Stainless steel market is anticipated to reach US$ 193.97 Bn by the end of 2031 owing to the increasing demand from various industries. As per a study by Future Market Insights (FMI), the growing demand for corrosion resistant material, with high tensile strength material in various sectors such as chemical industries, petrochemicals industries, food and beverage industries, oil & gas, automotive sector, construction industry and many others is anticipated to augment the growth of the stainless steel market in the coming years.
Also the use of stainless steel is rising in the production of home appliances, cookware, and cutlery, which is expected to continue enabling sales in the market. Austenitic stainless steel is estimated to remain the top-selling stainless steel owing to its application in chemical industry, equipment and storage tanks manufacturing, in mining and chemical equipment, in pharmaceutical equipment, and in cookware and cutlery. According to the report, more than 77% of stainless steel sold in 2021 will belong from this category.
Who is Winning?
The global stainless steel market has been identified as a significantly fragmented market along with organized sectors occupying a fair share of the overall market. Some of the key market participants which are included in the report are ArcelorMittal, Nippon Steel and Sumitomo Metal Corporation, POSCO, JFE Steel Corporation, AK Steel, Thyssenkrupp AG, Hyundai Steel Co., Ltd., Outokumpu, Acerinox, Yieh United Steel Corp., Baosteel Group, Aperam, Jindal Stainless Limited, Gerdau, and Vallourec.
Want to Know More?
Future Market Insights has published a market research report on the Global Stainless Steel Market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in depth analysis of the Global Stainless Steel Market through different segments, namely by type, by size, application and region. The Global Stainless Steel Market report also provides supply and demand trends, along with an overview of the parent market.
Stainless Steel Market Competitive Landscape
Key Players are focusing on research and development activities to introduce new and innovative products, solutions and technologies for end user’s specifications, standards, and custom need. The global stainless steel market can be considered as oligopolistic due to the presence of a considerable number of players across the globe.
The intensity of participation in the market is high owing to excellent scope of demand. Tier-I companies are planning to venture into collaboration and acquisitions of accompanying businesses to further increase their market presence.
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