Stainless Steel Strips Market Size & Share, by Thickness (10-0.16 mm, 16-0.25mm, 25-0.40mm, 40-0.60mm, below 0.10mm); Type (Ferritin Stainless Steel Strip, Martensitic, Precipitation, Austenitic, Flat, Duplex); End User (Consumer Goods, Construction, Electronics, Automotive Component) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5701
  • Published Date: Feb 21, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Stainless Steel Strips Market size is anticipated to reach USD 2 Trillion by the end of 2036, growing at a CAGR of 6% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of stainless steel strips was over USD 113 Billion. The growth of the market is driven by new megatrends such as urbanization, rising mobility, population density, climate change, and economic development. Manufacturers have been compelled to develop and implement sustainability goals due to an increase in CO2 emissions around the world. To meet these objectives, they are also developing durable and recycled products. For example, in July 2021, Técnicas Reunidas and Acerinox announced that they were working on decarbonization through the use of their facilities at Acerinox Europa as pilot plants.

Rising demand for product introduction in consumer products, e.g. refrigerators, ventilation systems, dishwashers, sinks, and cooking utensils, is anticipated to generate future growth opportunities for stainless steel bars. Stainless steel is utilized in all angles of design, development, and building. Due to the way better erosion resistance, most building plan and auxiliary building firms lean toward more exceedingly alloyed molybdenum-containing stainless steels for more destructive areas.


Stainless Steel Strips Market
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Stainless Steel Strips Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Technological Advancement - The growth of the stainless steel sheet market is expected to be driven by technological developments in the production of stainless steel and its related products. For example, the use of plasma cutting technology to improve the use of stainless steel is ideal. This method can achieve a much faster cut speed and greatly improved finish thanks to the increased efficiency in combination with an extensive range of protection gases and cleaning gases. This technology also cuts thicknesses that are difficult to cut by laser or shears, has a higher speed than band saws or waterjets, and is capable of cutting several layers at once. A significant trend in the stainless steel strips market is developing and adopting these technologies.
  • Demand in General Manufacturing and Consumer goods sector - Consumer goods, household items, and fittings are the most common uses of these sheets. Stainless steel is a major choice for the food, textile, manufacturing, chemical, construction, transport, and aerospace sectors because of its superior corrosion resistance. This alloy is majorly used in manufacturing sinks, screws, water filtration devices, food processing equipment, rockets, airplanes, chemical containers, dyeing equipment, heat exchangers, and other machines. For a wide range of industrial applications, the various advantages and flexibility offered by stainless steel allow it to be used. It is widely used for products that are not capable of using steel or similar alloys because of its resistance to intergranular corrosion, which occurs as a result of the welding process or stress relief processes.

Challenges

  • Fluctuating Raw Material Prices and Environmental Impact - Price volatility of raw materials, such as iron ore price fluctuations because of the new quarterly pricing system, is a major constraint on the worldwide stainless steel strips market. The steel industry accounts for 27% of greenhouse gas emissions as a whole. Developed countries are always forcing major steel production centers such as India and China to reduce emissions, which could hurt the growth of the steel industry.
  • Strict Regulatory Standards by the Government Are Set to Hamper the Market Growth in the Forecast Period
  • Lack of Skilled Labour is Expected to Pose Limitation on Market Growth in the Future

Stainless Steel Strips Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~6%

Base Year Market Size (2023)

~USD 113 Billion

Forecast Year Market Size (2036)

~ USD 2 Trillion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Stainless Steel Strips Segmentation

Type (Ferritin Stainless Steel Strip, Martensitic, Precipitation, Austenitic, Flat, Duplex)

Based on type segmentation, the flat stainless steel strips market in the is set to hold the largest revenue share of 30% by the end of 2036. Bridge construction, offshore structures, ships and naval structures, hydropower stations, storage tanks, and boilers are made of flat stainless steel sheets. Demand for stainless steel sheets will increase as the marine construction industry grows.

End User (Consumer Goods, Construction, Electronics, Automotive Component)

Based on end users, the construction segment in the stainless steel strips market is set to hold the largest growth of 60% during the forecast period. There is an increasing demand worldwide for the construction of residential and business buildings, as well as hospitals due to population growth and urbanization. More buildings and infrastructure are needed to cope with increased urbanization. For example, India is expected to maintain its highest growth rate in the G20 economy. For the three years, including USD 120.5 billion to develop 27 clusters of industry and USD 75.3 billion for road, rail, or port connectivity projects, India's government has set a target of USD 376.5 billion in infrastructure investments. Consequently, an increase in demand in the stainless steel market is projected due to increasing investments in infrastructure projects.

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

          Thickness

  • 10-0.16 mm
  • 16-0.25mm
  • 25-0.40mm
  • 40-0.60mm
  • below 0.10mm

          Type

  • Ferritin Stainless Steel Strip
  • Martensitic
  • Precipitation
  •  Austenitic
  •  Flat
  • Duplex

          End User

  • Consumer Goods
  •  Construction
  • Electronics
  • Automotive Component

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Stainless Steel Strips Industry - Regional Synopsis

APAC Market Forecast

The Asia Pacific stainless steel strips market is anticipated to hold the largest revenue share of 33% during the forecast period. In the region, the market for Stainless Steel continued to grow as a result of increasing demand from the automobile industry. As the consumer's preference for battery-powered vehicles increases, China's automotive industry is changing trend. Demand for stainless steel strips is expected to be supported by the expansion of China's automobile sector. China is the world's largest producer of cars, accounting for almost 34% of global production, according to the International Organization of Motor Vehicle Manufacturers. The country produced 2,70,20,615 cars during the period from 2022 to 2021, an increase of 24% compared with 2,51,21,712. Therefore, the demand for stainless steel is expected to increase as a result of the increase in the production of automobiles.

North American Market Statistics

The stainless steel strips market in the North American is poised to grow substantially during the period between 2024 – 2036. The US is a significant contributor to the North American market. Increasing demand for stainless steel in electronics and engineering applications, due to its desirable characteristics, is the main reason for the growth of the stainless steel strips market in the region.

Research Nester
Stainless Steel Strips Market Size
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Companies Dominating the Stainless Steel Strips Landscape

top-features-companies
    • POSCO
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Aperam
    •  Yieh United Steel Corp
    • Outokumpu
    • Acerinox
    • Baosteel Group Hu (Baowu)
    • Tata Steel Ltd
    • AB STEEL
    • Rajguru Steel Industries

In-the-news

In The News

  • The Baosteel Group has announced plans to build a continuous casting high grade A steel sheet project with an electrical furnace. There will be an annual production capacity of 1.8 million mt in the new project. Silicon steel and steel for automotive use are some of the products that will be produced in this plant.
  • Aperam announced that it had completed the acquisition of ELG, which is a worldwide recycler of Stainless Steel and Superalloy. The acquisition reinforced the environmental social governance leadership position of EnvironmentalSocialGovernance in this field. The primary environmental footprint of Aperam and its CO; reduction objectives will be improved by investing in sustainable recycling. As a result of the acquisition, Aperam has been able to increase its input mix and expand its ability to obtain raw materials.

Author Credits:  Richa Gupta, Harshita Srivastava


  • Report ID: 5701
  • Published Date: Feb 21, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand in the automotive sector and growing technological advancement are some of the major factors anticipated to drive the growth of the stainless steel strips market.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2024-2036.

The major players in the market are Aperam, Yieh United Steel Corp, Outokumpu, Acerinox, and others.

The construction segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in Asia Pacific is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Stainless Steel Strips Market Report Scope
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