According to the research report titled, ‘Global Stainless-Steel Market (2021 Edition) - Analysis by Product Type (Flat, Long), Grade - Series (200, 300, 400, Others), End-User, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global stainless-steel market generated revenues worth USD 105.67 billion in 2020 and is projected to record considerable growth through 2026.

Surging demand for construction activities, vehicle production, and energy generation, especially from emerging economies, are some of the major factors boosting the growth of the global stainless-steel market.

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Stainless steel is known for its longevity, durability, and recyclability as well as for its superior properties like concentricity, tolerance, and straightness, which makes it suitable for construction, automotive, and home-appliance industries. Thus, rising cognizance regarding the benefits of the product is stimulating the overall industry outlook.

It is worth noting, however, that the demand for stainless steel has slipped due to the advent of COVID-19 pandemic, which has negatively impacted the production and distribution of the companies, which in turn could hamper the overall market expansion in the ensuing years.

Based on product landscape, global stainless-steel market is segmented into long products and flat products. Among these, the flat products segment accounted for the largest market share and is likely to witness similar growth trends through 2026. Widespread usage of cold-rolled products and exceptional tolerance, concentricity, and straightness offered by flat stainless-steel products are fueling the segmental share.

Meanwhile, the long products segment is also expected to register considerable growth during the study period, owing to their extensive usage across heavy industries.

By grade type, global stainless-steel marketplace is categorized into 400 Series, 300 Series, 200 Series, and others. The end-user landscape of this business vertical consists of heavy industry, consumer products, construction, automotive industry, and others.

From the regional point of view, the industry is bifurcated into Middle East & Africa, Americas, Europe, and Asia-Pacific. Among these, the report cites that Asia-Pacific stands tall in terms of revenue hierarchy and is expected to showcase consistent growth in the subsequent years.

The competitive landscape of the global stainless-steel market is defined by companies such as Nippon Steel Corporation, JFE Steel Corporation, Baowu Steel Group Corp. Ltd., Outokumpu Oyj, ArcelorMittal S.A., Aperam S.A., Jindal Stainless Limited, Tata Steel Limited, POSCO, and Acerinox S.A.