India is projected to fuel the growth of the global stainless-steel market at a CAGR of 6.0% and India stainless-steel market at a CAGR of 7.9% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “India and Global Stainless-steel Market” that contains information from 2018 to 2032. The Global Stainless-steel Market is estimated to register a CAGR of 6.0% during the forecast period of 2024 to 2032. The India Stainless-steel Market is estimated to register a CAGR of 7.9% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the Global Stainless-steel Market— Marcegaglia, Tata Steel, POSCO, ArcelorMittal, JFE Steel Corporation, Valbruna S.p.a., thyssenkrupp, Aperam S.A., Acerinox, S.A. and Nippon Steel Corporation.

MRFR recognizes the following companies as the key players in the India Stainless-steel Market— 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. and Chandan Steel Limited.

Market Highlights

The Global Stainless-steel Market is accounted to register a CAGR of 6.0% during the forecast period and is estimated to reach USD 55,099.5 Million by 2032.

The India Stainless-steel Market is accounted to register a CAGR of 7.9% during the forecast period and is estimated to reach USD 4,981.8 Million by 2032.

During the forecast period we may see a rapid adoption of stainless-steel long products with the increasing awareness of circular economy and increasing importance of recyclability. The growth of the renewable energy sector is significantly driving the stainless-steel long products market, as the demand for durable and sustainable materials increases. Stainless-steel is essential in various renewable energy applications, including wind turbines, solar panel structures, and energy storage systems, due to its excellent corrosion resistance and strength. As countries worldwide invest heavily in renewable energy infrastructure to combat climate change and reduce reliance on fossil fuels, the need for high-quality materials that can withstand harsh environmental conditions becomes critical. Moreover, the growth of mechanical engineering and heavy industries is significantly driving the stainless-steel long products market, as these sectors increasingly rely on high-performance materials for their applications. Stainless-steel is favored for its exceptional strength, durability, and corrosion resistance, making it ideal for heavy machinery, structural components, and equipment used in various industrial processes. As global industrialization accelerates, the demand for stainless-steel long products is projected to rise further.

Access full report @ https://www.marketresearchfuture.com/reports/stainless-steel-market-16145

Segment Analysis

the India and global stainless-steel market are segmented based on grade, product type, customer type, end-user, and region. 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.   The 300 Series stainless steels are classified as austenitic and can only be hardened through cold working methods. These grades typically contain chromium (around 18% to 30%) and nickel (approximately 6% to 20%) as their primary alloying elements. Among them, Type 304 is the most used stainless-steel alloy. The 300 Series alloys are known for their corrosion resistance, ability to maintain strength at elevated temperatures, and ease of maintenance. Chromium is a fundamental component of all stainless steels. The applications of 304 and 316 stainless steels extend across various industries. Grade 304, which consists of 18% chromium and 8% nickel, is widely utilized in kitchen appliances, sinks, and architectural paneling due to its excellent corrosion resistance and formability. It is particularly suited for environments exposed to a range of organic and inorganic substances, although it is less effective in saline or chloride-rich conditions.

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 created by rolling steel at elevated temperatures, usually exceeding 1,700°F (926°C), which facilitates easier shaping and forming. This method results in steel that is simpler to work with, producing a range of finished products such as beams, plates, and sheets. The high temperatures help to eliminate internal stresses and promote a more uniform grain structure, improving ductility. Although hot rolled steel is generally less precise in dimensions than cold rolled steel, it is preferred for applications that require strength and toughness, such as in construction and heavy machinery. Its cost-effectiveness and versatility make it a popular choice across various industries.

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 crucial role in the supply chain, serving as vital intermediaries between manufacturers and end-users. By dealing in significant volumes, these traders can negotiate advantageous pricing and secure dependable supply channels. Their customer base typically includes construction companies, automotive manufacturers, and industrial equipment producers, all of which require high-quality stainless-steel due to its durability and corrosion resistance. Utilizing their extensive networks and market knowledge, these traders ensure that stainless-steel long products are readily accessible for various applications, from structural components to specialized machinery. Their ability to adapt to market trends and fluctuations further positions them as influential players in shaping pricing dynamics and product availability within the industry.

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, are essential due to their durability, strength, and corrosion resistance. These materials are well-suited for structural applications, providing both aesthetic appeal and long-lasting performance, especially in harsh environments. Their ability to endure extreme weather conditions and resist rust makes them a preferred choice for architectural elements, infrastructure projects, and commercial buildings. Furthermore, stainless-steel long products are recyclable, supporting sustainability objectives in contemporary construction practices. As the industry increasingly emphasizes functionality and environmental responsibility, the adoption of stainless-steel long products is gaining recognition as an effective solution for achieving robust and sustainable designs.

Regional Analysis

By 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 holds a considerable market share and is also forecasted to hold the largest share during the forecast period. There is a notable proliferation of technological innovations and advancements within the Stainless-steel sector in the Asia-Pacific area. The Asia-Pacific stainless-steel market is witnessing significant growth, fueled by rising demand from various sectors, including automotive, construction, and manufacturing. Rapid urbanization and substantial infrastructure development in countries like China and India are primary drivers of this demand, as the corrosion resistance of stainless-steel makes it suitable for challenging environments. China is the largest producer and consumer of stainless-steel in the region, while India is emerging as an important player with intentions to boost production capacity. Established markets such as Japan and South Korea contribute advanced technologies and high-quality standards to the industry.

Key Findings of the Study

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  Global Stainless-steel Market is expected to reach USD 55,099.5 Million by 2032, at a CAGR of 6.0% during the forecast period.

  
  


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  India Stainless-steel Market is expected to reach USD 4,981.8 Million by 2032, at a CAGR of 7.9% during the forecast period.

  
  


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  The Asia Pacific region accounted for the fastest-growing India and Global market.

  
  


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  Based on Grade, the 300 Series segment was attributed to holding the largest market in 2023.

  
  


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  Based on Product Type, the Hot Rolled segment was attributed to holding the largest market in 2023.

  
  


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  Based on customer type, the Trader segment was attributed to holding the largest market in 2023.

  
  


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  Based on end-user, the Building & Construction segment was attributed to holding the largest market in 2023.

  
  


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  Global- Marcegaglia, Tata Steel, POSCO, ArcelorMittal, JFE Steel Corporation, Valbruna S.p.a., thyssenkrupp, Aperam S.A., Acerinox, S.A. and Nippon Steel Corporation

  
  


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  India- 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. and Chandan Steel Limited are the key market players.