Stainless Steel Market by Type (Cold Rolled Flat, Hot Plate & Sheet, Cold Bars & Wire, Hot Bars & Wire Rod, Others), by Application (Metal Products, Electrical Machinery, Engineering, Construction, Automotive Parts, Others), by North America (U.S., Canada) Forecast 2024-2032
The Stainless Steel Marketsize was valued at USD 204.07 USD Billion in 2023 and is projected to reach USD 302.82 USD Billion by 2032, exhibiting a CAGR of 5.8 % during the forecast period.Stainless steel, also known as inox, corrosion-resistant steel (CRES) and rustles steel, is an alloy of iron that is resistant to rusting and corrosion. It contains iron with chromium and other elements such as molybdenum, carbon, nickel, and nitrogen depending on its specific use and cost. Stainless steel's resistance to corrosion results from the 10.5%, or more, chromium content which forms a passive film that can protect the material and self-heal in the presence of oxygen. Stainless steel has different corrosion properties which include being non-corrosive, rust-resistant steel, which is simply designated as stainless steel. In comparison with aluminium, stainless steel is approximately 3 times heavier. Stainless steel is preferred in clean and sterile environments as it is simple to clean and does not easily corrode. Stainless is used in the production of a wide range of medical equipment, including surgical and dental instruments. Most surgical implants, such as replacement joints and artificial hips are made from stainless steel, as well as some joining equipment like stainless steel pins and plates to repair broken bones.
Product Type
Application
Asia-Pacific is the largest market for stainless steel, followed by Europe and North America.
Growing awareness of corrosion resistance and hygiene standards is driving consumer demand for stainless steel products.
Increasing government investments in infrastructure and urbanization are driving demand from construction and engineering sectors.
China is the largest exporter of stainless steel, while the United States is the largest importer.
Stainless steel pricing is influenced by raw material prices, production costs, and market demand.
The report provides a detailed segmentation of the stainless steel market based on product type, application, and region.
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 5.8% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 5.8% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
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