Hot-Rolled Round Stainless Steel Market

The article discusses the projected growth of the global market for hot-rolled round bars of stainless steel from 2022 to 2030, with an expected increase in both volume and value. It provides data on consumption, production, imports, and exports trends, highlighting key countries and their roles in the market. Consumers, producers, and importers can gain valuable insights into the current state and future outlook of the stainless steel market.

Market Forecast

Driven by increasing demand for hot-rolled round bars of stainless steel worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 2.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market value to $14B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hot-Rolled Round Bars Of Stainless Steel

In 2022, global consumption of hot-rolled round bars of stainless steel stood at 2.4M tons, flattening at the year before. Overall, the total consumption indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.5% against 2020 indices. Global consumption peaked at 2.6M tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global hot-rolled round stainless steel market value totaled $10.3B in 2022, almost unchanged from the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.1% against 2020 indices. Over the period under review, the global market reached the maximum level at $10.5B in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Consumption By Country

The country with the largest volume of hot-rolled round stainless steel consumption was China (463K tons), accounting for 19% of total volume. Moreover, hot-rolled round stainless steel consumption in China exceeded the figures recorded by the second-largest consumer, the United States (183K tons), threefold. The third position in this ranking was taken by India (166K tons), with a 6.8% share.

In China, hot-rolled round stainless steel consumption expanded at an average annual rate of +4.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-0.9% per year) and India (+4.4% per year).

In value terms, the United States ($1.9B), China ($1.4B) and Turkey ($693M) constituted the countries with the highest levels of market value in 2022, with a combined 39% share of the global market. Japan, Brazil, the UK, India, Russia, Italy, Nigeria, Germany, South Korea and Ethiopia lagged somewhat behind, together comprising a further 36%.

Nigeria, with a CAGR of +15.6%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of hot-rolled round stainless steel per capita consumption in 2022 were Germany (1,997 kg per 1000 persons), the UK (1,065 kg per 1000 persons) and Turkey (1,062 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Turkey (with a CAGR of +10.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Hot-Rolled Round Bars Of Stainless Steel

In 2022, global hot-rolled round stainless steel production reached 2.4M tons, remaining constant against the previous year's figure. Overall, the total production indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.3% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 12%. Over the period under review, global production reached the maximum volume at 2.4M tons in 2020; afterwards, it flattened through to 2022.

In value terms, hot-rolled round stainless steel production declined modestly to $10B in 2022 estimated in export price. Over the period under review, the total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +63.6% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18%. Global production peaked at $10.2B in 2021, and then contracted in the following year.

Production By Country

China (482K tons) constituted the country with the largest volume of hot-rolled round stainless steel production, comprising approx. 20% of total volume. Moreover, hot-rolled round stainless steel production in China exceeded the figures recorded by the second-largest producer, India (201K tons), twofold. The United States (174K tons) ranked third in terms of total production with a 7.3% share.

In China, hot-rolled round stainless steel production increased at an average annual rate of +4.7% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+5.3% per year) and the United States (-1.1% per year).

Imports

World Imports of Hot-Rolled Round Bars Of Stainless Steel

In 2022, global hot-rolled round stainless steel imports expanded slightly to 309K tons, increasing by 4.5% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 18% against the previous year. As a result, imports attained the peak of 385K tons. From 2021 to 2022, the growth of global imports failed to regain momentum.

In value terms, hot-rolled round stainless steel imports soared to $1.6B in 2022. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.4% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Germany (52K tons), followed by Italy (33K tons), the United States (16K tons) and China (14K tons) were the main importers of hot-rolled round bars of stainless steel, together constituting 37% of total imports. The following importers - Canada (12K tons), Indonesia (10K tons), the Netherlands (10K tons), France (9.5K tons), Denmark (9.3K tons), Belgium (8.8K tons), Austria (7.2K tons), South Korea (6.7K tons) and Russia (6.5K tons) - together made up 26% of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +10.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled round stainless steel importing markets worldwide were Germany ($334M), Italy ($182M) and China ($88M), with a combined 37% share of global imports. The United States, Denmark, Canada, the Netherlands, France, Belgium, Austria, South Korea, Russia and Indonesia lagged somewhat behind, together accounting for a further 28%.

Among the main importing countries, Denmark, with a CAGR of +7.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average hot-rolled round stainless steel import price amounted to $5,251 per ton, rising by 33% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled round stainless steel import price increased by +121.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 66%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($6,467 per ton), while Indonesia ($925 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Hot-Rolled Round Bars Of Stainless Steel

In 2022, approx. 274K tons of hot-rolled round bars of stainless steel were exported worldwide; with an increase of 8.8% compared with 2021 figures. The total export volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2021 when exports increased by 17% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, hot-rolled round stainless steel exports soared to $1.5B in 2022. Over the period under review, total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +87.0% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, India (40K tons), Germany (40K tons), China (33K tons), Italy (31K tons) and Spain (29K tons) represented the key exporter of hot-rolled round bars of stainless steel in the world, constituting 64% of total export. It was distantly followed by France (18K tons), constituting a 6.6% share of total exports. The following exporters - Sweden (11K tons), Japan (10K tons), South Korea (8.9K tons), Belgium (7.4K tons), the UK (7.2K tons) and the United States (7.1K tons) - together made up 19% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Italy (with a CAGR of +18.9%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled round stainless steel supplying countries worldwide were Germany ($227M), India ($166M) and Italy ($164M), together comprising 38% of global exports.

In terms of the main exporting countries, Italy, with a CAGR of +20.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average hot-rolled round stainless steel export price amounted to $5,365 per ton, rising by 28% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($10,916 per ton), while South Korea ($3,223 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform