Global Stainless Steel Market: Size, Share & Trends Analysis
The global stainless steel market was valued at USD 121.72 billion in 2023 and is projected to grow at a CAGR of 8.5% during the forecast period. The rise in demand for stainless steel in both household and business catering, due to its corrosion resistance and ease of maintenance, is driving market growth. Various grades of stainless steel are utilized for different applications based on corrosion resistance needs. For example, grades 410 and 420 are commonly used for kitchen knives, while grade 304 is used for forks and spoons. Less ductile steels are employed for cookware items like pans, grills, sinks, and cookware that require significant molding.