U.S. Stainless Steel Market Size, Share & COVID-19 Impact Analysis, By Type (Cold Rolled Flat, Hot Plate & Sheet, Cold Bars & Wire, Hot Bars & Wire Rod, and Others), By Application (Metal Products, Electrical Machinery, Engineering, Construction, Automotive Parts, and Others), and Country Forecast, 2023-2030

The U.S. stainless steel market size was worth USD 16.59 billion in 2022 and is projected to grow at a CAGR of 6.5% during the forecast period.

Stainless steel is a corrosion-resistant alloy that consists of iron, chromium, and trace amounts of other metals, such as nickel, molybdenum, and manganese. Its distinctive feature is its resistance to rust, discoloration, and corrosion, which makes it extremely durable and appropriate for a wide range of applications. The inclusion of chromium creates a passive oxide layer on the surface that resists rust and corrosion, making this type of steel perfect for use in the kitchen.

The U.S. stainless steel market experienced significant fluctuations due to the COVID-19 pandemic. There was a decline in the demand for this metal due to disruptions in the automotive and construction industries. However, the market gradually rebounded, driven by the healthcare sector’s need for steel-based medical equipment and appliances.

U.S. Stainless Steel Market Trends

Market Growth to Soar Amidst Renewable Energy Revolution in U.S.

Stainless steel is essential in renewable energy technologies, including wind turbine, solar panels, and hydropower systems. This steel is utilized in wind turbines for crucial components, such as the tower structure and bolts as it has exceptional corrosion resistance and strength, thereby increasing the lifespan and reliability of these systems.

This type of steel is employed in frames and support structures in solar panels due to its longevity and tolerance to extreme climatic conditions. The rise in solar and wind energy installations is driven by aspirations for sustainability and government incentives. These factors are expected to increase the demand for stainless steel from the solar industry.

U.S. Stainless Steel Market Growth Factors

Increasing Demand from Food Industry to Boost Market Growth

The booming food industry in the U.S. is playing a crucial role in increasing the product’s demand. The exceptional characteristics of stainless steel, such as resistance to corrosion, staining, and bacterial development, make it a vital material for manufacturing food processing and storage equipment. This type of steel is widely utilized in the food processing industry to produce components, such as conveyor systems, tanks, and food preparation surfaces to maintain hygiene and product safety.

The use of this steel extends to food storage and transportation as well, with steel-based tanks and containers being frequently used for storing and carrying liquids, such as dairy products, drinks, and edible oils. The food sector in the U.S. has a critical role in ensuring food safety, quality, and cleanliness across the supply chain to fulfill customer expectations. This factor is expected to drive the U.S. stainless steel market growth.

RESTRAINING FACTORS

Availability of Alternative Materials to Impede Market Growth

The availability of alternative materials, such as aluminum and plastics places a significant constraint on the market progress. These alternatives offer economic advantage and unique features that can compete with steel in specialized applications. Aluminum, for example, is lighter and more cost-effective in certain industries, such as automotive and aerospace. Plastics are chosen in a variety of consumer products due to their corrosion resistance and lower manufacturing costs.

U.S. Stainless Steel Market Segmentation Analysis

By Type Analysis

Based on type, the market is segmented into cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others.

The cold rolled flat segment held the largest U.S. stainless steel market share in 2022 owing to its rising demand in applications requiring precise dimension and polished appearance, such as kitchen appliances, automotive trim, and decorative materials.

Furthermore, hot plate & sheets are employed in various structural and industrial applications including construction, heavy machinery, and architectural components. The rising applications will drive the hot plate & sheets segment moderately during the forecast period.

By Application Analysis

By application, the market is segmented into metal products, engineering, electrical machinery, construction, automotive parts, and others.

The metal products segment held a larger market share in 2022 as they are widely used in the production of metal products, such as kitchenware, cutlery, and utensils due to their high corrosion resistance and durability.

In engineering applications, metal products are used in the construction of various machinery, equipment, and tools.

Stainless steel plays a crucial role in components where corrosion resistance is essential.

In construction industry, it is used in structural components, architectural elements, and fixtures.

Whereas in the automotive industry, it is employed in parts, such as exhaust systems, grilles, and decorative trims.

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

Key players include AK Steel International B.V., Outokumpu, North American Stainless, Ulbrich Stainless Steels & Special Metals, Inc., ArcelorMittal, and others. Several players are developing new grades of steel with improved properties to make it more attractive for a wider range of applications. Moreover, a majority of players are investing in sustainability to achieve net-zero greenhouse gas emissions by 2050.

LIST OF KEY COMPANIES PROFILED:

• AK Steel International B.V. (U.S.)


• Outokumpu (Finland)


• North American Stainless (U.S.)


• Ulbrich Stainless Steels & Special Metals, Inc. (U.S.)


• ArcelorMittal (Luxembourg)


• Jindal Stainless (India)


• Nippon Steel Corporation (Japan)


• POSCO (South Korea)


• AK Steel International B.V. (U.S.)


• Precision Stainless (U.S.)

KEY INDUSTRY DEVELOPMENT:

January 2023 – North American Stainless (NAS) will invest USD 244 million in its Carroll Country factory in Ghent, Kentucky, U.S. The expansion will increase the company’s overall capacity by 200,000 tons per year, which is a 20% increase, to fulfill clients’ growing demand for top-of-the-line stainless steel products.

REPORT COVERAGE

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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. It also examines the newest market dynamics, opportunities, historical data, and revenue growth estimates at the country level.

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