Global Stainless Steel Market Size Will Reach $101.53 Billion in 2024

Global Stainless Steel Market Overview

According to Global Market Monitor, the global stainless steel market size will reach $101.53 billion in 2024 and is expected to grow to $127.15 billion by 2029 billion by 2029.

Stainless Steel Gas Excellent Properties

Stainless steel has an excellent variety of properties. Martensitic stainless steel has the properties of high strength, good workability, high hardness after quenching, and magnetic properties. Austenitic stainless steel has good corrosion resistance, heat resistance, low-temperature strength and mechanical properties, good hot work abilities such as stamping and bending, and non-magnetic properties. It can be used in many household products, auto parts, medical equipment, building materials, chemical, food industry, agriculture, manufacture of ship parts. Ferritic stainless steel with added titanium element, high-temperature corrosion resistance, and high-temperature strength can be used to produce automobile exhaust pipes, heat exchangers, containers, and other products that are not heat treated after welding. The wide range of stainless steel products and excellent product performance make stainless steel products have a stable and huge market demand.

Market Drivers

Stainless steel is mostly used in the manufacture of various mechanical equipment, such as chemical equipment, transportation equipment, environmental protection equipment, energy equipment, and so on. In recent years, due to the rapid expansion trend of the new energy industry, especially the development of the wind power industry, the demand for power equipment has gradually increased. At the same time, under the promotion of new energy vehicle policies in Europe, the United States, China, and other regions, new energy vehicles and charging piles are expected to become a new consumption growth point of stainless steel. All kinds of high-end stainless steel are widely used in petrochemical, power station high pressure, boiler, nuclear power, equipment manufacturing, aerospace, ocean engineering, military, and other industries. The market demand for stainless steel still has good growth potential.

Asia is the world's main stainless steel production region, with the development of the Asian manufacturing industry and the continuous progress of industrial technology, the upgrading of the manufacturing industry, the upgrading of consumption, and the expansion of emerging fields will effectively tap the market potential of Asian stainless steel consumption.

By Type	200 Series
	300 Series
	400 Series
	500 Series
	600 Series
	300 series segment accounts for the largest share.
By Application	Construction
	Home Appliance
	Elevator
	Automotive
	Machinery
	Others
	The largest segment by application is the machinery industry.