Stainless Steel Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2020-2027

Published Date : Dec 2020 | No. of Pages : 250 Pages | Category : Chemical and Material

The global Stainless Steel market size is expected to be worth around US$ 182.1 billion by 2027, according to a new report by Vision Research Reports.

The global Stainless Steel market size was valued at US$ 111.3 billion in 2019 and is anticipated to grow at a CAGR of 6.2% during forecast period 2020 to 2027.

Growth Factors

Increased focus towards customized railing made of stainless steel in housing construction is anticipated to drive market growth over the forecast period.

Construction is one of the largest end-use industries of stainless steel products. Various infrastructure and construction sites require a massive number of products to enhance the aesthetic appeal and corrosion resistance of the structure. The advantages that are offered by the product such as corrosion resistance, formability, weldability, and aesthetic appearance make it an important constituent in the construction industry. Stainless steel is majorly used in the construction industry for architectural cladding, handrails, drainage and water systems, wall support products, roofing, and structures and fixing.

Increasing the use of 200 series in consumer goods owing to its low cost and high strength is anticipated to drive demand for stainless steel. Also, increasing demand for consumer goods such as cookware, kitchen appliances, showpieces, and stoves owing to increasing disposable income and changing lifestyles are anticipated to augment market growth over the coming years.

In Asia Pacific, the growth in the manufacturing sector owing to various factors including government initiatives such as ‘Skill India’ and ‘Make in India’ by the Indian government is anticipated to drive product demand over the coming years. The initiative has prompted many automakers to set their offices in India and procure high-quality products from stainless steel vendors in India. The growing demand for auto products due to rising automotive production, an increase in export, and diversification of the auto sector has created a positive impact on market growth over the coming years.

Report Highlights

200 series accounted for a volume share of 17.5% in 2019 owing to its increasing demand from consumer goods. 200 series is considered to be cost-effective as the nickel which is generally used in manufacturing 300 series is partly replaced by nitrogen and manganese. The yield strength of 200 series is about 40% higher than that of 300 series, which is likely to provide a positive scope for product demand over the coming years.

Duplex series is growing at a significant rate owing to its properties including resistance to stress corrosion cracking, high strength, and lightweight. It is used in various applications such as swimming pool structures, brewing tanks, and hot water tanks. The increasing demand from these applications is anticipated to propel the demand for stainless steel over the coming years.

The long product segment is projected to witness a CAGR of 6.6% in terms of revenue from 2020 to 2027 owing to the increasing infrastructure spending in various Asia Pacific regions. The increasing use of stainless steel long products in heavy industries is anticipated to augment market growth over the coming years.

The automotive and transportation segment accounted for a market revenue share of 15.8% in 2019 owing to the increasing use of stainless steel in various auto components such as basic vehicle frames for doors, mufflers, hoods, and fuel tanks. Iron and steel make up about 70% of an automobile’s weight. According to the World Steel Association stats published in 2019, the global automotive industry accounts for nearly 12% of the global steel consumption. In addition, the drive towards increasing fuel efficiency by reducing vehicle weight is expected to further enhance the penetration of the product in the global automotive sector over the coming years.

Asia Pacific is anticipated to witness a CAGR of 5.3% in terms of volume owing to increasing manufacturing activities and foreign investments in the region. According to the United Nations Conference on Trade and Development, the inward Foreign Direct Investment (FDI) rate for Asia accounted for 9.1% in 2017, the highest of all regions. An increase in FDI helps to develop different industries in the country and generate more employment, which in turn is anticipated to propel the regional demand for stainless steel over the coming years.

North America is second among the fastest-growing regions in the market for stainless steel owing to the rising construction and consumer goods industries. The aging of infrastructure remains a key factor in the region’s construction industry. As per the 2017’s report of the American Society of Civil Engineers, the U.S. received a D+ grade for its infrastructure and needs to spend around USD 4.5 trillion by 2025 on the country’s infrastructure.

Key Players

Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, Outokumpu, POSCO, ThyssenKrupp Stainless GmbH, and Yieh United Steel Corp. 

Market Segmentation

  • Grade Outlook

    • 200 series

    • 300 series

    • 400 series

    • Duplex series

    • Others

  • Product Outlook

    • Flat

    • Long

  • Application Outlook 

    • Building & construction

    • Automotive & transportation

    • Consumer goods

    • Heavy Industry

    • Others

  • Regional Outlook 

    • North America

      • The U.S.

    • Europe

      • Germany

      • The U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

The Stainless Steel market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Stainless Steel market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Stainless Steel market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Stainless Steel market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Stainless Steel market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Stainless Steel capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Stainless Steel by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Stainless Steel market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Stainless Steel market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Stainless Steel market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Stainless Steel industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Stainless Steel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Stainless Steel market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Stainless Steel market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Stainless Steel market. These factors have benefited the growth of the global market for Stainless Steel. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Stainless Steel. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Stainless Steel are as follows:

  • Historic Year: 2016-2019
  • Base Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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