Global Stainless Steel Market to Reach $239.56 Billion at a Steady 8.2% CAGR by 2029

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The Business Research Company's Global Stainless Steel Market to Reach $239.56 Billion at a Steady 8.2% CAGR by 2029

LONDON, GREATER LONDON, UNITED KINGDOM, November 6, 2025 /EINPresswire.com/ -- "Get 20% Off All Global Market Reports With Code ONLINE20 – Stay Ahead Of Trade Shifts, Macroeconomic Trends, And Industry Disruptors

How Large Will The Stainless Steel Market Be By 2025?
In recent times, the size of the stainless steel market has seen substantial expansion. It is forecasted to increase from $164.9 billion in 2024 to $174.95 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. Factors that have contributed to this growth during the historic period include the expansion of manufacturing, the needs of the energy sector, innovative consumer goods, urbanization and construction boom, and the demands of the aerospace and defense sectors.

In the coming years, the size of the stainless steel market is predicted to witness significant expansion, escalating to $239.56 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. This anticipated growth during the forecast period is due to several factors including increased industrialization in developing markets, undertakings of infrastructure development, global economic recovery, adherence to sustainable practices, and regulatory frameworks. Key trends to look out for in the forecast period encompass advancements in manufacturing technology, a surge in the global economy, a transition towards sustainable materials, demand from the automotive industry, and breakthroughs in automotive design.

Download a free sample of the stainless steel market report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=8825&type=smp

What Are The Major Driving Forces Influencing The Stainless Steel Market Landscape?
The expansion of the automotive sector is anticipated to drive the growth of the stainless-steel market in the future. The automative sector encompasses a myriad of companies and organizations dedicated to the conceptualization, production, promotion, and distribution of vehicles. The automotive industry greatly benefits from stainless steel due to its durability and aesthetic appeal. For instance, records made public by the International Energy Agency (IEA), an intergovernmental organization based in France, in May 2024 showed a new milestone achieved by SUVs, as they accounted for 48% of global car sales in 2023, further proving their favorable position in the automotive market. Moreover, SUV sales in developed economies exceeded 20 million in 2022 marking a 50% market share for the first time, along with the presence of over 360 million SUVs on roads around the world. Thus, the dynamic growth in the automotive industry is fueling the expansion of the stainless-steel market.

Who Are The Top Players In The Stainless Steel Market?
Major players in the Stainless Steel include:
• China Baowu Steel Group Corporation Ltd
• Sandmeyer Steel Company
• ArcelorMittal SA
• Pohang Iron and Steel Company
• Nippon Steel Corporation
• ThyssenKrupp AG
• JFE Steel Corporation
• Tata Steel Limited
• Essar Steel India Limited
• Steel Authority of India Limited

What Are The Key Trends Shaping The Stainless Steel Industry?
One key trend gaining traction in the stainless steel market is the emergence of product innovations. Major players within this market are focusing their strategies on creating innovative products to bolster their standing in the industry. Taking Outokumpu Oyj as an example, this Finland-based stainless steel producer introduced a novel, environmentally friendly product line, dubbed Circle Green, in June 2023. This groundbreaking product line comprises stainless steel that has 92% less carbon footprint compared to the industry norm, thanks to the utilization of bio-based materials coupled with fine-tuned manufacturing procedures. Circle Green has been developed with the aim of fulfilling increased demand from various sectors such as construction and consumer goods for sustainable materials, thereby offering a more eco-friendly option.

Market Share And Forecast By Segment In The Global Stainless Steel Market
The stainless steel market covered in this report is segmented –

1) By Type: Cold Rolled Flat, Hot Plate And Sheet, Cold Bars And Wire, Hot Bars And Wire Rod, Other Types

2) By Grade: 200 Series, 300 Series, 400 Series, Duplex Series, Other Grades

3) By Application: Building And Construction, Automotive And Transportation, Consumer Goods, Mechanical Engineering And Heavy Industries, Other Applications

Subsegments:

1) By Cold Rolled Flat: Cold Rolled Sheets, Cold Rolled Coils

2) By Hot Plate And Sheet: Hot Rolled Plates, Hot Rolled Sheets

3) By Cold Bars And Wire: Cold Drawn Bars, Cold Drawn Wire

4) By Hot Bars And Wire Rod: Hot Rolled Bars, Hot Rolled Wire Rods

5) By Other Types: Stainless Steel Tubes And Pipes, Stainless Steel Fittings, Stainless Steel Strips

View the full stainless steel market report:
https://www.thebusinessresearchcompany.com/report/stainless-steel-global-market-report

Stainless Steel Market Regional Insights
In 2024, Asia-Pacific dominated the stainless steel market and it is anticipated that North America will witness the highest growth rate in the upcoming years. The market report covers the regions of Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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