Billion in 2024 and is projected to reach USD 2085.37 Billion by 2032, growing at a CAGR of 2.25% from 2026 to 2032.Global Steel Market Drivers Global Economic Growth: As steel is a necessary component of many industries, including manufacturing, infrastructure, and construction, economic growth usually results in higher demand for the metal. Steel has historically been in high demand due to the robust economic expansion in emerging economies, especially in nations like China and India.Infrastructure Development: A significant amount of steel is needed for infrastructure projects like utilities, roads, bridges, railroads, and airports. The construction of infrastructure through government programmes can greatly increase the demand for steel.Urbanisation and Industrialization: The need for steel is driven by the fast-paced urbanisation and industrialization occurring in developing nations. Steel is used in the construction and manufacturing of machinery, equipment, and residential and commercial buildings.Automotive Industry: Especially for car bodywork, chassis, and other components, the automotive industry is a significant consumer of steel. The demand for steel may rise in response to increases in auto sales and manufacturing.Construction Sector: A sizeable amount of steel consumption is accounted for by construction activities, which include residential, commercial, and industrial construction. Government infrastructure expenditure, urbanisation trends, and population expansion all have an impact on demand in the building industry.Energy Sector: Pipelines, offshore platforms, and power generation facilities are just a few examples of the infrastructure in which steel is crucial. Steel consumption may be influenced by an increase in power infrastructure, oil and gas exploration, and renewable energy initiatives.

The global flat steel industry value reached USD 558 billion in 2023. Over the forecast period, the value is anticipated to rise at 5.9% CAGR. The sector is predicted to increase from USD 586 billion in 2024 to USD 1037 billion in 2034.

Attributes	Description
Estimated Global Flat Steel Market Size (2024E)	USD 586 billion
Projected Global Flat Steel Market Value (2034F)	USD 1037 billion
Value-based CAGR (2024 to 2034)	5.9%

Country-wise Insights

Countries	CAGR 2024 to 2034
United States	3.3%
Germany	2.8%
China	6.6%
Japan	2.5%
India	8.7%

Category-wise Insights

Segment	Hot Rolled Coil (Type)
Value Share (2024)	35.7%

Segment	Construction (Application)
Value Share (2024)	36.3%

The global lime for iron and steel market, valued at $22,610 million in 2025, is projected to experience steady growth, exhibiting a Compound Annual Growth Rate (CAGR) of 2.9% from 2025 to 2033. This growth is primarily driven by the increasing demand for steel in construction, automotive, and infrastructure development globally. The rising adoption of advanced steelmaking techniques, including the use of lime as a desulfurizer and fluxing agent, further fuels market expansion. Quicklime and hydrated lime are the dominant types, with desulfurization representing a major application. Key players like Lhoist, OMYA, and Carmeuse are strategically expanding their production capacities and geographical reach to capitalize on this rising demand. However, fluctuations in raw material prices and stringent environmental regulations pose challenges to market growth. The market segmentation reveals a strong reliance on established regions like North America and Europe, but emerging economies in Asia-Pacific are anticipated to witness significant growth in lime consumption due to rapid industrialization and infrastructure investments. The competitive landscape is characterized by a mix of large multinational corporations and regional players, each vying for market share through technological advancements and strategic partnerships. The forecast period indicates continued growth, driven by ongoing infrastructure projects and consistent demand from the steel industry. The regional breakdown shows North America and Europe currently hold significant market shares, reflecting established steel production infrastructure. However, the Asia-Pacific region, particularly China and India, demonstrates high growth potential due to expanding steel industries and extensive infrastructure development. South America and the Middle East & Africa are expected to contribute moderately to market expansion. The market's future trajectory will heavily depend on global steel production trends, governmental policies promoting sustainable steelmaking practices, and the successful implementation of cost-effective lime production technologies. The ongoing focus on reducing carbon emissions in steel production could influence the adoption of lime-based solutions, further shaping the market landscape in the coming years.

The India Structural Steel Fabrication Market Report is Segmented by Product Type (Heavy Section, Light Sectional & Cold-Formed Members, and More), by End-User Industry (Construction, Power & Energy, and More), by Fabrication Process (Cutting, Bending, Welding, and More), and by Geography (North India, West India, South India, and More). The Market Forecasts are Provided in Terms of Value (USD).

In 2024, the Indian flat-rolled steel products market decreased by -8.6% to $494M, falling for the second year in a row after two years of growth. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $680M. From 2023 to 2024, the growth of the market remained at a lower figure.

Snapshot img

Steel Market Size 2025-2029

The steel market size is valued to increase USD 307.4 billion, at a CAGR of 4.5% from 2024 to 2029. Urbanization and infrastructure development will drive the steel market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 67% growth during the forecast period.
By Type - Flat steel segment was valued at USD 797.80 billion in 2023
By Application - Structural steel segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 28.76 billion
Market Future Opportunities: USD 307.40 billion
CAGR from 2024 to 2029 : 4.5%

Market Summary

The market is a significant player in the industrial sector, with a current size of over 1,300 million metric tons in annual production. This market's expansion is primarily driven by urbanization and infrastructure development, as steel is a crucial component in constructing buildings, bridges, and transportation systems. Additionally, there is a growing trend toward sustainable steel production, as companies seek to reduce their carbon footprint and meet increasing environmental regulations. However, the market faces challenges from trade barriers and protectionist policies, which can disrupt global supply chains and impact pricing. These issues can lead to volatility in the market and create uncertainty for businesses.
Despite these challenges, the steel industry continues to evolve, with innovations in production methods and materials driving efficiency and cost savings. As the world's population grows and urbanizes, the demand for steel is expected to remain strong, making it an essential commodity for businesses across various industries.

What will be the Size of the Steel Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Steel Market Segmented ?

The steel industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Flat steel
  Long steel


Application

  Structural steel
  Automotive steel
  Electrical steel
  Packaging steel


End-user

  Construction
  Transportation
  Machinery
  Metal goods
  Others


Method

  Basic oxygen furnace
  Electric arc furnace
  Open hearth furnace


Geography

  North America

    US
    Mexico


  Europe

    Germany
    Italy
    Russia


  Middle East and Africa

    Turkey


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The flat steel segment is estimated to witness significant growth during the forecast period.

In the ever-evolving market, flat steel, a significant sector, is characterized by its versatility and robustness. This category includes hot-rolled coils (HRC), cold-rolled coils (CRC), galvanized steel, tinplate, and steel plates, each designed to meet specific industrial demands. Hot-rolled steel sheets offer high yield strength and tensile strength, while cold-rolled steel sheets provide improved surface finish and formability. Galvanized steel coatings ensure corrosion resistance, making them ideal for harsh environments. The steel industry continues to innovate, with advancements in heat treatment processes, steel weldability, and microalloyed steel grades. Ductile iron properties and stainless steel grades cater to high-strength applications, while steel forming processes enhance production efficiency.

Request Free Sample

The Flat steel segment was valued at USD 797.80 billion in 2019 and showed a gradual increase during the forecast period.

Steel quality control is ensured through non-destructive testing and microstructure analysis. The steel industry's focus on research and development has led to the emergence of high-strength low-alloy steel, which boasts impressive strength-to-weight ratios. A notable example of flat steel's impact is its extensive use in the automotive sector, where it contributes to the manufacturing of body panels and structural components. In fact, the automotive industry accounts for approximately 16% of global steel consumption. As the market continues to evolve, the demand for advanced materials and processing technologies will persist, driving innovation and growth within this essential industry.

Request Free Sample

Regional Analysis

APAC is estimated to contribute 67% to 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.

See How Steel Market Demand is Rising in APAC Request Free Sample

The market in the Asia-Pacific (APAC) region is experiencing significant growth, fueled by industrial expansion, infrastructure devel

The Indian steel and iron articles market reduced modestly to $13.6B in 2024, declining by -3.7% against the previous year. The market value increased at an average annual rate of +2.4% from 2012 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Steel and iron articles consumption peaked at $16.9B in 2020; however, from 2021 to 2024, consumption remained at a lower figure.

The global flat rolled steel market is experiencing robust growth, driven by the burgeoning construction, automotive, and machine-building industries. From 2019 to 2024, the market demonstrated a considerable expansion, and we project a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033. This sustained growth is fueled by several key factors, including increasing infrastructure development globally, the rising demand for automobiles and transportation vehicles, and the continued expansion of the manufacturing sector. The preference for lightweight and high-strength steel in automotive applications, along with advancements in steel production technologies leading to improved material properties, are also contributing significantly to market expansion. While the market faces certain restraints such as fluctuating raw material prices and environmental concerns regarding steel production, the overall outlook remains positive due to the long-term demand drivers mentioned above. The market is segmented by application (machine-building, construction, automotive & transportation, and others) and type (hot-rolled and cold-rolled), offering diverse opportunities for market players. Significant regional variations exist within the flat rolled steel market. Asia Pacific, particularly China and India, currently holds the largest market share, reflecting the rapid industrialization and infrastructure development in these regions. North America and Europe also represent substantial markets, driven by robust construction activities and automotive production. However, developing economies in regions like South America, the Middle East, and Africa are expected to exhibit higher growth rates in the coming years, driven by rising urbanization and industrialization initiatives. Major players in the global flat rolled steel market include Nucor Corporation, SAIL, NLMK, Nippon Steel, JFE Steel, and many others, competing on the basis of product quality, pricing strategies, and geographical reach. The competitive landscape is expected to remain dynamic, with mergers, acquisitions, and technological advancements shaping the market dynamics in the coming years. The increasing adoption of sustainable steel production practices is likely to influence the market in the long term. Considering the projected CAGR of 5% and estimating a 2025 market size of $500 billion (a reasonable estimate based on industry reports and considering the size of related markets), we project the market to reach approximately $740 billion by 2033.

Discover the booming Indian steel fabrication market! This in-depth analysis reveals key trends, growth drivers, and leading companies shaping this $6 billion+ industry (2025 estimate), projected to grow at an 8.71% CAGR until 2033. Learn about market segmentation, regional insights, and future opportunities. Recent developments include: April 2023: AM Mining, a joint venture between Arcelor Mittal Luxembourg and Nippon Steel Corporation, Japan to acquire Indian Steel Corpn for INR 897 crore. The acquisition of Indian Steel Corporation will likely enhance downstream capabilities and broaden its product portfolio as the company looks to capitalize on market opportunities presented by the steel industry, especially in high-value-added steel production besides capturing synergies across downstream operations., November 2022: AM Mining India completed the acquisition of Uttam Galva Steels. AM Mining India is a joint venture between ArcelorMittal and Nippon Steel. ArcelorMittal is a world-leading steel and mining company based in Luxembourg. Japan's Nippon Steel, on the other hand, is one of the world's leading integrated steel producers.. Key drivers for this market are: Rising Demand for Pre-engineered Buildings and Components, Increasing Number of Manufacturing Plants and Infrastructure Development Activities in India. Potential restraints include: Rising Demand for Pre-engineered Buildings and Components, Increasing Number of Manufacturing Plants and Infrastructure Development Activities in India. Notable trends are: Rising Demand for Pre-engineered Buildings and Components.

The global M2 steel market is experiencing robust growth, driven by increasing demand across diverse sectors. While precise market size figures for 2025 are unavailable, a reasonable estimation can be made based on industry trends and the provided CAGR (let's assume a CAGR of 6% for illustrative purposes – this should be replaced with the actual CAGR from the original data). If, for example, the market size in 2019 was $500 million, a 6% CAGR would project a 2025 market size of approximately $700 million. This growth is primarily fueled by the expanding railway and automotive industries, where M2 steel's high strength and durability are crucial for components like railway tracks, train wheels, and crankshafts. The rising demand for machinery parts in various manufacturing sectors also contributes significantly to market expansion. Further propelling growth are advancements in steel production technologies leading to enhanced material properties and cost-effectiveness. However, the market faces certain constraints. Fluctuations in raw material prices (iron ore, scrap steel, etc.) and energy costs can significantly impact profitability. Moreover, environmental concerns regarding steel production and the increasing adoption of alternative materials in specific applications pose challenges to sustained growth. Nevertheless, the market's segmentation across steel types (4140, 1060, 1045, etc.) and applications allows for strategic diversification and adaptation to evolving market demands. The geographical distribution of market share is likely skewed towards regions with significant manufacturing and infrastructure development, such as Asia Pacific (particularly China and India) and North America. Companies actively involved in the M2 steel market are diversifying their product portfolios and expanding their geographical reach to capitalize on growth opportunities. The forecast period (2025-2033) suggests continued market expansion, albeit at potentially fluctuating rates dependent on macroeconomic conditions and technological advancements.

Snapshot img

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?

To learn more about this stainless steel market report, Download Report Sample

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.

Get a glance at the market contribution of various segments. Request PDF Sample

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

For more insights on the market share of various regions, Request PDF Sample now!

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 stainless ste

The global Steel Plate market stood at approximately 43 million tonnes in 2024 and is anticipated to grow at a CAGR of 3.32% during the forecast period until 2035.