In 2023, the price of fabricated structural steel in the United Kingdom has fallen by over ** percent. That came after the cost of that building material soared between 2020 and 2022. Most of that price increase happened in 2021, with a growth rate of **** percent that year. Structural steel is widely used for construction because it is durable, malleable, and strong, while also being cheaper than many other metals. For example, it is often used as a structural material for skyscrapers and other buildings, as well as for infrastructure. Why has the price of steel increased? Those price increases seen until 2022 have not just affected the UK, but many other countries around the world. For example, the cost of fabricated structural metal in the U.S. and that of structural steel and other steel products in Germany reached their highest growth rate in 2022. Supply chain disruptions along with a decrease in the global production of crude steel in 2020 were some of the main reasons for those price hikes in 2021. In addition to that, the price of iron ore, which is the main component of steel, and energy also had a strong impact on the final price of steel products those years. Largest steel producers In the past couple of years, China was by far the largest steel producer in the world, with a production volume that was well over ***** times higher than that of the second country in the ranking: India. Although the United States was also on that list along with Japan and Russia, it was not among the leading exporters of steel. The reason for that discrepancy is that a big share of the production in countries of the size of the U.S., China, and India goes to fill their own domestic needs. Meanwhile, **** of the ** companies with the highest output of steel came from China, with the rest coming from Luxembourg, Japan, South Korea, India, and the U.S.

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.

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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

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.

Building materials made of steel, copper and other metals had some of the highest price growth rates in the U.S. in the first half of 2025 in comparison to the previous year. The growth rate of the cost of several construction materials was slightly lower than in late 2024. It is important to note, though, that the figures provided are Producer Price Indices, which cover production within the United States, but do not include imports or tariffs. This might matter for lumber, as Canada's wood production is normally large enough that the U.S. can import it from its neighboring country. Construction material prices in the United Kingdom Similarly to these trends in the U.S., at that time the price growth rate of construction materials in the UK were generally lower 2024 than in 2023. Nevertheless, the cost of some construction materials in the UK still rose that year, with several of those items reaching price growth rates of over **** percent. Considering that those materials make up a very big share of the costs incurred for a construction project, those developments may also have affected the average construction output price in the UK. Construction material shortages during the COVID-19 pandemic During the first years of the COVID-19 pandemic, there often were supply problems and material shortages, which created instability in the construction market. According to a survey among construction contractors, the construction materials most affected by shortages in the U.S. during most of 2021 were steel and lumber. This was also a problem on the other side of the Atlantic: The share of building construction companies experiencing shortages in Germany soared between March and June 2021, staying at high levels for over a year. Meanwhile, the shortage of material or equipment was one of the main factors limiting the building activity in France in June 2022.

In 2024, after two years of growth, there was decline in the UK market for welded and cold-formed sections of steel, when its value decreased by -1.6% to $629M. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Welded and cold-formed steel sections consumption peaked at $705M in 2020; however, from 2021 to 2024, consumption remained at a lower figure.

Over the five years through 2025-26, iron and steel manufacturing revenue is expected to climb at a compound annual rate of 1.9% to £7.7 billion. Heaps of cheap steel on the global market have undercut British prices and caused big trade partners like the EU to institute import quotas. Unable to lower prices because of high labour costs and environmental charges, industry giants like British Steel and Tata Steel have stated a need for government intervention to continue operating. Both companies are also moving away from blast furnace operations to invest in greener electric arc furnaces, marking a complete industry shift. Tata Steel closed its Port Talbot site in September 2024, marking the end of traditional steelmaking in Wales and the switch to its electric arc furnace, which is set to begin operations in 2028. British Steel is also planning to switch to electric arc furnace production. However, talks over support from the British Government remain stalled. Besides this structural transition, the industry has been wracked by volatility in recent years. Metal prices dropped during 2020-21 as the COVID-19 pandemic slashed downstream demand for iron and steel. However, as manufacturing and construction activity started recovering in 2021-22, iron and steel prices soared as production failed to keep up, causing a global undersupply of steel. This massively raised revenue in 2021-22, driving up profitability. Steel prices started to dip again in 2022-23, bringing down iron and steel manufacturers’ revenue. In 2025-26, revenue is set to drop by 8.5% owing to a slump in downstream investment, resulting from the 2024 Autumn Budget denting business confidence. This will coincide with iron and steel prices continuing to stave off. Profit is expected to remain flat as iron ore, carbon and energy prices continue to normalise, reducing manufacturers’ costs. However, higher wage costs and subdued demand for iron and steel keep profitability low, sitting at 1.6% in 2025-26. Over the five years through 2030-31, revenue is forecast to climb at a compound annual rate of 0.6% to £7.9 billion. While UK steel manufacturers no longer face tariffs in the EU, US tariffs and import quotas remain uncertain, causing significant harm. Despite UK quotas, competition from imports will prevail, especially as China’s manufacturing rebounds. Reduced production from British Steel and Tata Steel, as both companies switch to electric arc furnace production, will also hinder revenue growth until 2028-29.

European Union PPI: Do: EU 27 excl UK: Mfg: BF: CM: Steel data was reported at 125.100 2021=100 in Jan 2025. This records an increase from the previous number of 124.000 2021=100 for Dec 2024. European Union PPI: Do: EU 27 excl UK: Mfg: BF: CM: Steel data is updated monthly, averaging 86.700 2021=100 from Jan 1995 (Median) to Jan 2025, with 361 observations. The data reached an all-time high of 126.500 2021=100 in May 2023 and a record low of 62.200 2021=100 in Jan 1995. European Union PPI: Do: EU 27 excl UK: Mfg: BF: CM: Steel data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.I007: Eurostat: Producer Price Index: 2021=100: Domestic.

Waste and scrap wholesalers are mostly smaller companies that collect and buy materials before reselling them to larger processors. Some larger businesses process recyclable products before wholesaling them to metal, plastic and glass manufacturers. Scrap metal makes up the bulk of industry sales, but plastic and glass are also crucial. Global metal prices drive wholesalers' performance, dictating the prices at which they can buy and sell materials. Revenue is set to climb at a compound annual rate of 2% over the five years through 2024-25 to £4.3 billion – but this disguises a lot of volatility. As economies reopened following the COVID-19 outbreak, demand for metals soared, elevating the price companies could charge for scrap metal, hiking revenue over 2021-22. High energy prices increased scrap steel production costs over 2022-23, though tumbling metal prices towards the end of 2022-23 and heading into 2023-24 lowered revenue prospects. As energy prices dip over 2024-25, metal prices will continue to ease. Despite low metal prices, sales volumes are anticipated to rise strongly over the year due to growing optimism in the manufacturing and construction sectors. Regulations affecting waste and scrap wholesalers will change over the coming years. The UK already diverged from EU environmental laws by continuing to allow plastic waste exports to non-OECD countries. The Environmental Act 2021 outlines bans on single-use plastics and options to ban or regulate the export of waste materials to developing countries. The UK's Deposit Return Scheme (DRS), planned to be introduced in October 2025 but has now been pushed back to 2027, will constrain demand for some wholesalers by implementing a 20p deposit on metal cans, PET plastic and glass bottles, which will boost recycling rates but limit the supply of unrecycled material. Despite this, greater environmental awareness and demand for recycling will drive up waste and scrap wholesaling revenue. Over five years through 2029-30, revenue is projected to climb at a compound annual rate of 3.4% to reach £5.1 billion.

The Metal Treatment, Coating & Machining industry in Europe is all about honing and enhancing metal. Companies use processes such as electroplating, heat treatment and laser cutting to get metals ready for various end uses – anything from construction to motor vehicle manufacturing. However, this work isn't easy or cheap, as it needs lots of energy. The ever-rising energy costs in Europe have pushed up production costs, hitting countries like Germany, Italy, the Netherlands and Austria pretty hard. Nonetheless, industry revenue is expected to rise at a compound annual rate of 3.6% over the five years through 2025 to €203.1 billion – including an estimated 1.9% increase over the current year. As the construction sector, a key source of demand, went through its share of turmoil, industry revenue followed suit. According to the European Commission, when the pandemic hit in 2020, construction work nosedived by 5%. This sent the industry into a trough, but positive construction and overall industrial activity trends across the continent helped it bounce back a bit in 2021. In 2022, steel prices took off over the first two quarters, in response to the Russia-Ukraine crisis, sending waves across industries like motor vehicle manufacturing, construction and electronics. They either started looking for cheaper alternatives or cut down on production, which inevitably hit our metal treatment and coating services, slightly tanking revenue in 2023. Shifting the focus towards unique, high-quality and high-margin coatings, like self-healing, superhydrophobic or antimicrobial coatings, could offset declines in volume in more commodity-driven segments. These specialised products often command higher prices and are less price-sensitive, which has a stabilising effect on profit. Looking forward, it’s crucial for this industry to embrace the concept of a circular economy. A focus on waste minimisation and recycling reduces environmental impact and can tap into the EU’s generous funding program for environment-friendly initiatives. As countries like Spain, Italy, France and Germany lead the way with smart waste management, we expect their metal treatment and coating businesses to enjoy some revenue growth. Moreover, projections for better days in motor vehicle manufacturing and construction promise a rosier prospect for metal treaters and coaters. After all, more cars and buildings mean more metal parts needing our touch for durability and aesthetics. Industry revenue is expected to improve at a compound annual rate of 5.5% over the five years through 2030 to €265.8 billion.

The European Iron and Steel Casting industry has evolved significantly in recent years, shaped by geopolitical, economic and technological factors. Casters have wrestled with considerable challenges resulting from global trade wars, stringent environmental regulations and volatility in metal prices. According to the World Steel Association, steel prices rose by 110% in 2021 due to pent-up demand and shortages of raw materials and intermediates after the COVID-19 outbreak in 2020. After significant revenue growth in 2021, driven by rising metal prices, foundries faced challenges in form of high interest rates and escalating building costs. A downturn in the manufacturing sector since 2023 has dented iron and steel casters’ sales. Still, revenue is expected to rise at a compound annual rate of 3.6% over the five years through 2025 to €27.6 billion, including an estimated 0.7% slump in 2025. The US government's imposition of heavy import duties in 2018 and again in 2025 hit the European iron and steel casting industry hard. The 25% tariff could alter trade flows, dampen demand and subduing profit in 2025. However, advancements in manufacturing processes and an increased emphasis on sustainability should restore some balance. With casting companies ramping up recycling efforts and switching to renewable energy sources, they’ve been better placed to comply with stringent European environmental standards and keep their carbon footprint under control. Revenue is forecast to rise at a compound annual rate of 3.7% over the five years through 2030 to €33.1 billion. Growing demand for renewable energy equipment, where iron and steel play a crucial role, is set to prop up sales in the future. Coupled with the current decarbonisation agenda across Europe, the industry will invest significantly in green technologies, aiming to increase efficiency, reduce emissions and make operations more sustainable. However, the rapid shift of the automotive sector towards electric vehicles (EVs) may hold back sales, as EVs don’t need as many iron and steel castings as more traditional vehicles, tending towards aluminium and other non-ferrous metal casting products instead.

Copper rose to 5.19 USD/Lbs on December 2, 2025, up 0.35% from the previous day. Over the past month, Copper's price has risen 3.22%, and is up 25.36% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Copper - values, historical data, forecasts and news - updated on December of 2025.

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.

In 2024, after two years of growth, there was decline in the UK metal letter clip market, when its value decreased by -3.8% to $12M. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2024: its value increased at an average annual rate of +4.1% 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 +69.6% against 2021 indices.

Aluminum fell to 2,884.05 USD/T on December 2, 2025, down 0.29% from the previous day. Over the past month, Aluminum's price has fallen 0.99%, but it is still 10.42% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Aluminum - values, historical data, forecasts and news - updated on December of 2025.

European Union PPI: Do: EU 27 excl UK: Mfg: BF: Other: Light Metal data was reported at 125.600 2021=100 in Jan 2025. This records an increase from the previous number of 124.400 2021=100 for Dec 2024. European Union PPI: Do: EU 27 excl UK: Mfg: BF: Other: Light Metal data is updated monthly, averaging 95.700 2021=100 from Jan 2002 (Median) to Jan 2025, with 277 observations. The data reached an all-time high of 130.600 2021=100 in Feb 2023 and a record low of 79.000 2021=100 in Jan 2002. European Union PPI: Do: EU 27 excl UK: Mfg: BF: Other: Light Metal data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s European Union – Table EU.I007: Eurostat: Producer Price Index: 2021=100: Domestic.

United Kingdom ExPI: EU: Fabricated Metals (FM): Metal Structures data was reported at 155.400 2015=100 in Jan 2025. This records an increase from the previous number of 154.400 2015=100 for Dec 2024. United Kingdom ExPI: EU: Fabricated Metals (FM): Metal Structures data is updated monthly, averaging 143.000 2015=100 from Mar 2020 (Median) to Jan 2025, with 59 observations. The data reached an all-time high of 161.800 2015=100 in Apr 2024 and a record low of 123.100 2015=100 in Mar 2021. United Kingdom ExPI: EU: Fabricated Metals (FM): Metal Structures data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.I043: Export Price Index: 2015=100.

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.

United Kingdom ExPI: EU: BM: Tubes, Pipes, Hollow Profiles & Fittings of Steel data was reported at 170.200 2015=100 in Jan 2025. This records an increase from the previous number of 168.900 2015=100 for Dec 2024. United Kingdom ExPI: EU: BM: Tubes, Pipes, Hollow Profiles & Fittings of Steel data is updated monthly, averaging 149.000 2015=100 from Mar 2020 (Median) to Jan 2025, with 59 observations. The data reached an all-time high of 170.200 2015=100 in Jan 2025 and a record low of 127.200 2015=100 in Jun 2021. United Kingdom ExPI: EU: BM: Tubes, Pipes, Hollow Profiles & Fittings of Steel data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.I043: Export Price Index: 2015=100.

United Kingdom ExPI: EU: FM: Doors & Windows of Metal data was reported at 148.400 2015=100 in Jan 2025. This records an increase from the previous number of 141.700 2015=100 for Dec 2024. United Kingdom ExPI: EU: FM: Doors & Windows of Metal data is updated monthly, averaging 125.400 2015=100 from Mar 2020 (Median) to Jan 2025, with 59 observations. The data reached an all-time high of 148.400 2015=100 in Jan 2025 and a record low of 119.100 2015=100 in Nov 2021. United Kingdom ExPI: EU: FM: Doors & Windows of Metal data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s United Kingdom – Table UK.I043: Export Price Index: 2015=100.