Stainless steel in primary forms and stainless steel semi-finished products market in Sweden

Earlier Report Observations

Between 2020 and 2022, Sweden's stainless steel market saw substantial growth, with production volume increasing from 246.4 thousand tons to 316.3 thousand tons. This expansion was primarily driven by the industry's strategic shift toward manufacturing more advanced steel qualities, which raised the share of alloy and stainless steel in total output. Enhanced production capacity and investment supported this trend, leading to a peak market value of over $1.1 billion in 2022.

The COVID-19 pandemic temporarily reduced demand from steel-consuming sectors in 2020, contributing to a decline in imports and exports that year. However, the market rebounded strongly in 2021 and 2022 as demand recovered and producers increased output, with Swedish companies leveraging domestic iron ore and scrap to maintain production stability during the disruption.

Sweden solidified its position as a leading European producer, with per capita consumption among the highest globally, indicating robust domestic demand. While import volumes fluctuated over the period, exports grew after 2020, reflecting greater international engagement. The market evolved largely through industrial strategy and demand dynamics, without major regulatory shifts affecting its trajectory.

Production stainless steel in primary forms and stainless steel semi-finished products in Sweden

In value, 2017-2020, M $ US

Annual dynamics of production in Sweden in value, 2017-2020, M $ US

In kind, 2017-2020, K t

Annual dynamics of production in Sweden in kind, 2017-2020, K t

Exports stainless steel in primary forms and stainless steel semi-finished products from Sweden

Exports in kind, K t

Sweden's exports of foreign stainless steel in primary forms and semi-finished products declined for the second year in a row. In 2020, exports stood at 42.2 K t, showing a sharp year-on-year drop of 27.8%. Over the period from 2017 to 2020, exports fell by 30.5%, which translates to an annualized decline of 11.4%. The peak was recorded in 2018 at 62.8 K t, with the largest increase that year at 3.5%.

Annual dynamics of product's exports from Sweden in kind, 2017-2020, K t

From 2017 to 2020, the United States, Italy, and India were the top destinations for Sweden's exports of stainless steel in primary forms and semi-finished products. The United States accounted for 37.4% of exports in kind, Italy for 14.3%, and India for 12.9%. Together, these three countries made up 64.6% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Sweden in kind, 2017-2020

Exports in value, M $ US

Sweden's cross-border shipments of stainless steel in primary forms and semi-finished products decreased for the second consecutive year. In 2020, exports were valued at 147.6 M $ US, representing a significant 30.0% decline compared to the previous year. Between 2017 and 2020, exports dropped by 22.3%, with a compound annual growth rate of -8.1%. The highest value was in 2018 at 227.2 M $ US, when exports saw their largest increase of 19.6%.

Annual dynamics of product's exports from Sweden in value, 2017-2020, M $ US

During 2017–2020, the United States, India, and Italy led Sweden's exports in value terms for stainless steel in primary forms and semi-finished products. The United States held 39.1% of export value, India 14.6%, and Italy 13.5%. Combined, these three markets accounted for 67.3% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Sweden in value, 2017-2020

Imports stainless steel in primary forms and stainless steel semi-finished products to Sweden

Imports in kind, K t

Sweden's imports of stainless steel in primary forms and semi-finished products fell for the second year running. In 2020, imports reached 92.5 K t, down sharply by 28.6% from 2019. From 2017 to 2020, imports decreased by 39.3%, with a compound annual decline of 15.3%. The maximum volume was in 2018 at 162.8 K t, which also saw the largest increase of 6.7%.

Annual dynamics of product's imports to Sweden in kind, 2017-2020, K t

Between 2017 and 2020, the United Kingdom was the overwhelmingly dominant market for Sweden's imports of stainless steel in primary forms and semi-finished products, accounting for 91.5% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Sweden in kind, 2017-2020

Imports in value, M $ US

Sweden's import volume of stainless steel in primary forms and semi-finished products declined for the second consecutive year. In 2020, imports amounted to 207.5 M $ US, marking a 32.5% year-over-year fall. Over the period from 2017 to 2020, imports dropped by 36%, equivalent to an annualized rate of 13.8%. The peak value was recorded in 2018 at 402.8 M $ US, with the largest increase that year at 24.1%.

Annual dynamics of product's imports to Sweden in value, 2017-2020, M $ US

From 2017 to 2020, the United Kingdom clearly dominated as the main supplier of stainless steel in primary forms and semi-finished products to Sweden, taking 91.9% of total imports in value terms.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Sweden in value, 2017-2020