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Stainless Steel Market Segmentation, Opportunities &
Trends 2032


The global stainless steel market size was valued at USD 206.91 billion in 2023. The market
is projected to grow from USD 216.16 billion in 2024 to USD 320.37 billion by 2032, exhibiting
a CAGR of 5.0% during the forecast period. Asia Pacific dominated the stainless steel market
with a market share of 68.32% in 2023. These sheets are extensively used in food and
beverage, surgical equipment, and construction. The excellent resistance to chloride corrosion
has enabled various applications of the product in the marine domain. Throughout the globe,
the steel sheet is in high demand due to its characteristics. For instance, in the fourth quarter
of 2021, Jindal Stainless (Hisar) Limited (JSHL) recorded sales volume of 182,474 tons even
amid the pandemic.
Stainless steel comprises several components that fuse and form a powerful alloy. This alloy
contains chromium, nitrogen, and molybdenum. Additionally, the product is eco-friendly,
strong, corrosion-resistant, neutral alloy, long-lasting, and infinitely recyclable. Such
properties make steel a perfect choice in several industries such as construction, automotive,
and electronics.

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List of Key Players Profiled in the Market:
 POSCO
 Aperam
 Yieh United Steel Corp.
 Tsingshan Holding Group Shanghai International Trading Co., Ltd.
 Nippon Steel
 Outokumpu
 Acerinox
 Beihai Chengde
 Libyan Iron and Steel Company

https://www.fortunebusinessinsights.com/stainless-steel-market-106481


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 Tata Steel Ltd
 Baowu
Market Segmentation
By product type, the market is segmented into 304 stainless steel sheet, 310 stainless steel
sheet, 316 stainless steel sheet, and others. On the basis of application, the market is
trifurcated into construction, manufacturing, and others. Based on geography, the market is
divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies
the drivers and restraints and considers all the potential threats to the market. The critical
analysis of marketplace sections, prediction analysis, and expert insights are strategically
included in the report. A wide spectrum of data, including regional analysis, market
segmentation, industry developments, and key players, are included in the research
conducted by market experts.
Driving Factor
Increasing Focus on Developmental Projects to Augment Growth
The construction segment is experiencing rapid growth in recent years. This has led to a
significant rise in demand for steel sheets. Moreover, innovations by market leaders are
expected to facilitate stainless steel sheet market growth. For example, in November 2019,
POSCO introduced a luxury brand of steel products known as INNOVILT for the purpose of
construction.
The healthcare sector is also rapidly adopting stainless steel products for their equipment. As
the steel is non corrosive even with exposure to various substances, the demand for the
product is quite high. The rapid expansion of the healthcare sector in recent times due to the
pandemic is expected to augment growth in the foreseeable future.
Regional Insights
Rapid Urbanization in Asia Pacific to Aid Market Growth
Asia-pacific is expected to remain dominant in the stainless steel sheet market share during
the forthcoming years. This is due to the rapid-paced urbanization and the rising disposable
income in the region. Moreover, infrastructural development across the region is expected to
boost the adoption of the product in the region.
North America is anticipated to experience substantial growth in the foreseeable future. This
is owing to significant investment in the research activities in the construction industry.
Moreover, the highest standard of living in the region is facilitating the demand for several
developmental projects.
Information
Source: https://www.fortunebusinessinsights.com/stainless-steel-
market-106481
Competitive Landscape
Investment in R&D by Eminent Companies to Expand Their Business Horizons
The prominent players of the market have a strong portfolio and a history of continuous
investment in research and development. They devise strategic product launches along with
advanced solutions to propel their product sales. With the wide range of potential
opportunities in this market, even the new entrants of the market can easily stabilize their
position. This has resulted in the entrance of several domestic players into the market
Industry Development:
 December 2019: Essar Steel India Limited was finally formed by ArcelorMittal. The
acquisition by a leading Luxembourgish multinational steel manufacturing corporation
is anticipated to strengthen its market presence.