The Global stainless steel market size is expected to reach USD 253.22 billion by 2032, according to a new study by Polaris Market Research. The report “Global Stainless Steel Market [By Product (Long Products, Flat Products, Others); By Type; By End-User], and Geography – Trend, Analysis and Forecasts, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
During the anticipated timeframe, the market expansion is booming due to the expanding technological advancements to produce sustainable stainless steel. The market is primarily being driven by the global megatrends of rising mobility, urbanization, population & economic growth, and intensifying climate change.
Additionally, rising CO2 emissions around the world prompted many steel companies to create a sustainable option that could be robust and used at the end of its existence. For instance, Aperam purchased ELG, a specialist in super alloys and steel recycling, in December 2021. Both companies would help to achieve their CO2 reduction goals and reduce their environmental impact. As a result, these elements will help the industry reach new heights as consumers continue to favor purchasing steel-based items.
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The expansion of the automotive and transportation industries is going to be the main factor driving the demand for stainless steel goods. One of the significant applications where coaches made of stainless steel are replacing those made of COR-TEN steel is in the railroad industry. This was mostly because of the energy absorption capability and high strength-to-weight ratio, which increased the coach’s crash efficacy.
Stainless Steel Market Report Highlights
- The Asia Pacific region had the highest revenue in 2022 and is anticipated to continue to expand at the quickest rate over the projection period. Due to industrial production for automotive, marine, construction, and consumer products in nations like China, India, and Japan, the area contributed significant revenue of the total revenue in 2022.
- In 2022, the segment of flat products held a considerable volume share due to the demand for consumer products and machinery & equipment industries, as well as the benefits of stainless steel’s concentricity, straightness, and tolerance, the category is expected to expand.
- The building and construction application category is anticipated to increase profitably during the forecast period as a result of significant infrastructure and housing investments made by nations like the United States, China, and India.
Polaris Market Research has segmented Stainless Steel Market report based on By Product, By Type, By End-User, Geography :
Stainless Steel, Product Outlook (Revenue – USD Billion, 2019-2032)
- Long Products
- Flat Products
Stainless Steel Type Outlook (Revenue – USD Billion, 2019-2032)
Stainless Steel, End-User Outlook (Revenue – USD Billion, 2019-2032)
- Oil and Gas
- Food and Beverage
Stainless Steel, Geography Outlook (Revenue – USD Billion, 2019-2032)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa