Stainless Steel Market Strategies for Competitive Advantage and Insights into Global Trade Dynamics

 The global stainless steel market size is expected to reach USD 197.29 billion by 2030, registering a CAGR of 6.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Higher penetration of the product and its vital importance in numerous applications is expected to support the market growth, during the forecast period.

 

Stainless steel has extensive utilization in the automotive sector because of its visual appeal and corrosion resistance properties. Corrosion resistance helps its use in catalytic converters and exhaust silencers. These parts face exhaust gas attacks from the inner side and road dirt, salt, and water from the external side. In such cases, stainless steel is the best suitable material. Automotive applications of the product include fuel tanks, trim, gaskets, suspension systems, and bodies of the buses.

 

Gather more insights about the market drivers, restrains and growth of the Global Stainless Steel Market

 

Numerous applications have propelled the demand for stainless steel during these years and by enlargement in the end-use industries, the need for these materials is expected to increase further at a rapid rate. As a result, the production of the commodity is carried out on a large scale where iron ore is the key raw material. This ore is mined from the earth’s crust.


The increasing demand together with certain disadvantages, associated with conventional production processes such as the negative environmental effect of iron ore mining, has compelled vendors to opt for an alternative step, which is recycling. The phenomenal property of stainless steel can be recycled frequently without having any impact on the quality eventually promoting the stainless steel scrap industry.


Stainless steel scrap recycling has various benefits economically and environmental. Every ton of recycled steel saves 1.5 tons of iron ore, and 0.5 tons of coal, and reduces water consumption by 40.0%. In addition, carbon dioxide emissions are reduced by 50-60%. As a result, the advantages of metal recycling along with increasing demand for stainless steel in end-use applications are propelling the growth of the stainless steel market.

 

Stainless Steel Market Report Highlights

 

• In terms of revenue, the Asia Pacific was the largest region in 2023 and is projected to remain the fastest-growing market during the forecast period. The region accounted for more than 68.0% of the total revenue in 2023 on account of industrial production for automotive, marine, construction, and consumer goods in the countries such as China, India, and Japan

• The 300 series segment held the largest share of over 59.0% in 2023. The market is likely to be driven by the aerospace and marine industries on account of its properties such as thermal resistance and corrosion resistance

• Flat products accounted for a revenue share of more than 73% in 2023 and is likely to dominate the market over the forecast period. The segment is projected to grow on account of the demand in consumer goods along with machinery & equipment industries, which is supported by the properties of stainless steel such as concentricity, straightness, and tolerance

• Building & construction application segment is likely to observe a lucrative growth of 7.6% during the forecast period on account of massive investment in infrastructure and housing sectors by the countries such as the U.S., China, and India

• The competitive rivalry within the industry is projected to increase with rising mergers & acquisitions, capacity expansion, in addition to network distribution


Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

 

• The global automotive interior materials market size was valued at USD 60.1 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2030.

• The global treated wood market size was estimated at USD 5.86 billion in 2023 and is projected to grow at a CAGR of 6.7% from 2024 to 2030.

 

Segments Covered in the Report

 

Grand View Research has segmented the global stainless steel market on the basis of on grade, product, application, and region:

 

Stainless Steel Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • 200 Series

  • 300 Series

  • 400 Series

  • Duplex Series

  • Others

 

Stainless Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Flat

  • Long

 

Stainless Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Building & Construction

  • Automotive & Transportation

  • Consumer Goods

  • Mechanical Engineering & Heavy Industries

  • Electronic Appliances

  • Food Manufacturing

  • Others

 

Stainless Steel Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • UK

    • Russia

    • Italy

    • Spain

    • Turkey

  • Asia Pacific

    • China

    • Japan

    • South Korea

    • India

    • Indonesia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • GCC

 

Order a free sample PDF of the Stainless Steel Market Intelligence Study, published by Grand View Research.

 

Comments

Post a Comment

Popular posts from this blog

The Filters Industry: A Multifaceted Market with Crucial Applications

Image
     Global filters industry database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.   Mobil & Engine Filters Market Analysis & Forecast   The global mobil & engine filters market size was estimated at  USD 11.2 billion in 2022  and is expected to grow at a compound annual growth rate (CAGR) of  3.8%  from 2023 to 2030. The fuel filters segment dominated the mobile & engine filters market in 2022, with a share of 38.4%. Fuel filters are an essential component for internal combustion engines as they screen the fuel for possible cont...
Read more

Disposable Medical Gloves Market: Impact of Regulatory Changes and Standards

  The global disposable medical gloves market is projected to grow significantly in the coming years, driven by various factors. In 2023, the market was valued at   USD 6.93 billion , and it is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 8.9% from 2024 to 2030.   Several key factors contribute to this growth. Firstly, the increasing emphasis on safety and security within healthcare workplaces is a major driver. As healthcare expenditure continues to rise, there is a growing need for protective measures to safeguard both healthcare professionals and patients. Secondly, heightened awareness about safety and health protocols, particularly in relation to patient treatment and emergency response, is fueling the demand for disposable medical gloves.    Gather more insights about the market drivers, restrains and growth of the  Disposable Medical Gloves Market   Additionally, the risks associated with occupational exposure to bloodborne p...
Read more

Industrial Insulation Market: Sustainable Solutions For Modern Industries

    Industrial Insulation Industry Overview The global industrial insulation market size was valued at USD 8.21 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030. Increasing product demand for boosting process efficiency, condensation control, noise reduction, freeze protection, and for reducing environmental pollution is expected to drive market growth over the forecast period. In addition, the rising awareness regarding the benefits of insulation in the industrial application and its related costs is expected to drive the market for industrial insulation in North America. Gather more insights about the market drivers, restrains and growth of the  Industrial Insulation Market The market witnessed a severe downfall in the investments in the industrial sector owing to the pandemic, thereby impacting the market. In addition, dramatic fall in crude oil prices led to a drop in fiscal resources for oil-producing countries...
Read more