Poised for significant growth, the global stainless steel market is projected to grow at a CAGR of 6.2 per cent during the 2024-2031 forecast period, as per a report by DataM Intelligence 4 Market Research LLP.
The global stainless steel market, valued at $111.4 billion in 2022, is projected to grow steadily, reaching an estimated $179.5 billion by 2031, with a compound annual growth rate (CAGR) of 6.2 per cent during the 2024-2031 forecast period. This surge is driven by increasing demand across multiple industries, including construction, automotive, aerospace, food processing and consumer goods.
According to the latest market research report, the stainless steel industry is undergoing significant expansion due to its corrosion resistance, durability and versatility. The report provides an in-depth analysis of market dynamics, historical data, and projections, offering insights into key trends and developments shaping the industry. It also outlines the competitive positioning of major companies, including their product offerings, pricing strategies, financial performance and growth initiatives.
Key players in the stainless steel market include POSCO, Acciai Speciali Terni S.p.A, Acerinox, Aperam, ArcelorMittal, Baosteel Group, China Baowu Steel, JFE Steel Corporation, Jindal Stainless Limited, and Nippon Steel Corporation. These companies are focusing on strategic initiatives such as new product launches and entering emerging markets to capitalise on rising demand.
Recent developments in the stainless steel market
Several key developments are driving the growth and innovation in the stainless steel industry:
September 14, 2023: The State of Odisha partnered with the Global Stainless Steel Expo 2023 (GSSE) to position the state as the global ‘Stainless Steel Destination,’ reflecting its growing investment appeal in the stainless steel sector.
June 15, 2023: Jindal Stainless Limited (JSL), one of India’s leading stainless steel manufacturers, announced plans to adopt Dassault System solutions to improve its production planning, scheduling, and execution processes, enhancing its ability to meet evolving customer demands.
August 7, 2023: Suncor Stainless launched a new line of heavy-duty lashing rings designed for demanding tie-down applications. The innovative series features angled, bending D-rings for easier attachment, addressing challenges in industries requiring secure tie-down solutions.
The global stainless steel market is set to witness continuous growth, driven by advancements in manufacturing technologies, the rise in infrastructure development, and a shift towards sustainability and recycling initiatives.
