Stainless steel Future Market insights

The stainless steel market will be valued at over $183.86 billion by 2032

The Asia-Pacific region is expected to dominate the global stainless steel market in the coming years. North America is expected to witness a steady growth rate over the forecast period. Europe is expected to grow at a CAGR of 5.6% during the forecast period.

According to a report published by FMI, the global stainless steel market is expected to expand at a CAGR of 5.5% over the forecast period. The current market valuation is $119.80 billion in 2022. The stainless steel market is expected to reach a high of $183.86 billion by 2032.

The stainless steel market is experiencing rapid growth due to its high ductility and toughness, corrosion resistance, and low maintenance requirements, as it is in high demand in the manufacture of kitchen products such as displays, cookware, and stoves. This in turn drives market growth across different industries.

According to the findings of Future Market Insights, stainless steel seeking significant demand from the automotive industry is again positively impacting the market growth. The increase in automobile production in regions such as the Middle East, Asia Pacific and Latin America has significantly increased the demand for stainless steel in these regions.

According to the FMI analysis, the main factors leading to the increase in the production of automobiles are the increase in credit facilities, the increase in disposable income, and the increase in the demand for personal transportation. The above factors are likely to drive the global demand for stainless steel.

Key takeaways from the stainless steel market

The automotive and transport sectors account for 12% of global steel consumption.

Based on product type, the tablet product segment will dominate at a significant CAGR during 2022-2032. The segment will account for 73% of the revenue share in 2021.

Europe is expected to grow at a CAGR of 5.6% during the estimation period.

Asia Pacific is expected to dominate the stainless steel market with a market share of 74% over the forecast period.

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