As of 2023, the volume demanded of steel in India was over 120 million tons. This was projected to grow at a compounded annual growth rate of over eight percent and reach nearly 190 million tons by 2030. Meanwhile, the production of steel in the country stood at 122 million tons in 2023.

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. This phenomenal growth stems from modernization and capacity expansion initiatives undertaken by various stakeholders. The country's rising infrastructure spending and automotive sector, coupled with favorable government policies and technological advancements, have propelled the industry's expansion. Industry leaders like JINDAL STEEL & POWER LIMITED, AM/NS India, and TATA STEEL are spearheading innovation and driving the adoption of sustainable practices. 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.

High Frequency Indicator: The dataset contains year- and month-wise All India compiled data from the year 2017 to till date on the production of crude steel and production and consumption of finished steel in India

Steel Production in India increased to 13600 Thousand Tonnes in June from 13500 Thousand Tonnes in May of 2025. This dataset has Steel Production values for India.

In its latest report, Future Market Insights (FMI) estimates the India stainless industry size to reach US$ 17,452.5 million in 2024. Rapid industrialization and expansion of automotive sector will provide additional thrust to the industry, with sales set to surge at 6.2% CAGR.

Attributes	Key Insights
Base Value in 2023	US$ 16,486.7 million
India Stainless Steel Industry Value in 2024	US$ 17,452.5 million
Predicted Stainless Steel Industry Revenue in India (2034)	US$ 31,905.2 million
Value-based CAGR (2024 to 2034)	6.2%
Collective Value Share: Top 5 States (2024E)	43.2%

2019 to 2023 Stainless Steel Sales Outlook in India Vs. Future Forecast

Historical CAGR (2019 to 2023)	4.4%
Forecast CAGR (2024 to 2034)	6.2%

State-wise Insights

States	Stainless Steel Industry Revenue (2034)
Maharashtra	US$ 2433.4 million
Tamil Nadu	US$ 1399.3 million
Uttar Pradesh	US$ 1241.3 million
Karnataka	US$ 1209.8 million
Haryana	US$ 991.7 million
Gujrat	US$ 842.3 million

States	Stainless Steel Industry CAGR (2024 to 2034)
Goa	7.7%
Punjab	7.4%
Rajasthan	7.4%
Karnataka	7.2%
Telangana	6.9%
Haryana	6.8%

Category-wise Insights

Top Segment (Type)	Austenitic Stainless Steel
CAGR (2024 to 2034)	6.1%

India Finished Steel: Year to Date: Apparent Consumption data was reported at 55,992.000 Metric Ton th in Oct 2018. This records an increase from the previous number of 47,691.000 Metric Ton th for Sep 2018. India Finished Steel: Year to Date: Apparent Consumption data is updated monthly, averaging 31,813.000 Metric Ton th from Sep 2002 (Median) to Oct 2018, with 183 observations. The data reached an all-time high of 103,307.000 Metric Ton th in Mar 2018 and a record low of 2,085.000 Metric Ton th in Apr 2003. India Finished Steel: Year to Date: Apparent Consumption data remains active status in CEIC and is reported by Joint Plant Committee. The data is categorized under India Premium Database’s Metal and Steel Sector – Table IN.WAB004: Finished Steel: Consumption.

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

The global iron and steel market, valued at $1511.65 billion in 2025, is projected to experience robust growth, driven by a compound annual growth rate (CAGR) of 5.65% from 2025 to 2033. This expansion is fueled by several key factors. Firstly, the burgeoning construction sector, particularly in developing economies across Asia-Pacific and regions experiencing rapid urbanization, necessitates substantial steel consumption for infrastructure projects, buildings, and housing developments. Simultaneously, the automotive and machinery industries are experiencing significant growth, leading to increased demand for high-quality steel components. Furthermore, advancements in steel production technologies, including the increased adoption of electric arc furnaces and improved recycling processes, are contributing to efficiency gains and reduced environmental impact, boosting market attractiveness. While challenges exist, such as fluctuating raw material prices and concerns regarding carbon emissions, innovative solutions and sustainable practices are mitigating these risks. The market is segmented by end-user (construction, machinery, transportation, metal goods, others) and type (steel, iron). Within these segments, steel dominates owing to its versatility and widespread applications. The regional landscape reveals significant market share for the Asia-Pacific region, especially China and India, driven by their massive infrastructure development and industrial expansion. North America and Europe also represent substantial markets, although growth rates may vary due to differing economic conditions and regulatory landscapes. Competition is intense, with major players such as ArcelorMittal, Nippon Steel, and Tata Steel vying for market leadership through strategic alliances, mergers and acquisitions, and technological innovation. The competitive landscape will likely see consolidation and increased focus on sustainable and cost-effective production methods. The forecast period of 2025-2033 promises substantial growth opportunities, although companies will need to adapt to shifting global dynamics and market demands to maintain their competitive advantage.

The India steel market, valued at approximately ₹X million in 2025 (assuming a logical extrapolation from available data and considering similar market growth in other steel-producing nations), is poised for robust expansion, exhibiting a Compound Annual Growth Rate (CAGR) of 9.18% from 2025 to 2033. This growth is fueled by several key drivers, including substantial government investment in infrastructure development (roads, railways, and urban projects), a burgeoning automotive and construction sector, and increasing demand for steel in various end-use industries such as consumer goods and energy. The market is segmented by steel form (crude and finished), technology (Blast Furnace-Basic Oxygen Furnace (BF-BOF), Electric Arc Furnace (EAF), and other technologies), and end-user industry. While the BF-BOF technology currently dominates, the EAF segment is projected to gain significant traction due to its environmentally friendly nature and cost-effectiveness in processing scrap steel. However, challenges remain, including fluctuating raw material prices, stringent environmental regulations, and potential supply chain disruptions. The competitive landscape is characterized by a mix of large integrated steel producers like Tata Steel, SAIL, and JSW Steel, alongside smaller specialized players, fostering a dynamic market environment. The forecast period (2025-2033) suggests a continuous rise in market size, primarily driven by the anticipated expansion of India's infrastructure and industrial sectors. The demand from the automotive and construction industries is expected to be particularly impactful, stimulating increased production and diversification within the steel sector. This projection, however, is contingent on consistent economic growth, policy support, and a stable supply of raw materials. The increasing adoption of sustainable steel production methods, particularly EAF technology, will play a significant role in shaping the market landscape in the coming years. Companies are likely to focus on innovation and strategic partnerships to navigate the challenges and capitalize on the expanding opportunities presented by the growing Indian steel market. 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: 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. Notable trends are: Blast Furnace-Basic Oxygen Furnace (BF-BOF) Technology to Dominate the Market.

India Finished Steel: Year to Date: Production data was reported at 146,560.000 Tonne th in Mar 2025. This records an increase from the previous number of 132,893.000 Tonne th for Feb 2025. India Finished Steel: Year to Date: Production data is updated monthly, averaging 38,615.000 Tonne th from Sep 2002 (Median) to Mar 2025, with 260 observations. The data reached an all-time high of 146,560.000 Tonne th in Mar 2025 and a record low of 1,571.000 Tonne th in Apr 2020. India Finished Steel: Year to Date: Production data remains active status in CEIC and is reported by Joint Plant Committee. The data is categorized under Global Database’s India – Table IN.WAA010: Finished Steel: Production: Crude Steel to Finished Steel Equivalent.

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Steel Manufacturing Market Size 2025-2029

The steel manufacturing market size is forecast to increase by USD 455.4 billion, at a CAGR of 4.5% between 2024 and 2029.

The market is driven by the increasing consumption of high-strength steel, which is increasingly preferred in various industries due to its superior properties. This trend is further fueled by the growing demand for steel and stainless steel scrap, serving as crucial raw materials in steel production. However, the market faces challenges from excess production capacity, leading to intense competition and price pressures. Companies must navigate these dynamics to capitalize on opportunities and maintain profitability. Strategic initiatives such as innovation, operational efficiency, and geographic expansion can help steel manufacturers stay competitive and thrive in this dynamic market.

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

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Request Free SampleThe market continues to evolve, driven by dynamic market conditions and shifting applications across various sectors. Basic oxygen furnaces and blast furnaces remain the cornerstone of steel production, transforming iron ore into molten steel for further processing. The resulting steel is then shaped through continuous casting, hot rolling, and cold rolling into various forms such as bars, slabs, sheets, tubes, pipes, and plates. Steel consumption patterns are influenced by the demands of industries like consumer goods, automotive, construction, and energy. Stainless steel, with its superior strength and resistance to corrosion, finds extensive use in these sectors. Steel imports and exports shape global supply chains, with electric arc furnaces playing a crucial role in steel recycling and the production of alloy steel and high-strength steel. Steel grades and quality standards are continually evolving to meet the specific requirements of various applications. Carbon steel, galvanized steel, and prepainted steel are some of the many grades available. Steel pricing remains a critical factor, influenced by production costs, supply and demand, and market trends. The ongoing development of steel manufacturing technology further enhances the industry's ability to meet the evolving needs of its diverse customer base.

How is this Steel Manufacturing Industry segmented?

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-userConstructionMachineryAutomotiveMetal productsOthersTypeFlatLongGeographyNorth AmericaUSCanadaEuropeFranceGermanyRussiaUKAPACChinaIndiaJapanSouth AmericaBrazilRest of World (ROW).

By End-user Insights

The construction segment is estimated to witness significant growth during the forecast period.The market is driven by the construction sector, which accounted for the largest share in 2024. This growth can be attributed to the construction of infrastructure projects such as skyscrapers, tech parks, roads, motorways, and bridges. Steel's strength and ductility make it an ideal choice for the building industry. It is commonly used in the production of high-strength plates for roads and bridges, rectangular tubing for welded frames, and beams for structural frameworks. Rebar and hollow structural components are also manufactured using steel. Additionally, steel is utilized in sign poles, fences, caissons, columns, culverts, pilings, and handrails due to its properties of durability, affordability, and adaptability for prolonged exposure to weather. Steel manufacturing processes include the use of electric arc furnaces, basic oxygen furnaces, and blast furnaces. Steel grades such as carbon steel, alloy steel, stainless steel, and high-strength steel are produced using these processes. Steel production capacity is increased through continuous casting, hot rolling, cold rolling, and continuous annealing. Steel scrap is recycled and reused in the manufacturing process, contributing to the sustainability of the industry. Steel applications extend beyond the construction industry to consumer goods, transportation, packaging, and industrial machinery. Prepainted steel, galvanized steel, and steel coatings are used in the production of appliances, automobiles, and packaging materials. Steel tubes and pipes are utilized in the oil and gas industry for transportation and storage. Steel wires are used in various applications such as fencing, wire ropes, and electrical conductors. Steel exports and imports play a significant role in the global steel market. Steel production and consumption vary across regions, leading to fluctuations in prices. Steel qu

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.

China continues to hold the global lead in crude steel production, with an estimated ** million metric tons recorded in December 2024. This represented an increase of approximately ** percent compared to its production in December of the previous year. During that time given, India, Japan, the United States, and Russia were far behind China in steel production. China as the global leader With a recorded **** million metric tons of crude steel yield, May 2021 remains the highest production peak for China to date. Since then, the country experiencing significant fluctuations in steel production. China's "zero-Covid" policy, therefore, implementing sequential lockdowns in various cities, caused a significant setback in the steel production network of the country. The government's interventions to eliminate the spread of the virus decreased the steel demand in many lines of work, predominantly in the construction sector. Despite the bottlenecks that China currently faces, the country has remained the global leader in crude steel production. Crude Steel Production Worldwide Production in Russia overall decreased throughout the given months, especially in June 2022; the production volume dropped by ** percent compared to the previous month of 2022. However, high oil prices and government initiatives sustain the steel industry in the country, despite facing severe sanctions due to the Russia- Ukraine war. India saw a notable drop in crude steel production by **** percent between February 2020 and April of that same year. Later, this figure increased to **** million metric tons owing to India’s strong domestic demand for steel. Japan and the United States also suffered a dip in production in April 2020, though not as severe as in India. Since then, steel production in both countries has been weakly increasing, with oscillations. Increased material costs and explicitly hiking interest rates in the United States have been the main reasons for the drawbacks in production in Japan and the US.

Engineering Machinery Steel Market Outlook

The global engineering machinery steel market size is expected to witness substantial growth from its 2023 valuation of approximately USD 45 billion to an estimated USD 65 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.2%. This growth is primarily driven by the rising demand for robust and durable materials across various industries, including construction, agriculture, mining, and oil & gas sectors. The increasing urbanization and industrialization in emerging economies are propelling infrastructure developments, which in turn, is boosting the demand for engineering machinery steel. Additionally, advancements in steel manufacturing technologies that improve the efficiency and quality of steel products are driving the market forward.

One of the key growth factors of the engineering machinery steel market is the burgeoning construction sector, especially in developing regions. As urban populations expand, the need for modern infrastructure such as bridges, roads, and high-rise buildings is escalating. Engineering machinery steel, known for its strength and durability, is essential in the construction of these structures. Furthermore, government initiatives to upgrade existing infrastructure and invest in new projects are fostering the demand for construction equipment, thereby driving the demand for engineering machinery steel. The continued focus on sustainable building practices also impels the use of high-quality steel that is recyclable and offers longevity, further enhancing market growth.

Additionally, the expanding agriculture and mining industries are significantly contributing to the growth of the engineering machinery steel market. With a growing global population, the demand for agricultural products is rising, thereby necessitating the use of advanced machinery for efficient farming operations. Similarly, as the demand for minerals and resources grows, mining operations are expanding, requiring sophisticated machinery made from high-quality steel to withstand harsh operational conditions. The reliability and strength of engineering machinery steel make it an ideal choice for both these sectors, supporting its market growth.

The oil and gas industry also plays a vital role in driving the engineering machinery steel market. As energy demands increase globally, exploration and production activities are intensifying, requiring robust machinery to operate in extreme environments. Engineering machinery steel is crucial for manufacturing equipment that can endure such conditions, thus propelling market expansion. Moreover, technological advancements in oil and gas extraction, including hydraulic fracturing and deep-sea drilling, necessitate specialized machinery incorporating high-grade steel, augmenting the market's growth trajectory.

Regionally, the Asia Pacific holds a significant share in the engineering machinery steel market owing to rapid industrialization and urbanization in countries like China and India. The region is experiencing a surge in infrastructure projects, and with government initiatives supporting industrial growth, the demand for construction and manufacturing equipment is climbing, consequently boosting the market. North America and Europe follow suit, driven by technological advancements and the need for energy-efficient and sustainable machinery. The Middle East & Africa, with its thriving oil and gas sector, also presents a promising outlook for market growth, while Latin America shows potential through its burgeoning mining activities.

Product Type Analysis

The engineering machinery steel market is segmented by product type into carbon steel, alloy steel, stainless steel, and tool steel. Carbon steel, being cost-effective and readily available, is widely used for general engineering purposes, especially in construction and infrastructure projects. Its high tensile strength and affordability make it the material of choice for manufacturing a variety of engineering machinery. With increasing urban development projects and infrastructure redevelopment activities worldwide, the demand for carbon steel is poised for a robust uptrend. Furthermore, innovations in carbon steel processing are enhancing its quality and durability, expanding its applications in more demanding engineering tasks.

Alloy steel, known for its superior properties such as high strength, toughness, and resistance to wear and tear, is crucial in manufacturing machinery that operates under strenuous conditions. Alloying elements such as chromium, nickel, and molybdenum enhance these properties

Snapshot img

Steel Market Size 2025-2029

The steel market size is forecast to increase by USD 307.4 billion at a CAGR of 4.5% between 2024 and 2029.

The market is experiencing significant shifts driven by urbanization and infrastructure development. The increasing demand for steel in construction and infrastructure projects, particularly in emerging economies, is a key growth driver. Steel is used in jewelry, belt buckles, clips, casings, watch straps and backs, cooker hoods, outdoor kitchen cabinets, worktops, drainers, sinks, and others. Moreover, the trend toward sustainable steel production is gaining momentum as companies seek to reduce their carbon footprint and meet evolving consumer preferences. However, the market faces challenges in the form of trade barriers and protectionist policies. These obstacles can hinder the free flow of steel between countries and potentially disrupt global supply chains.
Companies must navigate these challenges by exploring alternative sourcing options and strengthening their relationships with key suppliers. To capitalize on opportunities and mitigate risks, strategic planning and operational agility are essential. Companies that can effectively address these market dynamics will be well-positioned to thrive in the evolving steel landscape. Advanced properties of steel, such as pliability and appealing aesthetic properties in diverse architectural elements such as railings, roofing, and staircases will fuel the market growth inthe coming years.

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

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The market is a dynamic and intricate industry encompassing various sectors, including steel prices, fabrication, aerospace, automotive, research, and construction. Steel prices fluctuate based on supply and demand, with recent trends pointing towards increased costs due to raw material expenses and logistical challenges in steel transportation. In the realm of innovation, powder metallurgy and advanced steel alloys are gaining traction, offering enhanced properties for high-performance applications. The steel aerospace and automotive industries rely on lightweight, high-strength steel to optimize fuel efficiency and reduce emissions. Steel research continues to push boundaries, with developments in steel composites and 3D printing technology revolutionizing construction and engineering projects.
The steel supply chain is undergoing digital transformation, streamlining processes and improving efficiency. Steel demand remains strong, driven by infrastructure development, energy projects, and the ongoing need for durable, reliable materials. The steel industry's focus on sustainability and energy efficiency is shaping future trends, with steel manufacturing processes becoming more environmentally friendly and energy-intensive operations being optimized. Ultimately, the market's resilience and adaptability ensure its continued relevance in diverse industries and applications.

How is this Steel Industry 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 realm of flat steel, a significant sector within the global market, products are crafted from slabs into sheets, plates, coils, and strips. These materials, renowned for their versatility, strength, and adaptability, underpin numerous industrial applications. Major product categories include hot-rolled coil (HRC), cold-rolled coil (CRC), galvanized steel, tinplate, and steel plates, each customized to meet distinct performance needs, such as surface finish, tensile strength, and corrosion resistance. Flat steel assumes a pivotal role in the automotive industry, where it contributes to the production of body panels and structural components. The steelmaking process involves various techniques, including blast furnace, basic oxygen furnace, and electric arc furnace, while recycling steel scrap is a crucial aspect of sustainable steel production.

Alloying elements

India Finished Steel: Year to Date: Non Alloy: Flat: Plates: Apparent Consumption data was reported at 3,156.000 Metric Ton th in Oct 2018. This records an increase from the previous number of 2,691.000 Metric Ton th for Sep 2018. India Finished Steel: Year to Date: Non Alloy: Flat: Plates: Apparent Consumption data is updated monthly, averaging 2,474.000 Metric Ton th from Feb 2007 (Median) to Oct 2018, with 141 observations. The data reached an all-time high of 5,396.000 Metric Ton th in Mar 2008 and a record low of 214.000 Metric Ton th in Apr 2016. India Finished Steel: Year to Date: Non Alloy: Flat: Plates: Apparent Consumption data remains active status in CEIC and is reported by Joint Plant Committee. The data is categorized under India Premium Database’s Metal and Steel Sector – Table IN.WAB007: Finished Steel: Consumption: Non Alloy: Flat.

India Finished Steel: Year to Date: Non Alloy: Flat: Apparent Consumption data was reported at 23,569.000 Metric Ton th in Oct 2018. This records an increase from the previous number of 19,998.000 Metric Ton th for Sep 2018. India Finished Steel: Year to Date: Non Alloy: Flat: Apparent Consumption data is updated monthly, averaging 19,478.000 Metric Ton th from Feb 2007 (Median) to Oct 2018, with 141 observations. The data reached an all-time high of 48,491.000 Metric Ton th in Mar 2018 and a record low of 1,964.000 Metric Ton th in Apr 2009. India Finished Steel: Year to Date: Non Alloy: Flat: Apparent Consumption data remains active status in CEIC and is reported by Joint Plant Committee. The data is categorized under India Premium Database’s Metal and Steel Sector – Table IN.WAB007: Finished Steel: Consumption: Non Alloy: Flat.

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%

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.

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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

Type:Flat steel: Used in various applications, including construction, automotive, and manufacturing.Long steel: Includes rebars, wires, and beams, primarily used in construction and infrastructure.Product:Structural: Steel used in construction for supporting structures, such as beams and columns.Prestressing: High-strength steel used in concrete structures for reinforcing and reducing cracking.Application:Building & Construction: The largest application for steel, used in residential, commercial, and industrial buildings.Automotive: Steel is used in vehicle frames, bodies, and components.Electrical Appliances: Steel is used in transformers, motors, and other electrical equipment. Recent developments include: February, 2023: ArcelorMittal accelerates Fos’ decarbonisation through hydrogen - ArcelorMittal France is accelerating the decarbonisation of its steel processing through hydrogen. Spanish engineering company Idom has been contracted by “GravitHy”, the joint venture created last year by a consortium of energy and steel-related companies, to produce the pre-feasibility studies to build a green hydrogen-based direct reduced and hot briquetted iron (DRI/HBI) facility at the steelmaker’s plant in Fos-sur-Mer, southern France, Kallanish notes.The plant will generate green and low-carbon hydrogen to produce DRI that will be used either on-site as a feedstock for green steelmaking or traded globally as HBI. Construction is set to begin in 2024 for commissioning in 2027. The future facility is planned to have an annual throughput of 2 million tonnes of DRI. Located on the Mediterranean coast, the plant will have direct access to European trading markets.February, 2023: India’s Essar Group to re-enter steel business through organic and inorganic routes - India’s Essar Group has drawn up to re-enter the steel industry through organic and inorganic routes, company sources said on Monday, February 27.Essar Steel’s assets located in the western state of Gujarat were acquired by the combination of ArcelorMittal and Nippon Steel through the bankruptcy resolution process and has since 2019 been operated by ArcelorMittal Nippon Steel Limited (AMNS).Essar Group sources said that, while it has been shortlisted among bidders for NMDC Steel Limited’s 3 million mt greenfield steel mill project nearing completion in Chhattigarh state, the group is also exploring options to construct a greenfield steel mill in Odisha and Karnataka. The sources said that land is being actively sought in these two states as the latter offers sufficient supplies of iron ore.For starters, Essar Group would be looking to set up greenfield steel mills in a capacity range of 3-4 million mt per year, with the option to ramp it up to levels of 8-10 million mt per year in subsequent phases.February, 2023: Saudi Arabia announces another mega construction project - Saudi Arabian crown prince Mohammed bin Salman Al Saud announced the establishment of the New Murabba Development Company to construct the world's biggest modern downtown development in Riyadh. With the launch of this new development, Saudi Arabia's list of 15 upcoming mega projects has been increased by one.According to reports, the completion of the downtown area is anticipated for 2030, and it is projected to contribute SAR 180 billion ($48.6 billion) to non-oil GDP. 334,000 direct and indirect employment opportunities are anticipated to be generated by the project.Furthermore, the city, which will cover 19 square kilometers and be located at the intersection of King Salman and King Khalid roads to the northwest of Riyadh, will also be constructed with a focus on sustainability and featuring green areas as well as walking and cycling paths that aim to encourage productive lifestyles. Besides, it will also include a well-known museum, a university of technology and design, an immersive multi-purpose theater, and over 80 entertainment and cultural venues., February 2022: Severstal, a Russian alloy and mining company, revealed its ambitions to provide various bands of "green alloy" products with reduced emissions, citing rising consumer demand for goods made with sustainable manufacturing practices and the need for more information on carbon emissions reductions. Olga Kalashnikova, Severstal's head of environment, stated during the webinar on green alloy making that her department worked closely with the steel marketing team to meet growing customer demand for low-emissions alloy and had developed a green alloy methodology for its product line., July 2022: Outokumpu and Marcegaglia Group, a large industrial organization active in the alloy processing industry, agreed to the sale of the majority of Long Products' business operations. Outokumpu will concentrate on its primary industry, flat alloy goods. The deal includes the melting, rod, and bar activities of Long Products in Sheffield, the United Kingdom; the bar operations in Richburg, the United States; and the wire rod mill in Fagersta, Sweden. Outokumpu Long Products AB's operations in Sweden's Degerfors and Storfors are excluded from the transaction., March 2020: VDM Metals was officially acquired by Acerinox for USD 534.0 million. VDM Metals is a leader in R+D+I in the industry and specializes in creating and manufacturing unique alloys.. Notable trends are: Growing Prevalence of the automotive industry boosts the market growth.