According to Market Intelligence, the global 304 stainless steel market is growing at a CAGR of 8.4% during the forecast period 2023-2028. By Application (Kitchen Sinks, Automotive, Food Processing Equipment, Others) By Type (304L Low Carbon, 304H High Carbon, 304LN Low Carbon High Carbon, Others) By Material (Stainless Steel, Aluminum, Copper, Others) And Geography Region (North America, South America, Europe, Asia Pacific, MEA). The 304 stainless steel market size is projected to increase at a CAGR of 8.4% to USD 112.15 billion from 2023 to 2028.

Type 304 stainless steel is an austenitic stainless steel containing at least 18% chromium, 8% nickel, and sometimes small amounts of other elements such as molybdenum. Known for its resistance to corrosion, durability and high temperatures, it is commonly used in a variety of industries including construction, automotive, aerospace and food processing.

Several joint ventures have emerged in the global 304 Stainless Steel market to enhance the capabilities of manufacturers and/or companies to establish geographic footprints in new areas. Vendors are accelerating their M&A strategies to expand their geographic reach, which is shaping the market towards a new growth cycle.