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CHEMICALS AND ADVANCED MATERIALS

Stainless Steel Market Analysis by Type (Austenitic, Ferritic, Martensitic, Duplex, and Precipitation); by Series (200, 300, 400, 2200, and Others); and by End-Use (Automotive, Construction, Energy, and Defense) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Tata Steel Limited and Hardt Hyperloop formally inked an agreement for the delivery of Zeremis Carbon Lite, a steel with an allotted carbon footprint reduction of up to 100%, during a festive ceremony at this year's InnoTrans in Berlin.
  • ArcelorMittal announced that following a successful audit conducted by DNV Poland, which determined that the company satisfies the requirements to acquire certification against the ResponsibleSteel Standard, ArcelorMittal Poland has been granted ResponsibleSteel accreditation.

Global Stainless Steel Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~ USD 131 Billion

Forecast Year Market Size (2033)

~ USD 234 Billion

The global stainless steel market is estimated to garner a revenue of USD 234 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 131 Million in the year 2022. the primary growth driver for ferrosilicon sales is the world steel market itself. It is estimated that the world finished steel production grew from 1 .76 Billion tons in 2020 to 1. 84 Billion tons in 2021.

Stainless-Steel-Market-Analysis

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The components of stainless steel combine to create a potent alloy. Nitrogen, molybdenum, and chromium are all components of this alloy. The item is additionally corrosion-resistant, durable, robust, neutral alloy, and eternally recyclable. Steel is an ideal material for a variety of industries, including the automotive, building, and electronics sectors. The need for products is being fueled by the constantly expanding automobile industry. Additionally, the product's capacity to resist corrosion together with expanding recycling production will further support the market expansion during the anticipated timeframe. Manufacturers have been creating consistent sources of income in the steel business over the past few years since steel is a necessary raw material for most sectors. In fact, the total global crude steel production has seen a small but steady increase to 1.94 Billion tons in 2021 from 1.88 Billion in 2020.

Global Stainless Steel Market: Growth Drivers and Challenges

Growth Drivers

  • Global Inelastic Demand for Steel – One of the determinants of the price elasticity of steel is nature of the commodity. Steel is categorized as a necessity good because it is necessary for manufacturing and development in almost all sectors of the modern economy. From 1950, the total crude steel production has grown from 190 million tons to over 1800 tons in 2020.
  • Demand in Construction Industry – Steel consumption is expected to rise by 6% in 2021 and 3% in 2022, according to research. Steel demand in the construction sector in China and other advanced countries is expected to be driven by government-backed infrastructure spending.
  • Demand in Automobile Industry – In a regular modern car, steel accounts for more than 50% of total material used. Steel consumption and production will rise in direct proportion to the use of steel as a raw material in the automotive sector. Global auto sales increased from 62 million in 2020 to more than 67 million in 2021. This is largely attributable to the re - emergence automobile industry, which lost a significant portion of its revenue as a result of the epidemic.
  • Quality of Being 100% Recyclable – Since steel is 100 percent recyclable, it may be repeatedly recycled into the same type of material. A refrigerator, a car door, or a roof panel can all be made from a single steel beam. In North America, between 62 and 85 million tons of steel scrap are recycled each year into new steel products. The North American steel industry has recycled more than 1000 million tons of steel scrap into new steel during the last three decades.
  • Demand in Energy and other Industries – The energy industry continues to expand globally as a country's energy infrastructure is improved. A high-voltage transmission tower typically weighs between 18000 to 28000 kilograms of steel. Apart from that, applications in packaging, medical instruments and cookware all require steel to create quality products.

Challenges

  • Growing Availability of Substitute Materials
  • Supply Chain Delays and Issues
  • Labor Supply and Demand Fluctuations

The global stainless steel market is segmented and analyzed for demand and supply by type into austenitic, ferritic, martensitic, duplex, and precipitation. Out of these segments, the austenitic segment holds the largest market share, and is expected to keep its bigger share till 2033. This is owing to the fact that austenitic stainless steel makes up for more than 2/3rd of steel’s commercial production. This is because of qualities such as excellent resistance against corrosion, hardening with cold pressing, and resistant to heat treatments.

Major Macro-Economic Indicators Impacting the Market Growth Major-Macro-Economic-Indicators-Impacting-the-Market-Demand-Analysis

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Stainless Steel Market Regional Synopsis

Regionally, the global stainless steel market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. the market in Asia Pacific is projected to hold the largest market share by the end of 2033. This is explained by the existence of China and India, the two nations that produce the most steel worldwide. China already holds more than 55% of the world steel production, with India ranking third. From 100.3 million tons in 2020 to 119 million tons in 2021, India has also ramped up its steel production.

Stainless-Steel-Market-Scope

The global stainless steel market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook.
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global stainless steel market includes the following segments:

By Type

  • Austenitic
  • Ferritic
  • Martensitic
  • Duplex
  • Precipitation

By Series

  • 200
  • 300
  • 400
  • 2200
  • others

By End-User

  • Automotive
  • Construction
  • Energy
  • Defense

Top Featured Companies Dominating the Global Stainless Steel Market

  • China BaoWu Steel Group Corporation Limited
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • ArcelorMittal
  • Ansteel Group Corporation Limited
  • NIPPON STEEL CORPORATION
  • Shagang Group Corporation
  • POSCO      
  • HBIS Group
  • China Jianlong Steel Industrial Co Ltd.
  • Shougang Group Co., Ltd.   
  • Tata Steel Limited Company

 

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