U.S. Stainless Steel Sheet Market Size, Share & COVID-19 Impact Analysis, By Type (304 Stainless Steel Sheet, 310 Stainless Steel Sheet, 316 Stainless Steel Sheet, Series 200, Series 400, and Others), By Application (Construction, Manufacturing, Automotive, Consumer Goods, and Others), and Country Forecast, 2023-2030

The U.S. stainless steel sheet market size was worth USD 5.37 billion in 2022 and is projected to grow at a CAGR of 5.7% during the forecast period.

The U.S. stainless steel sheet market growth is primarily attributed to the increasing consumption of these sheets for architectural and construction applications. The increasing number of construction projects has led to a rise in the demand for these sheets.

The common applications of stainless steel sheet include consumer goods, household items and fixtures. Particularly, the high corrosion resistance of stainless steel makes it a principal choice for industries such as food, textiles, manufacturing, chemical, transportation, and aerospace.

Stainless steel sheets are widely used in the construction and automotive industries. These industries were severely impacted during the COVID-19 pandemic due to labor & raw material shortages, supply chain disruptions, and strict government regulations. This decreased the consumption of steel sheets in these industries even further. Many companies either decreased their production capacities or shut down their production plants, which caused supply chain disruptions and the closure of machinery.

U.S. Stainless Steel Sheet Market Trends

Technological Advancements in Stainless Steel Sheet Production and Fabrication Technologies to be a Prominent Trend

Technological advancements in production techniques are expected to drive the growth of the stainless steel sheet market by 2030. For instance, Patented PowerPierce technology helps in both stainless steel and carbon steel cutting processes over a wide range of thicknesses. It is responsible for cutting thicknesses and pierces in stainless steel. Also, its liquid-cooled outer shield protects metal projections from adhering during the drilling operation.

Moreover, HDi (HyDefinition inox), Hypertherm's new stainless steel-specific high-definition technology, offers clean finishes, excellent top-edge definition, and unbeatable angularity. In torch and consumable design, this state-of-the-art technology provides a longer consumable life and consistent cut quality. This is expected to enhance the company’s ability to serve an improved product portfolio to customers.

U.S. Stainless Steel Sheet Market Growth Factors

Rising Demand from Food & Beverages Sector to Boost Market Growth

Food is a general source of corrosion due to the high acid content in foodstuffs, such as fruit and meat. Thus, stainless steel is a prime choice for objects, including tabletops, refrigerators, sinks, stoves, coffee pots, and fluid dispensers. One of the most common uses of stainless steel is kitchen utensils, such as pans, pots, and flatware. This allows stainless steel to be used for a wide range of applications, including saucepans, sinks, and other hollow ware.

Various properties and versatility of stainless steel allow it to be used for a broad range of manufacturing applications. Due to its resistance to intergranular corrosion, a byproduct of welding or stress relieving, it is used extensively for products that would not be able to use steel or other alloys. This is expected to drive market growth.

RESTRAINING FACTORS

Invention of New and Advanced Materials with Enhanced Properties to Hinder Market Growth

The demand for substitutes, such as galvanized steel and engineered plastics, from the automotive and industrial OEM manufacturers is rapidly increasing. Galvanized steel offers cost-effective properties, and engineered plastics are ideal for providing protection against abrasion, bending fatigue, compression, and creep fatigue. Moreover, continuous research and development in the invention of new and advanced materials with enhanced properties is likely to pose a threat to the market.

U.S. Stainless Steel Sheet Market Segmentation Analysis

By Type Analysis

By type, the market is segmented into 304 stainless steel sheet, 310 stainless steel sheet, 316 stainless steel sheet, series 200, series 400, and others.

The 304 stainless steel sheet segment accounted for a significant U.S. stainless steel sheet market share in 2022 and is likely to maintain its dominance during the forecast period owing to its excellent properties, including corrosion resistance, oxidation resistance, and machinability.

The 316 stainless steel sheet segment is expected to grow significantly. It provides greater thermal stability and creep resistance and is majorly used in chemical, petrochemical, medical devices, wastewater, and marine applications.

By Application Analysis

Based on application, the market is segmented into construction, manufacturing, automotive, consumer goods, and others.

The manufacturing segment held a major market share in 2022 and is expected to grow with the highest CAGR by the end of the forecast period. Growing demand for components such as various machineries, equipment, industrial components, irrigation pipes, greenhouse equipment, and others is the prime reason driving the segment growth.

The construction sector is expected to hold a significant share. The stainless steel sheet industry is expected to observe a significant growth in North America owing to developments in the resurgent construction industry.

List of Key U.S. Stainless Steel Sheet Market Companies

The U.S. stainless steel sheet market represents the existence of renowned and emerging stainless steel sheet companies in terms of the competitive landscape. AB Steel, Nippon Steel, and Acerinox are some of the prominent participants. Companies compete majorly on the basis of the price and application characteristics of the product. They are concentrating on product advancements, social marketing, acquisitions, and collaborations.

LIST OF KEY COMPANIES PROFILED:

• AB Steel (U.S.)


• Cadrex (U.S.)


• Thyssenkrupp Materials NA, Inc. (U.S.)


• Mead Metals Inc. (U.S.)


• Nippon Steel (Japan)


• Acerinox (Spain)

KEY INDUSTRY DEVELOPMENTS:

• December 2022: Nippon Steel Corporation announced that its manufacturing center, Kyushu Works, received FSSC22000 certification, an international food safety standard certification for its container steel sheets used for food and beverage cans.

REPORT COVERAGE

The study report thoroughly examines key factors such as leading companies, applications, and products. It also provides market trends and highlights significant industry advancements. The study includes different variables that have contributed to the market's growth in recent years and the factors listed above. It examines the industry's newest market dynamics and opportunities and historical data and revenue growth estimates at the country levels.

Report Scope & Segmentation