The U.S. stainless steel sheet market size stood at USD 5.37 billion in 2022 and is set to increase at a CAGR of 5.7% over 2023-2030.

The growing usage of stainless steel sheets in architectural and construction applications is expected to boost market growth in the coming years. Rising construction projects have surged demand for these sheets.

The COVID-19 pandemic had a detrimental impact on market growth. Labor & raw material shortages decreased the consumption of these sheets in the construction and automotive industries during the pandemic, which hampered market expansion.

Fortune Business Insights™ shares this information in its report titled “U.S. Stainless Steel Sheet Market, 2023-2030.

List of Key Players Profiled in the Market Report:

  • AB Steel (U.S.)
  • Cadrex (U.S.)
  • Thyssenkrupp Materials NA, Inc. (U.S.)
  • Mead Metals Inc. (U.S.)
  • Nippon Steel (Japan)
  • Acerinox (Spain)

Segmentation

Increased 304 Stainless Steel Sheet Demand Due to Its Corrosion Resistance Boosted Segment Growth

Based on type, the market is classified into 304 stainless steel sheet, 310 stainless steel sheet, 316 stainless steel sheet, series 200, series 400, and others. The 304 stainless steel sheet segment dominated the market. The increased demand for 304 stainless steel sheets due to their exceptional properties, such as corrosion resistance and oxidation resistance, is driving segment growth.

Manufacturing Segment Dominates Owing to the Product’s Demand in Various Applications

By application, the market is divided into construction, manufacturing, automotive, consumer goods, and others. The manufacturing segment accounted for a major U.S. stainless steel sheet market share. The segment’s growth is driven by the increasing demand for different equipment, industrial components, irrigation pipes, machineries, greenhouse equipment, and others.

Report Coverage

The market research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment and prominent product categories. Furthermore, the report provides valuable observations on market trends, driving and restraining factors and the impact of COVID-19 on the market. Apart from the factors above, the report encompasses several factors that have bolstered market expansion in recent times.

Drivers and Restraints

Rapid Innovations in Production Techniques to Boost Market Development

Rapid innovations in production techniques are projected to fuel market expansion over the projected period. For instance, Patented PowerPierce technology assists in stainless steel and carbon steel cutting procedures over a variety of thicknesses. It is used for cutting thicknesses and pierces in stainless steel. Also, its liquid-cooled outer shield safeguards metal projections from adhering during the drilling operation.

Furthermore, Hypertherm’s novel stainless steel-specific high-definition technology, HDi (HyDefinition inox), provides clean finishes, excellent top-edge definition, and unbeatable angularity. This advanced technology offers a longer consumable life and constant cut quality in torch and consumable design. This is forecasted to boost the company’s ability to serve an enhanced product portfolio to customers.

However, the availability of substitutes is the key factor hindering the U.S. stainless steel sheet market growth.

Competitive Landscape

Presence of Well-established Companies and Start-ups to Boost Market Development

The presence of well-established companies and start-ups in the U.S. is driving market growth. Some of the leading companies are AB Steel, Nippon Steel, and Acerinox. Key players focus on deploying advanced productions, partnerships, and marketing strategies to foster market growth.

Key Industry Development

  • December 2022 – Nippon Steel Corporation declared that its manufacturing unit, Kyushu Works, obtained an international food safety standard certification named FSSC22000 certification for its container steel sheets utilized for food and beverage cans

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