From 2010 to 2019, global stainless steel production increased from 31.094 million tons to 52.218 million tons, with a compound annual growth rate of 5.93%, and the increase in supply mainly came from China. The global economic landscape in 2020 has seen many major changes. The global epidemic has caused many uncertainties, resulting in weak global economic growth and a decline in stainless steel production, with global stainless steel production totaling 50.89 million tons in 2020, down 2.5% year-on-year. Global stainless steel crude steel production in 2022 was 55.255 million tons, down 5.2% year-on-year.

Global stainless steel production is concentrated in Asia, the world's major stainless steel production has declined in 2022, and China is still the world's largest stainless steel producer. European stainless steel production was 6.294 million tons, a year-on-year decrease of 12.4%; Us production was 20.17 million tons, down 14.8% year-on-year; China's stainless steel production was 31.975 million tons, down 2.0% year-on-year, accounting for 57.9% of global production; Stainless steel production in Asia (excluding China and South Korea) was 7.411 million tons, down 4.9% year-on-year; Stainless steel production in other countries (Brazil, Russia, South Africa, South Korea, Indonesia) was 7.557 million tons, down 9.1% year-on-year. In October 2022, the World Stainless Steel Association announced the global stainless steel consumption forecast during the World Stainless Steel Conference, and the global consumption forecast was finally determined to decrease by 0.6% in 2022 and increase by 3.2% in 2023, and social demand was generally stable. In 2020, the main global consumption of stainless steel is distributed in metal products and mechanical engineering, accounting for 37.7% and 28.7%, respectively.

As the impact of the global epidemic gradually subsided, social demand ushered in further recovery, economic construction in various countries began to increase, and the demand for the use of stainless steel products is expected to increase. Overall, global stainless steel consumption tends to be stable, benefiting from the application of new high-end stainless steel varieties and the further improvement of energy-saving production processes, the future global stainless steel consumption is still expected to maintain steady growth.