Stainless Steel Market Share

  • Report ID: 4628
  • Published Date: Mar 03, 2023
  • Report Format: PDF, PPT

Stainless Steel Market Share

North American Market Forecast   

The North American stainless-steel market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 on the back of the rising surge in manufacturing of cardiovascular devices, increasing healthcare expenditure, and growing adoption of advanced devices. As per the U.S. Centers for Medicare & Medicaid Services, the national health expenditure rose by 9.7% and reached ~USD 4.1 trillion in 2020 accounting for USD 12,350 per person. Furthermore, it is anticipated that the expansion of cold-rolled facilities will continue to play a crucial role in the market's evolution.

APAC Market Statistics

The stainless-steel business has grown significantly in the Asia-Pacific region owing to major shares accounted for by nations like China and India. The demand for the construction of new offices and buildings has also increased with the presence of international businesses in the Asia-Pacific area. As consumer preference for battery-powered electric vehicles increases, the automotive sector in China is seeing shifting trends. The demand for stainless steel is anticipated to increase with the development of China's car industry. For instance, the International Organization of Motor Vehicle Manufacturers (OICA) estimates that China produces nearly 32.5% of the world's automobiles, making it the biggest producer in the world. 2021 saw a 3% rise in vehicle production from 25,225,242 units in 2020 to 2,60,82,220 units in 2021. The fourth stage of the Forward-looking Infrastructure Development Program, which would be used from 2023 to 2024, is suggested to have a budget of NTD 180 billion (USD 6.47 billion), according to the National Development Council (NDC).

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Author Credits:  Rajrani Baghel

  • Report ID: 4628
  • Published Date: Mar 03, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Inelastic demand, growth, and demand of steel in various core industries, and its ability to be recycled are the major factors driving the growth of the stainless steel market.

The market is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2033.

Availability of substitute materials, supply chain delays and issues, and labor supply and demand fluctuations are the challenges affecting the market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are China BaoWu Steel Group Corporation Limited, ArcelorMittal, Ansteel Group Corporation Limited, NIPPON STEEL CORPORATION, Shagang Group Corporation, POSCO, HBIS Group, China Jianlong Steel Industrial Co Ltd., Shougang Group Co., Ltd., and Tata Steel Limited Company.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, series, end-user, and by region.

The construction segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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