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The global stainless steel market value will be 112.3 billion dollars in 2021, and is expected to reach 207.94 billion dollars by 2028, with an average annual growth rate (CAGR) of 9.4% from 2022 to 2028.
The stainless steel market continues to grow, with an average annual growth rate of about 5%. This market is mainly driven by the main market demand of construction, machinery, automobile, food, packaging, oil and natural gas.
304L stainless steel has the largest market share, followed by 316L and 420L.
In addition, due to the increased demand in the automotive and industrial sectors, it is expected that the price of stainless steel in the global market will rise further.
