Stainless Steel Household Articles Market

The global market for table, kitchen, and household articles made of stainless steel is projected to experience steady growth in both volume and value terms from 2022 to 2030. Consumption, production, imports, and exports of these products have been analyzed for major countries such as the United States, China, Germany, and India. The market is forecasted to have a CAGR of +5.2% in volume and +8.8% in value from 2022 to 2030, reaching a market volume of 5.2B units and a value of $37.7B by the end of 2030. Consumption patterns have shown fluctuations over the years, with some countries like Turkey and Saudi Arabia experiencing significant growth rates. Production peaked in 2019 but declined slightly in the following years. Imports and exports of stainless steel household articles also experienced fluctuations, with China leading in both exports and production. Overall, the market is expected to continue expanding, driven by increasing demand globally.

Market Forecast

Driven by increasing demand for table, kitchen or household articles and parts of stainless steel worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market volume to 5.2B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +8.8% for the period from 2022 to 2030, which is projected to bring the market value to $37.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Table, Kitchen Or Household Articles And Parts Of Stainless Steel

In 2022, consumption of table, kitchen or household articles and parts of stainless steel increased by 8.6% to 3.5B units for the first time since 2019, thus ending a two-year declining trend. In general, the total consumption indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.5% 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 -41.3% against 2019 indices. Over the period under review, global consumption attained the peak volume at 5.9B units in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global stainless steel household articles market value stood at $19.1B in 2022, rising by 13% 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). Over the period under review, consumption recorded a slight increase. Over the period under review, the global market hit record highs at $37.2B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (705M units), China (539M units) and Turkey (372M units), together accounting for 46% of global consumption. Indonesia, Japan, India, Brazil, Germany, France, Pakistan, Canada, South Korea and Saudi Arabia lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +9.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Turkey ($2.9B), China ($2.8B) and the United States ($2.6B) constituted the countries with the highest levels of market value in 2022, with a combined 43% share of the global market. Japan, Indonesia, India, Brazil, Germany, France, South Korea, Canada, Saudi Arabia and Pakistan lagged somewhat behind, together comprising a further 35%.

Saudi Arabia, with a CAGR of +9.5%, recorded the highest rates of growth with regard to 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.

In 2022, the highest levels of stainless steel household articles per capita consumption was registered in Turkey (4.3 units per person), followed by the United States (2.1 units per person), Canada (1.7 units per person) and Saudi Arabia (1.5 units per person), while the world average per capita consumption of stainless steel household articles was estimated at 0.4 units per person.

In Turkey, stainless steel household articles per capita consumption expanded at an average annual rate of +7.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+4.6% per year) and Canada (+5.8% per year).

Production

World Production of Table, Kitchen Or Household Articles And Parts Of Stainless Steel

After two years of decline, production of table, kitchen or household articles and parts of stainless steel increased by 13% to 3.3B units in 2022. Overall, production posted slight growth. The most prominent rate of growth was recorded in 2018 with an increase of 31% against the previous year. Over the period under review, global production hit record highs at 5.8B units in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, stainless steel household articles production shrank slightly to $21.1B in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 +3.9% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 29% against the previous year. Over the period under review, global production attained the peak level at $28.5B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (1.7B units) remains the largest stainless steel household articles producing country worldwide, comprising approx. 51% of total volume. Moreover, stainless steel household articles production in China exceeded the figures recorded by the second-largest producer, Turkey (408M units), fourfold. India (301M units) ranked third in terms of total production with a 9.2% share.

In China, stainless steel household articles production increased at an average annual rate of +4.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+8.7% per year) and India (-0.9% per year).

Imports

World Imports of Table, Kitchen Or Household Articles And Parts Of Stainless Steel

In 2022, after six years of growth, there was significant decline in overseas purchases of table, kitchen or household articles and parts of stainless steel, when their volume decreased by -7.5% to 1.9B units. In general, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.7% 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 +73.7% against 2012 indices. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. As a result, imports reached the peak of 2B units, and then declined in the following year.

In value terms, stainless steel household articles imports declined to $8.2B in 2022. Over the period under review, total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +60.8% against 2012 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 31%. As a result, imports attained the peak of $8.9B, and then contracted in the following year.

Imports By Country

The United States represented the largest importer of table, kitchen or household articles and parts of stainless steel in the world, with the volume of imports recording 711M units, which was near 38% of total imports in 2022. It was distantly followed by Germany (109M units), achieving a 5.8% share of total imports. The Netherlands (54M units), South Korea (51M units), France (48M units), the UK (47M units), Canada (46M units), Indonesia (40M units), Japan (38M units), Spain (33M units), Thailand (33M units), Russia (30M units) and Poland (29M units) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +12.6% from 2012 to 2022. At the same time, Thailand (+13.1%), South Korea (+8.9%), Spain (+6.4%), Poland (+6.3%), the Netherlands (+5.2%), Canada (+4.4%), Indonesia (+3.4%), Germany (+3.2%) and France (+1.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in the world, with a CAGR of +13.1% from 2012-2022. The UK and Russia experienced a relatively flat trend pattern. By contrast, Japan (-1.5%) illustrated a downward trend over the same period. While the share of the United States (+18 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-1.5 p.p.), Japan (-2 p.p.) and the UK (-2.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2.3B) constitutes the largest market for imported table, kitchen or household articles and parts of stainless steel worldwide, comprising 27% of global imports. The second position in the ranking was held by Germany ($677M), with an 8.2% share of global imports. It was followed by the Netherlands, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value in the United States totaled +8.4%. In the other countries, the average annual rates were as follows: Germany (+5.2% per year) and the Netherlands (+5.5% per year).

Import Prices By Country

In 2022, the average stainless steel household articles import price amounted to $4.4 per unit, approximately mirroring the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 5.1% against the previous year. Global import price peaked at $4.8 per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($7.2 per unit), while Indonesia ($1.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+3.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Table, Kitchen Or Household Articles And Parts Of Stainless Steel

In 2022, overseas shipments of table, kitchen or household articles and parts of stainless steel decreased by -3.2% to 1.7B units for the first time since 2016, thus ending a five-year rising trend. Overall, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +7.2% 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 +94.2% against 2016 indices. The pace of growth was the most pronounced in 2017 with an increase of 29%. Over the period under review, the global exports attained the maximum at 1.7B units in 2021, and then fell slightly in the following year.

In value terms, stainless steel household articles exports fell modestly to $10.3B in 2022. In general, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by 30%. As a result, the exports attained the peak of $10.7B, and then declined modestly in the following year.

Exports By Country

China represented the largest exporting country with an export of around 1.1B units, which finished at 67% of total exports. It was distantly followed by India (182M units), constituting an 11% share of total exports. The Netherlands (43M units), Turkey (41M units), Germany (39M units) and the United Arab Emirates (34M units) held a little share of total exports.

Exports from China increased at an average annual rate of +9.6% from 2012 to 2022. At the same time, the United Arab Emirates (+19.3%), India (+8.3%), Turkey (+6.0%) and the Netherlands (+5.9%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the world, with a CAGR of +19.3% from 2012-2022. Germany experienced a relatively flat trend pattern. From 2012 to 2022, the share of China increased by +13 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($7.3B) remains the largest stainless steel household articles supplier worldwide, comprising 71% of global exports. The second position in the ranking was taken by India ($431M), with a 4.2% share of global exports. It was followed by Germany, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +14.9%. In the other countries, the average annual rates were as follows: India (+6.8% per year) and Germany (+0.9% per year).

Export Prices By Country

The average stainless steel household articles export price stood at $6.2 per unit in 2022, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2016 when the average export price increased by 16%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($9.5 per unit), while the United Arab Emirates ($2.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform