|Fastest Growing Market:||Asia-Pacific|
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The Global Stainless-Steel Market is anticipated to register a CAGR of over 5% during the forecast period (2022-2027).
The COVID-19 outbreak caused nationwide lockdowns around the world, disruption in manufacturing activities and supply chains, and production halts, all of which had a negative impact on the market in 2020. However, conditions began to improve in 2021, which is expected to boost market growth during the forecast period.
- Over the short term, rising demand from the building and construction industries, as well as recovering automotive production, are expected to drive market growth.
- High production costs and rising fluctuations in raw material prices are likely to hinder the market’s growth.
- Industrial and infrastructure development in Asia- Pacific is likely to act as an opportunity for the studied market.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Scope of the Report
Stainless steel is an iron-based alloy with a high content of chromium. According to international standards, stainless steel is defined as having at least 10.5% chromium. Stainless steel, which is frequently alloyed with additional elements such as nickel and molybdenum, is widely used in various end-user industries, particularly when superior corrosion resistance and aesthetic requirements are important. The Stainless-Steel market is segmented by product, type, end-user industry, and geography. By type, the market is segmented into Cold Flat, Hot Coils, Cold Bars, Hot Bars, Hot Plate and Sheet, and Others. By End-user Industry, the market is segmented into Automotive & Transportation, Building & Construction, Metal Products, Electrical Machinery, Mechanical Engineering, and Others. The report also covers the market size and forecasts for the Stainless-Steel market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (million tons).
|Hot Plate and Sheet|
|Automtoive & Transportation|
|Building & Construction|
Key Market Trends
Increasing Usage in the Construction Industry
- Stainless steel is used in all aspects of architecture, construction, and building. Due to the better corrosion resistance, most architectural design and structural engineering firms prefer more highly alloyed molybdenum-containing stainless steels for more corrosive locations.
- Stainless Steel is the fastest-growing sector in the construction industry. Stainless Steel products are used in structural applications such as beams, columns, and general architectural applications. It is used in a variety of applications including railings, roofing, lifts, staircases, swimming pool shades, and atriums.
- Due to rising population and urbanization, there is a growing demand for the construction of residential and commercial buildings, as well as hospitals, all over the world. Increasing urbanization requires the construction of more buildings and infrastructure.
- The global construction industry is expected to grow significantly in the future, primarily due to increased concern about sustainable development, durability, and aesthetic appearance.
- According to the American Institute of Architects, nonresidential building construction in the United States is expected to boost by 3.1 % by 2022. Hotel construction is expected to increase by 8.5% in 2022, while office space construction by 0.2%. The market size of the global construction market is estimated to be USD 14.4 trillion in 2030. The subsequent increase is expected to enhance the steel market's growth during the forecast period.
- In terms of per capita stainless-steel consumption, India ranks among the top 15 countries in the world. This was accomplished through the combined efforts of the domestic stainless-steel industry, led by ISSDA, and the Ministry of Steel's pro-industry policy initiatives. This increase was driven by stainless steel demand in diverse applications such as architecture, building & construction (ABC), automobiles, railways & transport (ART), and process industries, in addition to traditional use in kitchenware and utensils.
- Owing to all these factors, the market for Stainless Steel is likely to grow globally during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region has seen significant growth in the stainless steel industry, in countries such as China and India accounting for significant consumption shares. The growing presence of foreign companies in the Asia-Pacific region has also created a demand for the construction of new offices, and buildings.
- The growing demand from the automotive industry further boosting the market for stainless steel in the region during the forecast period.
- The automobile industry in China is experiencing shifting trends as consumer preference for battery-powered electric vehicles rises. The expansion of China's automotive sector is expected to benefit stainless steel demand. According to the International Organization of Motor Vehicle Manufacturers (OICA), China is the world's largest automobile producer, accounting for nearly 32.5% of global volume. In 2021, the country produced 2,60,82,220-unit vehicles, registering an increase of 3% compared to 25,225,242 units in 2020.
- According to the National Development Council (NDC), the government agencies in China-proposed an NTD 180 billion (USD 6.47 billion) infrastructure development plan in February 2022, which includes the proposed budget for the fourth stage of the Forward-looking Infrastructure Development Program, which would be used from 2023-2024.
- The construction industry is India's second-largest industry, contributing nearly 9% of GDP on a yearly basis, and is expected to be the world's third-largest market by 2022. According to the National Investment Promotion and Facilitation Agency, India's construction industry is expected to reach USD 1.4 trillion by 2025 because of massive investments in commercial and residential projects. Furthermore, the Smart City Mission, as well as several industrial and economic corridors across the country, are expected to propel the industry size during the assessment period.
- According to OEC, between April 2021 and April 2022, Japan's Stainless Steel Wire exports increased by 80.8 million (4.78 percent) from 1.69 billion to 1.77 billion, while imports increased by 326 million (29.4 percent) from 1.11 billion to 1.44 billion.
- Due to all such factors, the market for Stainless Steel in the region is expected to have a steady growth during the forecast period.
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The Stainless-Steel market is partially consolidated in nature. Some of the major players in the market include Nippon Steel Corporation, Acerinox S.A, Arcelor Mittal, Jindal Stainless Ltd, and Acciai Speciali Terni Spa (AST) among others (not in any particular order).
- In September 2021, thyssenkrupp sold Acciai Speciali Terni (AST) stainless steel mill, including the associated sales organization in Germany, Italy, and Turkey, to the Italian company Arvedi. The closing of the transaction is expected in the first half of 2022.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Demand from Construction Industry
4.1.2 Other Drivers
4.2.1 Availability of Substitutes
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.1 Cold Flat
5.1.2 Hot Coils
5.1.3 Cold Bars
5.1.4 Hot Bars
5.1.5 Hot Plate and Sheet
5.2.1 Automtoive & Transportation
5.2.2 Building & Construction
5.2.3 Metal Products
5.2.4 Electrical Machinery
5.2.5 Mechanical Engineering
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.2 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.3.4 South America
22.214.171.124 Rest of South America
5.3.5 Middle-East and Africa
126.96.36.199 Saudi Arabia
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Acciai Speciali Terni Spa (AST)
6.4.2 Acerinox S.A
6.4.4 Arcelor Mittal
6.4.5 Baosteel Group
6.4.6 China Baowu Steel
6.4.7 JFE Steel
6.4.8 Jindal Stainless Ltd
6.4.9 Nippon Steel Corporation
6.4.12 thyssenkrupp Stainless GmbH
6.4.13 Tsinghan Holding Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Industrial and Infrastructural Development in Asia-Pacific
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Frequently Asked Questions
What is the study period of this market?
The Stainless Steel Market market is studied from 2017 - 2027.
What is the growth rate of Stainless Steel Market?
The Stainless Steel Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Stainless Steel Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Stainless Steel Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Stainless Steel Market?
Nippon Steel Corporation , Acerinox S.A, Arcelor Mittal, Jindal Stainless Ltd , Acciai Speciali Terni Spa (AST) are the major companies operating in Stainless Steel Market.