Stainless Steel Market Analysis

India and Global Stainless-steel Market Overview

Global Stainless-steel Market size was valued at 31,519.0 USD Million in 2023. The Stainless-steel industry is projected to grow from USD 34,580.1 USD Million in 2024 to USD 55,099.5 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.0% during the forecast period (2024 - 2032).

India Stainless-steel Market size was valued at 2,422.5 USD Million in 2023. The Stainless steel industry is projected to grow from USD 2,710.4 USD Million in 2024 to USD 4,981.8 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 7.9% during the forecast period (2024 - 2032).

Stainless-steel long products refer to a category of stainless-steel products characterized by their elongated shapes and continuous lengths, commonly used in various industrial applications. These products typically include items such as bars, rods, wires, angles, channels, and beams, which are produced through processes like extrusion, rolling, or forging. Known for their remarkable corrosion resistance, strength, and durability, stainless-steel long products are essential in sectors such as construction, automotive, aerospace, and mechanical engineering. Their unique properties make them suitable for harsh environments, where exposure to moisture, chemicals, and varying temperatures can lead to material degradation. Furthermore, stainless-steel long products are often utilized in applications requiring precise dimensions and a high level of structural integrity, such as supporting frameworks, reinforcement in concrete structures, and manufacturing of specialized machinery. The versatility of these products, combined with the growing emphasis on sustainability and recyclability, has led to an increased demand in both emerging and established markets.

 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Stainless-steel Market Trends

GROWING DEMAND FROM RENEWABLE ENERGY INDUSTRY

The renewable energy industry is experiencing unprecedented growth, driven by an urgent need for sustainable alternatives to fossil fuels. This surge in demand for renewable energy sources, such as wind, solar, and hydroelectric power, is significantly impacting various sectors, including the stainless-steel industry. Stainless-steel long products, which include bars, rods, and sections, are becoming increasingly essential in manufacturing components for renewable energy applications. The unique properties of stainless-steel its corrosion resistance, durability, and strength make it an ideal material for the demanding environments such as of renewable energy installations.

In the wind energy sector, stainless-steel long products are critical for producing turbine components such as towers, nacelles, and rotor blades. Wind turbines require materials that can withstand harsh weather conditions, including high winds, humidity, and potential salt spray in coastal areas. Stainless-steel’s ability to resist corrosion ensures the longevity and reliability of these structures, reducing maintenance costs and extending their operational lifespan. As countries ramp up investments in wind energy to meet sustainability targets, the demand for stainless-steel long products used in turbine manufacturing is expected to rise significantly.

Similarly, the solar energy industry capitalizes on stainless-steel long products for mounting structures and support frames that hold solar panels. These installations must endure a variety of environmental stresses, including temperature changes and exposure to moisture. The strength and resilience of stainless-steel make it an excellent choice for these applications, ensuring stability and safety for solar farms. With the global push towards solar energy adoption, driven by declining costs and advancements in technology, the demand for stainless-steel long products in this sector is poised for robust growth.

Moreover, the hydroelectric power industry relies on stainless-steel long products for constructing robust dam structures and turbine components. The underwater environment is particularly corrosive, necessitating materials that can withstand such conditions without degrading over time. Stainless-steel's properties offer an effective solution, ensuring that hydroelectric plants can operate efficiently and safely. As countries invest in upgrading and expanding their hydroelectric infrastructure, the need for stainless-steel long products will continue to escalate.

INCREASING AUTOMOTIVE PRODUCTION IN INDIA

The increasing automotive production in India is a significant driver of demand for stainless-steel long products. India’s automotive sector has been experiencing robust expansion due to rising domestic demand, growing middle-class incomes, urbanization, and increased investments from global manufacturers. Stainless-steel long products, including bars, rods, and wire rods, are essential materials used in various automotive applications due to their superior properties such as corrosion resistance, strength, and durability. According to India Brand Equity Foundation, India holds a significant position in the global heavy vehicles market, being the largest producer of tractors, the second-largest manufacturer of buses, and the third-largest producer of heavy trucks worldwide. In the fiscal year 2024, India’s automobile production reached 25.9 million vehicles, demonstrating robust domestic demand and export potential. In April 2024, the combined production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles amounted to 2,358,041 units. Additionally, total automobile exports from India in FY23 reached 4,761,487 units. The contribution of this sector to the national GDP has risen from 2.77% in 1992-1993 to approximately 7.1% in 2024. Thus, as vehicle production ramps up, the need for high-quality materials, particularly stainless-steel long products, is becoming increasingly critical.

Moreover, government is taking initiatives to boost the automobile production in the country. The Union Cabinet, led by Prime Minister Shri Narendra Modi, has unveiled the Production-Linked Incentive (PLI) Scheme for the Automobile and Auto Components sectors. This PLI scheme, with an allocation of USD 3.5 billion, aims to provide financial incentives of up to 18% to enhance domestic manufacturing of advanced automotive technology products and attract investments within the automotive manufacturing value chain. The incentives apply to specified sales of products produced in India from April 1, 2024, for a duration of five consecutive years. The Ministry of Heavy Industries has announced a one-year extension for the Production-Linked Incentive (PLI) Scheme for Automobile and Auto Components. With the revised scheme, the incentive will now be available for a total of five consecutive financial years, commencing from the financial year 2024-24.

ADVANCING ELECTRONICS INDUSTRY

The advancing electronics industry presents a significant opportunity for the stainless-steel long products market, driven by the increasing demand for high-performance materials in electronic applications. As technology continues to evolve, the need for durable, corrosion-resistant materials has become paramount in the manufacturing of electronic components. Stainless-steel long products, known for their strength and resistance to environmental factors, are increasingly being utilized in various electronic applications, including connectors, housings, and structural components.

One of the key factors contributing to this opportunity is the rapid growth of consumer electronics, such as smartphones, laptops, and wearable devices. These products require materials that not only meet stringent performance standards but also offer aesthetic appeal. Stainless-steel long products provide an ideal solution, combining functionality with a sleek, modern look that enhances the overall design of electronic devices. As manufacturers strive to create lighter and more compact products, the lightweight nature of stainless-steel becomes an attractive feature, further driving its adoption in the electronics sector.

Moreover, the push towards sustainability in the electronics industry is also benefiting the stainless-steel long products market. With increasing awareness of environmental issues, manufacturers are seeking materials that are not only durable but also recyclable. Stainless-steel is inherently recyclable, making it a preferred choice for companies looking to reduce their carbon footprint and adhere to eco-friendly practices. This alignment with sustainability goals is likely to encourage more electronics manufacturers to incorporate stainless-steel long products into their supply chains.

Stainless-steel Market Segment Insights

Stainless-steel by Grade Insights

The India and Global Stainless-steel Market segmentation, based on Grade has been segmented as 200 Series, 300 Series, 400 Series, Duplex Stainless-steel. Out of which the 300 Series segment dominated the base year market and is also projected to dominate the India and Global Stainless-steel market revenue through the projected period. 300 Series stainless steels are classified as austenitic and are hard enable only by cold working methods. These grades of stainless have chromium (approx. 18 to 30%) and nickel (approx. 6 to 20%) as their major alloying additions. Type 304 is the most widely used alloy of all stainless steels. 300 Series Stainless-steel alloys resist corrosion, maintain their strength at high temperatures and are easy to maintain. At the heart of all stainless steels is chromium. The applications of 304 and 316 stainless steels span a wide array of industries. Grade 304 stainless-steel, composed of 18% chromium and 8% nickel, is most widely used in kitchen appliances, sinks, and architectural paneling due to its excellent corrosion resistance and formability. It's an ideal choice for environments with exposure to a wide range of organic and inorganic materials but less so in saline or chloride-exposed conditions.

Global Stainless-steel Market by Grade, 2023, 2032 (USD Million)

India Stainless-steel Market by Grade, 2023, 2032 (USD Million)

Stainless-steel by Product Type Insights

Based on Product Type, the India and Global Stainless-steel Market is segmented as Hot Rolled, Hot Rolled, Annealed and Pickled, Bright Bar, Wire Rods, Round Bars and Others. Out of which the Hot Rolled segment dominated base year market and is also projected to dominate the India and Global Stainless-steel market revenue through the projected period Hot rolled steel is produced by rolling steel at high temperatures, typically above 1,700°F (926°C), which allows for easier shaping and forming. This process results in steel that is easier to work with and manipulate, leading to a variety of finished products like beams, plates, and sheets. The high temperature helps eliminate internal stresses and allows for a more uniform grain structure, enhancing ductility. While hot rolled steel is generally less precise in dimensions compared to cold rolled steel, it is favored for applications where strength and toughness are essential, such as in construction and heavy machinery. Its cost-effectiveness and versatility make it a widely used material across various industries.

Global Stainless-steel Market by product type, 2023, 2032 (USD Million)

India Stainless-steel Market by product type, 2023, 2032 (USD Million)

Stainless-steel by Customer Type Insights

Based on Customer Type, the India and Global Stainless-steel Market is Trader, Downstream Processors, OEM and Others. Out of which the Trader segment dominated the base year market and is also projected to dominate the India and Global Stainless-steel market revenue through the projected period. Large traders in the stainless-steel long products market play a pivotal role in the supply chain, acting as key intermediaries between manufacturers and end-users. These traders typically deal in substantial volumes, allowing them to negotiate favorable pricing and secure reliable supply channels. Their customer base often includes construction firms, automotive manufacturers, and industrial equipment producers, all of which require high-quality stainless-steel for its durability and corrosion resistance. By leveraging their extensive networks and market expertise, these traders ensure that stainless-steel long products are readily available, facilitating various applications from structural components to specialized machinery. Their ability to adapt to market trends and fluctuations also positions them as influential players in shaping pricing dynamics and availability in the industry.

Global Stainless-steel Market by customer type, 2023, 2032 (USD Million)

India Stainless-steel Market by customer type, 2023, 2032 (USD Million)

Stainless-steel by End-User Insights

The India and Global Stainless-steel Market segmentation, based on Fuel has been segmented as Building & Construction, Automotive & Transportation, Mechanical Engineering & Heavy Industries, Consumer Goods, Electronic Appliances and Others. Among these, Building & Construction segment held the maximum market share and is also expected to account for the significant revenue share during the forecast. In the building and construction industry, stainless-steel long products, such as beams, bars, and pipes, play a crucial role due to their durability, strength, and resistance to corrosion. These materials are ideal for structural applications, offering both aesthetic appeal and long-term performance, which is particularly important in harsh environments. Their ability to withstand extreme weather conditions and resist rust makes them a preferred choice for architectural features, infrastructure projects, and commercial buildings. Additionally, stainless-steel long products are recyclable, aligning with sustainability goals in modern construction practices. As the industry continues to prioritize both functionality and environmental responsibility, the use of stainless-steel long products is increasingly recognized as an effective solution for achieving robust, sustainable designs.

Global Stainless-steel Market by end-user, 2023, 2032 (USD Million)

India Stainless-steel Market by end-user, 2023, 2032 (USD Million)

Stainless-steel Regional Insights

Based on Region, the Stainless-steel market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Asia Pacific Stainless-steel market held the maximum market share and is also expected to account for the significant revenue share during the forecast period. The Asia-Pacific stainless-steel market is experiencing substantial growth, driven by increasing demand across various industries, including automotive, construction, and manufacturing. Rapid urbanization and significant infrastructure development in countries like China and India are major factors propelling this demand, as stainless-steel's corrosion resistance makes it ideal for environments prone to harsh conditions. China stands out as the largest producer and consumer of stainless-steel in the region, while India is emerging as a key player with plans to expand production capacity. Established markets such as Japan and South Korea contribute advanced technologies and high-quality standards to the industry.

Global Stainless-steel Market by Region, 2023, 2032 (USD Million)

Stainless-steel Key Market Players & Competitive Insights

Global & India Stainless-steel Long Products Market is characterized by a high level of competition, with many players emerging for market share. The top 10 companies in the market account for a significant market share of Global & India Stainless-steel Long Products Market. The competitive landscape of Global Genset Market is dynamic, with companies constantly innovating and expanding their product offerings. Despite the challenges, there are several factors that are driving growth in the Genset Market. These include an increasing number of power outages and rising demand for uninterrupted & reliable power supply. The Stainless-steel Long Products Market is expected to witness significant growth in the coming years, owing to rising rural electrification.

The market is benefiting from the development of new technologies. The key players in the Marcegaglia Group, Tata Steel, POSCO, ArcelorMittal S.A., JFE Steel Corporation, Valbruna S.p.A., ThyssenKrupp AG, Aperam S.A., Acerinox S.A., Nippon Steel, Swastik Pipes, Usha Martin Limited, Jindal Stainless, Viraj Profiles, Shyam Ferro, Mukand Ltd., Ambica Steels Ltd., Panchmahal Steel Ltd., Shah Alloys Ltd., and Chandan Steel Ltd. These companies compete based on product quality, innovation, price, customer service, and market share. Companies also engage in various strategic initiatives, such as mergers and acquisitions, new product launches, partnerships, joint ventures, and expansions, to enhance their market position and expand their product portfolio. Companies are also focusing on developing new and innovative products that meet the specific needs of their customers. Companies will need to continue to innovate and expand their product offerings to remain competitive.

Stainless-steel Industry Developments

1-May-2024: Jindal Stainless will make an investment of ₹5,400 crore to boost production capacity and make acquisitions. The company’s investment strategy involves pursuing growth through a blend of organic and inorganic expansions over the next three years. It will finance the acquisitions and capacity additions mostly through internal accruals.

September 2024: Tata Steel successfully commissioned India’s largest blast furnace at Kalinganagar, Odisha. With a total investment of Rs 27,000 crore, the Phase II expansion at Kalinganagar will take the total capacity at the site from 3 million tonnes per annum (MTPA) to 8 MTPA. The new facility was inaugurated by T. V. Narendran, CEO and Managing Director, Tata Steel, in the presence of senior leaders of the Company. The new blast furnace will significantly boost the plant's overall production capabilities, allowing Tata Steel to meet the growing demands of various industries, including automotive, infrastructure, power, shipbuilding, and defence. It will also provide advantages in specific areas like oil & gas, lifting & excavation, and construction.

Key Companies in the Global Stainless-steel Market includes.

• Marcegaglia


• Tata Steel 


• POSCO


• ArcelorMittal


• JFE Steel Corporation


• Valbruna S.p.a.


• thyssenkrupp


• Aperam S.A.


• Acerinox, S.A.


• Nippon Steel Corporation

Key Companies in the India Stainless-steel Market includes.

• SWASTIK PIPE LIMITED


• Usha Martin


• Jindal Stainless-steel Ltd 


• Viraj Profiles Pvt. Ltd


• Shyam Ferro Alloys Ltd


• Mukand Limited


• Ambica Steels Limited


• Panchmahal Steels, Ltd.


• Shah Alloys Ltd.


• Chandan Steel Limited

Stainless-steel Market Segmentation:

Stainless-steel Outlook

• 200 Series


• 300 Series


• 400 Series


• Duplex Stainless-steel
  
  
  
  • Lean Duplex
  
  
  • Standard Duplex
  
  
  • Super Duplex
  
  
  • Hyper Duplex
  
  
  • Others
  
  
  
  

Stainless-steel Rated Product Type Outlook

• Hot Rolled


• Hot Rolled, Annealed and Pickled


• Bright Bar


• Wire Rods


• Round Bars


• Others

Stainless-steel Customer Type Outlook

• Trader


• Downstream Processors


• OEM


• Others

Stainless-steel End-User Outlook

• Building & Construction


• Automotive & Transportation


• Mechanical Engineering & Heavy Industries


• Consumer Goods


• Electronic Appliances


• Others

Stainless-steel Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • UK
  
  
  • France
  
  
  • Russia
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Latin America
  
  
  
  • Brazil
  
  
  • Mexico
  
  
  • Argentina
  
  
  • Rest of Latin America
  
  
  
  


• Middle East & Africa
  
  
  
  • GCC Countries
  
  
  • South Africa
  
  
  • Rest of the Middle East & Africa