According to a report, the global stainless steel market’s value was US$112.3 billion in 2021, and the figure was expected to reach US$207.94 billion by 2028, growing at a compound annual growth rate (CAGR) of 9.4 % during the period from 2022 to 2028.

The stainless steel market continued growing, with an average annual increase of roughly 5% in the forecast period. This market is mainly driven by demand in major markets such as construction, engineering, automotive, food processing, packaging, as well as oil and gas extraction.

Among them, the use of 304L stainless steel accounts for the biggest proportion of the market, followed by 316L and 420L.

Besides, due to the increased needs of the automotive and industrial industries, the global stainless steel market price was expected to increase further.