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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 stainless ste

Steel rose to 3,117 CNY/T on December 2, 2025, up 0.23% from the previous day. Over the past month, Steel's price has risen 1.30%, but it is still 7.09% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Steel - values, historical data, forecasts and news - updated on December of 2025.

HRC Steel fell to 891.06 USD/T on December 2, 2025, down 0.88% from the previous day. Over the past month, HRC Steel's price has risen 5.08%, and is up 29.14% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for HRC Steel.

In the second quarter of financial year 2025, the cost of a 16 mm steel bar in the Indian cities of Chennai and Hyderabad reached ** Indian rupees per kilogram. However, in Delhi, the steel was slightly more affordable. Compared to the previous year, there was a noticeable increase in steel prices across all cities. The significant uptick in the cost of steel in India towards the end of 2020, was believed to be a result of China’s increased demand for Indian iron ore. Crude steel India’s crude steel production has been growing steadily, with the basic oxygen furnace (BOF) being the preferred production method. While both private and public sector companies contribute to this production, the private sector, dominates the market. JSW Steel, in particular, has the highest production capacity in India, contributing significantly to the country’s position as the world’s second-largest producer of steel. Steel consumption in India Steel consumption in India has been on a steady rise, with the country’s rapid industrialization and development in sectors such as construction, automobile, and infrastructure. This upward trend in steel consumption is estimated to persist, with an annual growth rate of **** percent in fiscal year 2024.

In 2024, the Irish hot-rolled round stainless steel market decreased by -5.3% to $2.8M for the first time since 2021, thus ending a two-year rising trend. Over the period under review, consumption, however, saw a buoyant increase. Hot-rolled round stainless steel consumption peaked at $3M in 2023, and then contracted in the following year.

Graph and download economic data for Producer Price Index by Commodity: Metals and Metal Products: Iron and Steel (WPU101) from Jan 1926 to Sep 2025 about iron, steel, metals, commodities, PPI, inflation, price index, indexes, price, and USA.

In 2024, the Polish stainless steel household articles market was finally on the rise to reach $108M after two years of decline. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Stainless steel household articles consumption peaked at $111M in 2021; however, from 2022 to 2024, consumption remained at a lower figure.

In 2024, after two years of decline, there was significant growth in the Kuwaiti market for hot-rolled wire rod in coil of stainless steel, when its value increased by 5,907% to $105K. In general, consumption, however, showed a drastic downturn. Hot-rolled wire stainless steel rod consumption peaked at $879K in 2021; however, from 2022 to 2024, consumption failed to regain momentum.

The South Asian stainless steel household articles market surged to $2.2B in 2024, picking up by 43% against the previous year. The total consumption indicated a noticeable increase from 2012 to 2024: its value increased at an average annual rate of +4.8% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +47.4% against 2021 indices.

In 2024, the Colombian stainless steel household articles market was finally on the rise to reach $23M for the first time since 2021, thus ending a two-year declining trend. Overall, the total consumption indicated perceptible growth from 2012 to 2024: its value increased at an average annual rate of +2.5% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period.

In May 2024, the price of one metric ton of nickel stood at some ********* U.S. dollars. In comparison, in December 2016, the price of nickel was just below ****** U.S. dollars per metric ton. Thus, the nickel price has increased considerably in recent years, though it continuously fluctuates. In the beginning of 2022, however, the price of nickel skyrocketed due to disruptions to supply chains and a wide scarcity of raw materials and metals. Overview of nickel Discovered in 1751, nickel is a base metal with a silvery-white lustrous appearance that has a slightly golden tinge. The metal is crucial for many global industries, especially, for example, for the production of stainless-steel. Nickel is highly corrosion-resistant and is used to plate other metals in order to protect them. Because of these useful traits, nickel is used in more than ******* products worldwide, spanning from architectural, industrial, military, transportation and aerospace, marine, currency, and consumer applications. Nickel price dynamics Though nickel is the fifth most abundant element found on Earth, as with any commodity, the price of nickel can vary widely depending on global market conditions. Following the collapse of the Soviet Union, exports of nickel increased dramatically, dropping the price of nickel in the mid-1990s to below production costs. Nickel production in the Western Hemisphere was reduced during that period. Prices then increased again, up to a high of ****** U.S. dollars per metric ton in May 2007. Since then, nickel prices have decreased, and have remained between a low of ***** U.S. dollars per metric ton and a high of ****** U.S. dollars per metric ton between 2016 and 2021. It is forecast that the price of nickel will amount to more than ****** U.S. dollars per metric ton in 2025.

According to Cognitive Market Research, the global precision tubes market size was USD 24.8 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 4.00% from 2023 to 2030.

The demand for precision tubes is rising due to the increasing demand for stainless steel precision tubes.
Demand for thick walls remains higher in the precision tubes market.
The automotive category held the highest precision tubes market revenue share in 2023.
North America will continue to lead the precision tubes market, whereas Europe will experience the most substantial growth until 2030.

Increasing Demand for Stainless Steel Precision Tubes to Drive Market Growth

Stainless steel precision tubes are known for their excellent corrosion resistance, making them suitable for applications in harsh environments, such as chemical processing, marine, and offshore industries. The increasing demand for corrosion-resistant materials enhances the adoption of stainless steel precision tubes. Stainless steel precision tubes find applications across diverse industries, including automotive, aerospace, healthcare, and construction. The versatility of stainless steel makes it an ideal material for precision tubes, meeting the stringent requirements of different applications.

For instance, steel is the most recycled material in the world; according to Worldsteel, out of the 1,951 million tonnes of crude steel produced worldwide in 2021, almost 680 million tonnes of steel will be recycled.

Stainless steel is renowned for its durability and longevity. Precision tubes from stainless steel can withstand challenging conditions, ensuring a longer service life. This durability factor is crucial in industries where reliability and minimal maintenance are paramount.

Source-blog.tatasteel.com/sustainable-steel-for-a-sustainable-tomorrow/

Rising Technological Advancements to Drive Market Growth

The precision and efficiency of precision tube production are improved by integrating advanced manufacturing techniques, such as computer numerical control (CNC) machining, laser cutting, and automated bending operations. Due to this technology, producers can now create tubes with precise dimensions and intricate designs. The adoption of Industry 4.0 principles, including the use of sensors, data analytics, and connectivity, facilitates smart manufacturing in the precision tubes industry. Real-time monitoring and data-driven insights improve production efficiency, reduce downtime, and enhance overall quality control.

For instance, Superior Tube manufactures heat exchanger tubing in sizes ranging from 0.010" OD (0.254mm) to 1.500" OD (38.1mm), with wall thicknesses as light as 0.003" (0.0762mm).

Robotics and automation are increasingly integrated into precision tube manufacturing processes, enhancing efficiency and reducing labour costs. Automated systems can handle tasks such as material handling, welding, and quality control with high precision.

Source-www.superiortube.com/applications/heat-exchanger-tubes?utm_source=https://www.google.com/&utm_medium=undefined

Market Dynamics of the Precision Tubes Market

Fluctuating Raw Material Prices to Hamper Market Growth

Fluctuating raw material prices lead to uncertainty in production costs. Rapid and unpredictable changes in the prices of steel and alloys can result in cost volatility, making it challenging for precision tube manufacturers to plan and manage their budgets effectively. Sudden increases in raw material prices without a corresponding increase in product prices can squeeze profit margins for precision tube manufacturers. This situation can be exacerbated if manufacturers are unable to pass on increased costs to customers. In a competitive market, manufacturers may be reluctant to raise prices in response to increased raw material costs for fear of losing customers to competitors. This can lead to intense pricing pressure within the industry, negatively impacting profit margins.

Impact of COVID–19 on the Precision Tubes Market

The COVID-19 pandemic significantly affected the precision tube market. Supply chain disruptions resulting from lockdowns, travel restrictions, and factory closures affected the precision tubes market, just like they did many other industries. Delivery and manufacture of precision tubes were delayed as a result. Industries such as automotive and aerospace, major consumer...

Discover the booming nickel market forecast to 2033! This comprehensive analysis reveals a CAGR exceeding 4.80%, driven by EV battery demand and stainless steel growth. Explore key trends, restraints, and major players shaping this dynamic industry. Recent developments include: August 2022: NMDC Ltd. announced its decision to explore opportunities overseas in a bid to mine lithium, nickel, and cobalt in order to meet the growing demand in India. The state-run iron-ore producer is planning to start mining in Australia, as it holds a 90.02% stake in the country's Legacy Iron Ore Ltd., December 2021: Mitsui & Co. Mineral Resources Development (Asia) Corp. (MMRDA) and Sojitz will sell all their shares in CBNC (36% in total to Sumitomo Metal Mining Co. Ltd (SMM). With the sales of the shares, SMM's shareholding ratio in CBNC will increase from the current 54% of the outstanding shares to 90%., October 2021: Renault Group announced the signing of a Memorandum of Understanding (MoU) with Terrafame, for a future supply of nickel sulphate. With this agreement, Renault Group will secure a significant annual supply of nickel sulphate from Terrafame, representing up to 15 GWh of annual capacity., In July 2021: BHP announced the signing of a nickel supply agreement from its Nickel West asset in Western Australia, with one of the world's leading sustainable energy company, Tesla Inc.. Key drivers for this market are: Rising Demand for Corrosion Resistant Alloys in the Oil and Gas Industry, Other Drivers. Potential restraints include: Rising Demand for Corrosion Resistant Alloys in the Oil and Gas Industry, Other Drivers. Notable trends are: Increasing Demand for Stainless Steel.

The Kuwaiti stainless steel seamless pipe market surged to $8.1M in 2023, picking up by 1,075% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption posted a significant increase. Stainless steel seamless pipe consumption peaked at $15M in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

LME Index rose to 4,700 Index Points on October 29, 2025, up 0.79% from the previous day. Over the past month, LME Index's price has risen 7.33%, and is up 13.22% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. LME Index - values, historical data, forecasts and news - updated on December of 2025.

Nickel fell to 14,879.88 USD/T on December 3, 2025, down 0.20% from the previous day. Over the past month, Nickel's price has fallen 1.20%, and is down 7.47% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel - values, historical data, forecasts and news - updated on December of 2025.

In 2024, the Middle Eastern market for stainless steel in ingots or other primary forms increased by 45% to $79M for the first time since 2021, thus ending a two-year declining trend. Over the period under review, consumption enjoyed buoyant growth. As a result, consumption reached the peak level of $482M. From 2022 to 2024, the growth of the market remained at a somewhat lower figure.

After two years of decline, the Puerto Rican market for line pipe of steel other than stainless steel for oil or gas pipelines increased by 7.5% to $X in 2021. The market value increased at an average annual rate of +1.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Puerto Rico consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

In recent years, nickel prices have hit some of their all-time highest numbers, at an average of almost 26,000 U.S. dollars per metric ton throughout 2022. This was driven by a large spike in prices at the end of that year, where they peaked at 31,275 U.S. dollars per ton in mid-November. The recent surge in nickel prices has been driven by several factors, including disruptions to Russia's (the world's third-largest nickel producer) export industry following its invasion of Ukraine. Additionally, demand for nickel has grown alongside the growth of lithium-ion battery production, driven by the growth of the electronic car market. However, these recent peaks are still well below the all-time annual high of more than 37,000 U.S. dollars in 2007, where low international supply coupled with high demand from China's stainless-steel manufacturing industries caused prices to soar.

The Vietnamese market for hot-rolled wire rod in coil of stainless steel was finally on the rise to reach $108M in 2024, after two years of decline. In general, consumption recorded a prominent increase. Hot-rolled wire stainless steel rod consumption peaked at $158M in 2021; however, from 2022 to 2024, consumption remained at a lower figure.