Stainless Steel Market Size to Hit US$ 210.44 Billion by 2028, Growth rate (CAGR) of 6.12%

Stainless Steel Market Size to Hit US$ 210.44 Billion by 2028, Growth rate (CAGR) of 6.12%
Stainless Steel Market by Product (Flat, Long), Grade (200 Series, 300 Series, 400 Series, Duplex Series, and Others), Application (Automotive and Transportation, Building and Construction, Consumer Goods, Mechanical Engineering and Heavy Industries, and Others), and Region 2023-2028
The global stainless steel market size reached US$ 146.27 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 210.44 Billion by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2023-2028.

IMARC Group, a leading market research company, has recently releases report titled “Stainless Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global stainless steel market research report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the stainless steel market?

Report Attributes


Market Size in 2022

US$ 146.27 Billion

Market Forecast in 2028

US$ 210.44 Billion

Growth rate (2023 to 2028)

CAGR of 6.12%

Base Year of the Analysis


Forecast Period


What is stainless steel?

Stainless steel (SS) represents an iron-based alloy with a high chromium content and additional elements, including nickel, molybdenum, carbon, and other metals. The alloyed chromium secretes a thin oxide or a passive layer, which imparts outstanding corrosion and heat resistance properties to this metal. Compared to carbon steel, stainless steel offers superior features, such as excellent flexibility, tensile strength, aesthetic appeal, low maintenance costs, environment-friendliness, recyclability, and extended product life. As a result, SS is widely used across the construction, automotive, infrastructure, railways, and process industries.

What are the growth prospects and trends in the stainless steel?

The widespread adoption of these iron-based alloy products for structural purposes, including beams, columns, and general architectural applications, is among the key factors driving the stainless-steel market. Moreover, government bodies of numerous countries are making heavy investments in repairing and renovating bridges, highways, airports, general buildings, and electric vehicle (EV) charging facilities, which is also stimulating the market growth. Besides this, extensive private and public funding in infrastructure development and the growing number of residential housing projects are acting as significant growth-inducing factors.

Furthermore, the increasing mechanical, chemical, and energy applications of stainless steel, such as tubular in the oil industry, heat exchangers and boilers in power plants, and components in processing machinery of pulp and paper, chemicals, and food and beverage (F&B) sectors, are further propelling the global market. Apart from this, the rising product usage in making consumer goods and parts for automobiles and equipment is positively influencing the market growth. Additionally, several key players are adopting energy-efficient manufacturing processes and novel technologies to improve production capacities, reduce costs, and enhance efficiency, which is anticipated to fuel the stainless steel market over the forecasted period.

Request for a free sample copy of this report:

What is included in market segmentation?

The report has segmented the market into the following categories:

Product Insights:

  • Flat
  • Long

Grade Insights:

  • 200 Series
  • 300 Series
  • 400 Series
  • Duplex Series
  • Others

Application Insights:

  • Automotive and Transportation
  • Building and Construction
  • Consumer Goods
  • Mechanical Engineering and Heavy Industries
  • Others

Breakup by Geography:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa


Who are the key players operating in the industry?

The report covers the major market players including:

  • Acerinox S.A.
  • Aperam S.A.
  • ArcelorMittal S.A.
  • Baosteel Group
  • JFE Steel Corporation (JFE Holdings Inc.)
  • Jindal Stainless Limited
  • Nippon Steel Corporation
  • Outokumpu Oyj
  • POSCO Products
  • thyssenkrupp Stainless GmbH (ThyssenKrupp AG)
  • Yieh United Steel Corp.

Ask Analyst for Customization and Browse full report with TOC & List of Figure:

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

Media Contact
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: Send Email
Phone: +1-631-791-1145
Address:134 N 4th St.
City: Brooklyn
State: NY
Country: United States