Stainless steel is essential in making industrial equipment as it's durable and easy to clean.
Additionally, it is used in cookware, cutlery, surgical instruments, major appliances, vehicles, construction material in large buildings, and storage tanks and tankers for chemicals and food products.
Its market growth is driven by the rapidly growing automotive industry and the product’s ability to resist corrosion coupled with rising manufacturing for recyclable material. Overall, the estimated price of stainless steel will be around $1,200 to $1,500 per ton in 2028.