Pune, India, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The global stainless steel market size was USD 195.65 billion in 2021. The market is projected to grow from USD 204.17 billion in 2022 to USD 298.85 billion by 2029 at a CAGR of 5.6% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Stainless Steel Market, 2022-2029". As per the report, the market is expected to grow during the projected period due to rising consumption of stainless steel in the construction sector.
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List of Key Players Profiled in the Report:
- Acerinox S.A (Spain)
- Aperam Stainless (Luxembourg)
- ArcelorMittal (Luxembourg)
- Baosteel Group (China)
- Jindal Stainless (India)
- Nippon Steel Corporation (Finland)
- Outokumpu (Finland)
- POSCO (South Korea)
- ThyssenKrupp Stainless GmbH (Germany)
- Yieh United Steel Corp (Taiwan)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5.6% |
| 2029 Value Projection | USD 298.85 Billion |
| Base Year | 2021 |
| Stainless Steel Market Size in 2021 | USD 195.65 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 300 |
| Segments Covered | By Category, By Type and Regional |
| Stainless Steel Market Growth Drivers | Rising Product Consumption Due to its Characteristics in the Construction Industry to Drive the Market Growth |
| According to the BS Stainless company, the product demand is increasing to fulfill construction purposes, |
COVID-19 Impact:
Closure of Construction Projects Amid Pandemic Hampered Market Growth
Stainless steel is in high demand in the construction industry. The outbreak of the COVID-19 pandemic has announced the closure of construction projects due to stringent government restrictions. Also, governments imposed restrictions on the workforce operating on projects and instructed employees to work at 50% capacity to limit the virus spread. Also, supply chain disruptions and lack of raw materials hampered the stainless steel market growth during the forecast period.
Segments:
Increasing Demand from Home Appliances Industry to Bolster Cold Rolled Flat Segmental Growth
By type, the market is classified into cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others. The cold rolled flat segment dominates the market share due to increasing demand for furniture and home appliances industries.
Metal Products Segment to Dominate Global Market Share During Forecast Period
Based on application, the market is categorized into metal products, electrical machinery, engineering, construction, automotive parts, and others. The metal products segment is projected to lead the market owing to its corrosion-resistant properties.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Report Coverage:
The report provides complete information and insights on recent developments and trends in the market. Also, the impact of COVID-19 pandemic on the global market is highlighted further in this report. Furthermore, the drivers and restraints affecting the market growth during the projected period are mentioned further in the report. Regional market insights on segmented market areas are provided further along with a list of key market players in the industry.
Drivers & Restraints:
Rising Product Demand from the Construction Sector to Propel Growth
The market growth is attributable to rising technological advancements due to rising carbon emission. The rising mobility and emerging automobile industry are expected to bolster the market growth due to the surging use of the product in seatbelt springs and hose clamps. Also, there is increasing consumption of this steel in the construction industry.
However, the availability of substitute products, such as carbon and aluminum steel, may hinder the market growth.
Regional Insights:
Asia Pacific Dominates Global Market Share Due to Rapid Infrastructural Development
Asia Pacific holds a dominant global stainless steel market share. The regional market stood at USD 146.53 billion in 2021. Increasing infrastructure development and rapid technological advancements are anticipated to bolster the regional market growth.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Raw Material Analysis
- Qualitative Information on Grades of Stainless Steel
- Qualitative Insights on Impact of COVID-19 on Global Stainless Steel Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued…!
Competitive Landscape:
Expansion of Services Allow Companies to Register Growth
The prominent market players are considering forming strategic partnerships and mergers to expand their business reach and propel growth in the coming years. Also, the companies focus on increasing their product range to serve customer demands.
Key Industry Development:
- June 2022: Outokumpu is divesting its plate service center in Aalten, the Netherlands, to Roba Holding, a family-owned business located in the Netherlands and a supplier of steel, steel, aluminum, and recycled metal as well as non-ferrous metals.
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Frequently Asked Questions (FAQs):
1. Is the Impact of COVID-19 on Stainless Steel industry growing?
Answer: The Global stainless steel market size was USD 195.65 billion in 2021. The market is projected to grow from USD 204.17 billion in 2022 to USD 298.85 billion by 2029.
2. Who are the key players in the the Impact of COVID-19 on Stainless Steel Market?
Answer: Acerinox S.A (Spain), Aperam Stainless (Luxembourg), ArcelorMittal (Luxembourg), Baosteel Group (China), Jindal Stainless.
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Steel Ingots Market Size, Share and Global Trend By Type (Stainless Steel, Mild Steel), By Application (Construction, Automotive & Aerospace, Energy, Engineering, Others), and Geography Forecast till 2022-2029
Flat Steel Market Size, Share & Industry Analysis, By Product (Sheets, Strips, Plates), By Material (Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel), By End-Use (Building & Construction, Automotive, Mechanical Equipment, Healthcare, Domestic, Defense, Packaging, Others) and Regional Forecast, 2022-2029
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