Northern America's Forged Stainless Steel Bar Market Set to Increase Slightly with Market Volume Reaching 308K Tons and Market Value Reaching $6.5B by 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Northern America - Forged Bars Of Stainless Steel - Market Analysis, Forecast, Size, Trends And Insights.

Driven by increasing demand, the forged stainless steel bar market in Northern America is expected to see growth over the period from 2024 to 2035. The market volume is projected to reach 308K tons by 2035, with a CAGR of +0.6%. In terms of value, the market is forecasted to increase to $6.5B by 2035, representing a CAGR of +1.8%.

Driven by rising demand for forged stainless steel bar in Northern America, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.6% for the period from 2024 to 2035, which is projected to bring the market volume to 308K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% for the period from 2024 to 2035, which is projected to bring the market value to $6.5B (in nominal wholesale prices) by the end of 2035.

In 2024, forged stainless steel bar consumption in Northern America reduced to 288K tons, shrinking by -1.9% compared with 2023. Overall, consumption saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 with a decrease of -1%. The volume of consumption peaked at 382K tons in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

The revenue of the forged stainless steel bar market in Northern America expanded rapidly to $5.4B in 2024, with an increase of 8.1% against 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). The total consumption indicated a pronounced expansion from 2013 to 2024: its value increased at an average annual rate of +4.2% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +75.7% against 2018 indices. The level of consumption peaked in 2024 and is likely to see steady growth in the near future.

The United States (284K tons) constituted the country with the largest volume of forged stainless steel bar consumption, accounting for 99% of total volume.

In the United States, forged stainless steel bar consumption shrank by an average annual rate of -2.3% over the period from 2013-2024.

In value terms, the United States ($5.3B) led the market, alone.

In the United States, the forged stainless steel bar market expanded at an average annual rate of +4.3% over the period from 2013-2024.

In the United States, forged stainless steel bar per capita consumption plunged by an average annual rate of -3.0% over the period from 2013-2024.

For the sixth year in a row, Northern America recorded decline in production of forged bars of stainless steel, which decreased by -1.9% to 286K tons in 2024. Over the period under review, production saw a pronounced curtailment. The most prominent rate of growth was recorded in 2018 when the production volume increased by 0.4%. Over the period under review, production reached the peak volume at 359K tons in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.

In value terms, forged stainless steel bar production totaled $5.7B in 2024 estimated in export price. The total production indicated prominent growth from 2013 to 2024: its value increased at an average annual rate of +5.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +95.0% against 2018 indices. The pace of growth appeared the most rapid in 2019 with an increase of 17% against the previous year. Over the period under review, production hit record highs in 2024 and is expected to retain growth in years to come.

The country with the largest volume of forged stainless steel bar production was the United States (286K tons), accounting for 100% of total volume.

In the United States, forged stainless steel bar production decreased by an average annual rate of -2.1% over the period from 2013-2024.

In 2024, purchases abroad of forged bars of stainless steel increased by 14% to 8.5K tons, rising for the third consecutive year after seven years of decline. Over the period under review, imports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2022 when imports increased by 37%. Over the period under review, imports attained the maximum at 36K tons in 2014; however, from 2015 to 2024, imports remained at a lower figure.

In value terms, forged stainless steel bar imports fell to $58M in 2024. Overall, imports, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2022 with an increase of 72%. Over the period under review, imports attained the maximum at $148M in 2014; however, from 2015 to 2024, imports remained at a lower figure.

The countries with the highest levels of forged stainless steel bar imports in 2024 were the United States (4.6K tons) and Canada (3.8K tons), together finishing at 99% of total import.

From 2013 to 2024, the biggest increases were recorded for the United States (with a CAGR of -9.8%).

In value terms, the United States ($32M) and Canada ($26M) appeared to be the countries with the highest levels of imports in 2024.

Canada, with a CAGR of -4.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review.

In 2024, the import price in Northern America amounted to $6,880 per ton, with a decrease of -18.5% against the previous year. In general, the import price, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2022 an increase of 26% against the previous year. Over the period under review, import prices attained the maximum at $8,438 per ton in 2023, and then shrank significantly in the following year.

Average prices varied noticeably amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was the United States ($6,961 per ton), while Canada amounted to $6,867 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Canada (+7.8%).

In 2024, shipments abroad of forged bars of stainless steel increased by 24% to 6.5K tons, rising for the third consecutive year after three years of decline. In general, exports saw a mild increase. The most prominent rate of growth was recorded in 2023 with an increase of 95% against the previous year. Over the period under review, the exports hit record highs in 2024 and are expected to retain growth in the immediate term.

In value terms, forged stainless steel bar exports soared to $138M in 2024. Over the period under review, exports posted a strong expansion. The pace of growth was the most pronounced in 2023 with an increase of 121% against the previous year. The level of export peaked in 2024 and is likely to see steady growth in the immediate term.

The United States prevails in exports structure, accounting for 6.4K tons, which was approx. 98% of total exports in 2024. Canada (106 tons) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the forged bars of stainless steel exports, with a CAGR of +1.5% from 2013 to 2024. Canada (-4.5%) illustrated a downward trend over the same period. From 2013 to 2024, the share of the United States increased by +1.5 percentage points.

In value terms, the United States ($138M) remains the largest forged stainless steel bar supplier in Northern America, comprising 100% of total exports. The second position in the ranking was taken by Canada ($644K), with a 0.5% share of total exports.

In the United States, forged stainless steel bar exports increased at an average annual rate of +10.4% over the period from 2013-2024.

In 2024, the export price in Northern America amounted to $21,377 per ton, growing by 14% against the previous year. Over the period under review, the export price recorded a resilient expansion. The most prominent rate of growth was recorded in 2019 an increase of 23%. Over the period under review, the export prices reached the peak figure in 2024 and is expected to retain 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 ($21,633 per ton), while Canada amounted to $6,054 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (+8.8%).

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for forged stainless steel bar in Northern America. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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A Quick Overview of Market Performance

Understanding the Current State of The Market and its Prospects

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Choosing the Best Countries to Boost Your Export

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles

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