According to a report from Fortune Business Insights, a leading publisher of market research reports in India, the global stainless steel market size was US$170.92 billion in 2020, and this figure was expected to rise from US$175.72 billion in 2021 to US$268.46 billion by 2028 at a compound annual growth rate (CAGR) of 6.2% during the period from 2021 to 2028.

The analysts of Fortune Business Insights said that the demand for stainless steel products is being greatly increased by the rapidly emerging automotive industry. Besides, with the growing development of recyclable material, the products’ corrosion resistance will be helpful in the market growth during the forecast period.