As per the report published by FMI, the global stainless steel market is projected to have a moderate-paced CAGR of 5.5% during the forecast period. The current valuation of the market is US$ 119.80 billion in 2022. The market value of stainless steel is anticipated to reach a high of US$ 183.86 billion by the year 2032.

The stainless steel market is gaining rapid traction due to the flourishing demand for stainless steel in the manufacturing of kitchen products such as showpieces, cookware, and stoves owing to its benefits that include high ductility & toughness, resistance to corrosion, and low maintenance required that in turn fuel the market growth in the different industries.

According to the findings of Future Market Insights stainless steel seeks significant demand from the automotive industry again influences the market growth positively. Increasing automobile production in the regions such as the Middle East, the Asia Pacific, and Latin America has prominently escalated the demand for stainless steel in these regions.

Competition Landscape in the Stainless Steel Market 

The market players in the stainless steel industry focus primarily on their capacity expansion across various regions. the manufacturer has helped in the development of advanced techniques to enhance the properties of stainless steel which further extends profitable opportunities to the market players in the forecast period of 2022 to 2032.

The global stainless steel market can be considered 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 the excellent scope of demand. Tier-I companies are planning to venture into collaboration and acquisitions of accompanying businesses to further increase their market presence.

Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, and Outokumpuare some key players in the stainless steel market.

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Key Segments In The Stainless Steel Market

By Type:

• Austenitic Stainless Steel
• Ferritic Stainless Steel
• Duplex Stainless Steel
• Martensitic Stainless Steel
• Precipitation Hardening Stainless Steel

By Form:

• Flat Products
• Long Products
• Tubular Products

By End-Use:

• Building & Construction
• Industrial Machinery & Components
• Automotive & Transportation
• Home Appliances
• Cookware & Cutlery
• Medical & Surgical Tools
• Others

“Socio-economic factors and drastic development of the construction & building and automotive industry is likely to curate lucrative growth opportunities for the stainless steel manufacturers and leverage the market growth during the forecast period”– Says an FMI Analyst

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