Steel Industry Data Book - Stainless Steel, Carbon Steel, Electrical Steel, Weathering Steel and Sintered Steel Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

The global Steel Industry is anticipated to increase at a significant CAGR from 2023 to 2030.

Grand View Research’s steel industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.

Stainless Steel Market Insights

The global stainless steel market size was estimated at USD 104.23 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030. Private and public investments in infrastructure, as well as residential housing are likely to provide a boost to stainless steel (SS) demand. Stainless steel is an important material in industrial applications, such as building & construction, infrastructure, railways, automotive & transportation, and process industries. Stainless steel has a unique edge over carbon steel as it has a combination of properties, such as pliability, strength, corrosion resistance, aesthetic properties, low maintenance cost, and average product life cycle.

For structural purpose, SS products are used in beams, columns, and general architectural applications. It is used in railings, roofing, lifts, staircases, swimming pool shades, canopies, and atriums among others. In November, the Biden government introduced USD 2 trillion plan for infrastructure. It includes heavy fund allocation for repair and renovation of bridges, highways, EV charging facilities, airports, water infrastructure, communication networks, high-speed internets, clean energy & environment, and carbon reduction. This plan is likely to assist the SS demand for structural applications in infrastructure and construction.

Stainless steel market prices are highly influenced by factors such as shipping & labor costs, currency fluctuations, elasticity of demand & supply, and trade-related tariffs. Since 2023, various geopolitical conflicts in Eastern Europe, Western Asia and Horn of Africa have strained routes of shipping, thereby increasing freight costs, which in turn have added to soaring stainless steel prices.

Order your copy of the Free Sample of “Steel Industry Data Book - Stainless Steel, Carbon Steel, Electrical Steel, Weathering Steel and Sintered Steel Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Electrical Steel Market Insights

The global electrical steel market size was valued at USD 28.53 billion in 2023 and is expected to grow at a compounded annual growth rate (CAGR) of 4.7% from 2024 to 2030. Increasing electricity generation worldwide is one of the key driving factors for market growth. As the name implies, electrical steel possesses enhanced electrical properties such as high permeability, high electrical resistivity, low hysteresis loss, and low magnetostriction. These properties make it highly desirable for applications related to electricity consumption, distribution, and generation.

Electrical steel finds application in generators, electric motors, relays, solenoids, and other electromagnetic devices, which are further used in power distribution systems and other related applications. The U.S. is the second-largest electricity generator in the world. In 2022, the country generated around 4,243 TWh of electricity, a 6.4% increase compared to 2021. The growth in the electric vehicles (EVs) industry is another driver for the market. Electrical steel contains specific magnetic properties, which makes it of vital use in rotors and stators in motor of an EV. The product helps enhance motor efficiency by minimizing core energy losses and accelerating vehicle’s range.

Rising demand for electrical steel has compelled manufacturers to expand their production. For instance, in May 2021, JSW Steel and JFE Steel Corporation signed an MoU to begin a feasibility study for establishing a joint venture company in India for manufacturing and sales of electrical steel sheets in the country.

Go through the table of content of Steel Industry Data Book to get a better understanding of the Coverage & Scope of the study

Steel Industry Data Book Competitive Landscape

The global industry is characterized by the presence of large players who are increasingly facing pressure owing to the advent of advanced technologies and newer market players. The development of diversified product portfolios and extensive R&D activities for improved product offerings has driven competition in the market. Furthermore, an increasing focus on digitalization by manufacturers to address various challenges has become a major trend.

Key players operating in the Steel Industry are:

• Ansteel Group
• ArcelorMittal
• Baotou Steel
• China Baowu Group
• China Steel Corporation

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. 

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