Leading Stainless Steel Manufacturers of the Industry, 2022

Increasing urbanization, growing population, and rising climate change are the trends driving steel demand and thus boosting market growth. Additionally, leading manufacturers of the field are investing substantial funds in adopting sustainable stainless steel which is durable and can be reused. Rising consumer preferences for steel-based products and technological advancements in the field are the factors responsible for stellar growth of the market.

According to the data provided by Fortune Business Insights, the stainless steel market size was gauged at USD 195.65 billion in 2021. The market is slated to expand from USD 204.17 billion in 2022 to USD 298.85 billion by 2029, showcasing a CAGR of 5.6% during the forecast period.

Top 10 Stainless Steel Manufacturers in the World are as follows:

1. Jindal Stainless Group

Jindal Stainless Group is a leading stainless steel manufacturer based in India, with its production facilities located  in the states of Haryana and Odisha. The company has an annual crude steel capacity of 1.9 million tons. The company has three subsidiaries namely: Jindal Stainless (Hisar) Ltd., Jindal Stainless Ltd., and Jindal Stainless Corporate Management Services and recorded USD 2,665.6 million valuation in 2021. Moreover, in May 2022, Jindal Stainless became a supplier to Alstom for developing technologically-advanced and state-of-the-art trainsets for Regional Rapid Transit System. Jindal Stainless will be supplying approximately 2 kilotons of 301LN stainless steel grade in 2J finish to Alstom for developing 210 trainsets under this project.

2. Outokumpu Oyj

Outokumpu Oyj is a global manufacturer of steel and other related solutions. The company has a strong presence in more than 30 countries globally and its production sites are located in Germany, Finland Sweden, U.K., Mexico, and the U.S.  In addition to its global network of service centers and sales companies, Outokumpu is also involved in chrome and ferrochrome mining in Finland. The company generated USD 7,726.3 million in revenues in 2021. The company aims to cut down its CO2 emissions by 20% by 2023, in an effort to reach carbon neutrality by 2050.

3. Aperam S.A.

Aperam S.A.’s industrial network is spread over 6 production facilities in Belgium, Brazil, and France. The company has the capacity to produce 2.5 million tons of stainless and electrical steel in Brazil and Europe. After the acquisition of ELG in December 2021, the company also became a major recycler of high-performance alloys and stainless-steel scrap with a capacity of recycling 1.2 million tons per year. The company generated USD 5.121 billion in revenue in 2021. The company recently reorganized its operations and product portfolio into four business segments namely: Services & Solutions, Stainless & Electrical Steel, Recycling, and Alloys & Specialties.

4. Acerinox S.A.

Acerinox S.A. is primarily engaged in manufacturing of alloys and distribution of stainless steel products. It has a strong geographical presence with production facilities in the U.S., Spain, Malaysia, and South Africa. The company also operates service centers and representative offices in Europe, Americas, Asia, Oceania and Africa. It generated USD 6,730.9 million in revenue in 2021.In March 2020, Acerinox acquired VDM Metals for USD 534 million. VDM Metals specializes in manufacturing and development of special alloys, high-performance stainless steels, and is recognized as a R+D+I benchmark in the industry.

5. Nippon Steel Corporation

Nippon Steel Corporation was formed as a result of a merger between Nippon Steel and Sumitomo Metal in 2012. The company renamed itself from Nippon Steel and Sumitomo Metal Corporation to Nippon Steel Corporation in 2019. The company has established its manufacturing facilities in Japan, Asia, Europe, Americas, Middle East and Africa and generated USD 62 billion in revenue in 2021. The company has invested substantial funds towards sustainability by adopting the Carbon Neutral Vision 2050. The company aims to reduce 30% or more carbon emissions by 2030 as compared to 2013, and become carbon neutral by 2050.

 6. POSCO

POSCO is a leading steel manufacturer and also developer of advanced customer industrial solutions. The company has established a strong global presence with 162 overseas subsidiaries, 33 domestic affiliates, and sales offices and service centers in 52 countries. In 2020, POSCO manufactured around 40,580 kilotons of steel, which makes it the 6th largest globally as per World Steel Association. In December 2020, the company declared its commitment to become carbon neutral by 2050. The company aims to decrease emissions by 10% by 2030, 50% by 2040, and achieve net-zero by 2050. It was valued at USD 58.08 billion in 2021.

7. Yieh Corporation

Yieh Corporation is a global steel company involved in the manufacturing, supply, and distribution of steel and metallic products. In addition to having a significant presence in Taiwan, the company has also established branch offices in Shanghai, China, and North America. The company is also involved in healthcare, real estate, and education sectors.

 8. ArcelorMittal S.A.

ArcelorMittal S.A. is multinational steel manufacturing company formed as a result of takeover of Arcelor by Mittal Steel. The company has its manufacturing facilities in 16 countries of North America, Europe and South America. It produced 69.1 million tons of crude steel, and mined 50.9 million tons of iron ore in 2021. It specializes in providing stainless steel products to industries such as power generation, oil & gas, renewable energies, construction & infrastructure, and chemicals & petrochemicals.

9. Baosteel Group Corporation

Baosteel Group Corporation, commonly known as China Baowu Steel Group Corp., Ltd., is a state-owned steel and iron manufacturing company. The company was formed by Baosteel Group, after acquiring Wuhan Iron & Steel Corporation in 2016. The company manufactures three main categories of steel namely: carbon steel, stainless steel, and special steel. The company exports its products to around 40 countries in regions including Europe, North America, Asia, and Africa.

10. Acciai Speciali Terni S.p.A

Acciai Speciali Terni S.p.A operates an integrated industrial site in Terni, Italy which incorporates the whole manufacturing cycle for stainless steel products, including more than 100 types of stainless steel flat products. It is a manufacturer and global distributor of stainless steel products.

The stainless steel mill of the company was previously owned by Thyssenkrupp Group, and was acquired by Arvedi Group in February 2022. However, ThyssenKrupp Stainless GmbH acts as a distributor for the company. Acciai Speciali Terni currently has the capacity to produce 1,000 kilotons of special steels per year in its electric arc furnaces.

What Are the Trends Influencing Global Market Dynamics?

The availability of substitutes such as galvanized steel, carbon steel, aluminum, and engineered plastics will inhibit stainless steel demand in the forthcoming years. Stainless steel is heavy and not resistant to water which decreases its adoption in consumer goods, electronics, and engineering sectors. Despite these challenges, according to the World Steel Organization, stainless steel will be widely used in the automotive sector in chassis, suspension, bodywork, fuel tanks, and catalytic converters. Its high strength and resistance makes it an ideal choice in manufacturing hose clamps and seatbelt springs. Leading Stainless Steel manufacturers are focused to enhancing on their manufacturing capacity which will further propel market augmentation.