How Has The Special Steel Market Size Evolved In Recent Years?
The special steel market has seen considerable growth due to a variety of factors.
• The size of the special steel market has seen robust growth in the past few years. The market, which was at $190.96 billion in 2024, is expected to rise to $201.15 billion in 2025, registering a compound annual growth rate (CAGR) of 5.3%.
The expansion during the historic period is a result of geopolitical and economic influences, increasing demands in the energy sector, growth in the consumer electronics industry, industrial revolution-induced machinery needs, and advancement in the automotive industry.
What Is The Expected Growth In The Special Steel Market Size?
The special steel market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the special steel market is anticipated to experience robust growth, reaching $254.71 billion in 2029 with a compound annual growth rate (CAGR) of 6.1%.
The surge predicted for the forecast period can be credited to the increased use of special steel in areas such as construction, sustainable steel manufacturing techniques, high demand from the electronics and consumer goods sector, as well as medical and healthcare equipment needs, along with aerospace and defense industry growth. Some of the significant trends expected during the forecast period involve a focus on eco-friendly materials, advancements in the automotive industry, the development of renewable energy infrastructure, medical devices and equipment, and a transition towards electric vehicles (EVs).
What Are The Key Drivers Fueling Growth In The Special Steel Market?
The special steel market is set to flourish owing to a surge in the demand in the automotive industry. This particular sector encompasses companies that manufacture, distribute, retain, and maintain vehicles. Utilization of special steel not only ensures production of high-grade vehicles, but also enforces safety measures across the automobile industry. As substantiated by the data released by the France's intergovernmental organization, International Energy Agency (IEA) in May 2024, SUVs, which account for nearly 48% of the worldwide car sales, set a fresh record in 2023, thus strengthening their foothold in the automobile marketplace. The sales of SUVs in developed countries crossed the 20 million mark in 2022, and the market share rose to an unprecedented 50% for the first time ever. Moreover, over 360 million SUVs were being utilised globally. As a result, the boosted consumption of special steel in the automobile sector further accelerates the expansion of the special steel market.
What Are The Primary Segments In The Global Special Steel Market?
The special steel market covered in this report is segmented –
1) By Type: Stainless Steel, Structural Steel, Tool And Die Steel
2) By Grade: 200 Series, 300 Series, 400 Series, Duplex Series, Other Grade
3) By Application: Automotive, Construction, Consumer Appliances, Manufacturing, Petrochemicals, Shipping And Packaging
Subsegments:
1) By Stainless Steel: Austenitic Stainless Steel, Ferritic Stainless Steel, Martensitic Stainless Steel, Duplex Stainless Steel
2) By Structural Steel: Rolled Steel Sections, Plates And Sheets, Angles and Bars, Hollow Sections
3) By Tool And Die Steel: High-Speed Steel (HSS), Cold Work Tool Steel, Hot Work Tool Steel, Plastic Mould Steel
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Which Key Trends Are Driving Changes In The Special Steel Market?
Major firms in the special steel market have turned their focus towards creating groundbreaking solutions, such as the decarbonization of steel production. The decarbonization process pertains to the reduction of carbon dioxide emissions in steel manufacturing through the use of cleaner technologies and practices, with the aim to decrease emissions significantly, aligning with international climate objectives. For example, in 2023, thyssenkrupp Steel, a German steel manufacturing firm, unveiled its novel tkH2Steel concept at the Green Steel World conference. This innovative approach aims to decarbonize steel production by employing hydrogen as an alternative to traditional carbon-based techniques. Thyssenkrupp's initiative is part of its ambition to realize climate-neutral steel production, with their bluemint steel providing up to 70% less CO2 emissions than conventional methods. This is in line with the worldwide drive towards greener industrial processes and exemplifies thyssenkrupp’s forefront in sustainable steel technologies.
Who Are the Key Players in the Special Steel Market?
Major companies operating in the special steel market include:
• China BaoWu Steel Group Corporation Limited
• ArcelorMittal S.A
• Pohang Iron and Steel Company
• Nippon Steel Corporation
• Baosteel Group Co
• Shagang Group Anyang Yongxing Special Steel Co Ltd.
• Nucor Corporation
• JFE Holdings Inc.
• Hunan Valin Iron And Steel Group Co Ltd.
• Techint Group
• Tata Steel Limited
• Hebei Iron and Steel Group Co Ltd.
• Kobe Steel. Ltd.
• Hyundai Steel Co Ltd.
• Voestalpine AG
• JSW Steel Ltd.
• Essar Steel Ltd.
• United States Steel Corporation
• Novolipetsk Steel
• Gerdau S.A.
• Outokumpu Oyj
• Aperam S.A
• Jindal Steel and Power Limited
• Steel Authority of India Limited
• Nanjing Iron & Steel Group Co Ltd.
• AK Steel Holdings Corporation
• Dongbei Special Steel Group Co Ltd.
• Jiuquan Iron and Steel Corporation
• Steel Dynamics Inc.
• Thyssenkrupp Materials NA Inc.
What Is The Most Dominant Region In The Special Steel Market?
Asia-Pacific was the largest region in the special steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the special steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
