Global stainless steel consumption to grow by 4% in 2024
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Update time : 2024-10-15 13:13:15
According to the World Steel Association (worldsteel), global stainless steel consumption will grow by 4% by the end of 2024 compared to a growth of 3.2% in 2023.
Among them, the consumption of cold-rolled flat sheets is expected to go up by 4.7%, hot-rolled flat sheets by 3.6%, and long stainless steel products by 1%, all year on year.
However, demand in Europe and Africa will decrease by 4.7%, mainly due to a significant drop in demand for long stainless steel products, with a decrease of 13.9%. Consumption in America was projected to fall by 0.4%, and that in Asia (excluding China) will increase by 6.5%. Demand in China was expected to be up by 5.3%. All the indicators are on a year-on-year basis.
The association foresaw that the global stainless steel consumption in 2025 will slow down to a year-on-year increase of 3%. Demand for cold-rolled stainless steel sheets will grow by 2.8%, hot-rolled sheets by 3.7%, and graded stainless steel by 3%.
Stainless steel consumption in Asia will slow down next year, while that in Europe, Africa, and the Americas will have a slight recovery. The year-on-year growth in Asia excluding China will be 5.3%, that in Europe/Africa will be 2.2%, that in America is 2%, and that in China is 2.6%.
