According to Fortune Business Insights the global stainless steel sheet market was valued at USD 107.19 billion in 2022 and is expected to grow to USD 167.48 billion by 2030. This represents an increase from USD 112.43 billion in 2023, reflecting a compound annual growth rate (CAGR) of 5.9% over the forecast period.

Stainless steel sheets are widely used to produce various equipment, industrial components, machinery, greenhouse equipment, irrigation pipes, and other machines where corrosion is a big risk. These sheets are also utilized in white goods as they can resist corrosion, offer great mechanical properties over different temperatures, can achieve diverse aesthetic finishes, and can be easily fabricated.

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List of the Key Players in the Stainless Steel Sheet Market:

• POSCO (South Korea)
• Aperam (Luxembourg)
• Yieh United Steel Corp (Taiwan)
• Nippon Steel (Japan)
• Outokumpu (Finland)
• Acerinox (Spain)
• Baosteel Group Hu (Baowu) (China)
• Tata Steel Ltd (India)
• AB STEEL (U.S.)
• Rajguru Steel Industries (India)

Drivers and Restraints:

Robust Demand from Consumer Goods and General Manufacturing Sectors to Boost Market Growth

Stainless steel has excellent corrosion resistance properties that makes it a key part of food, manufacturing, textile, transportation, chemical, aerospace, and construction sectors. This alloy is mostly used to make sinks, machinery parts, coils in vaporizers, screws, automobiles, food processing equipment, water filtration devices, and airplanes.

However, wide availability of substitutes can hamper the market expansion.

Stainless Steel Sheets Market Segmentation: