Market Size of Stainless Steel Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 12.80 Million tons |
| Market Volume (2029) | 16.10 Million tons |
| CAGR (2024 - 2029) | 4.69 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Stainless Steel Market Analysis
The Stainless Steel Market size is estimated at 12.80 Million tons in 2024, and is expected to reach 16.10 Million tons by 2029, growing at a CAGR of 4.69% during the forecast period (2024-2029).
- The COVID-19 pandemic negatively impacted the market. This was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Over the short term, increasing demand from the building and construction and automotive industries are some of the factors driving the growth of the market studied.
- On the flip side, high production costs and rising fluctuations in raw material prices is likely to hinder the growth of the market studied.
- However, industrial and infrastructure development in Asia-Pacific is likely to act as an opportunity for the studied market.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
