Trend of Strategic Alliances by the players is expected to drive the Global Special Steel Market

The research report "Special Steel Market By Type (Wear Steels, High Strength Steels, Protection Steels, & Tool Steels), Industry (Construction, Heavy Transport/Automotive, Mining, & Others), and Geography– Global/Region Forecast to 2027", The Special Steel Market is anticipated to reach US$ 362,785.8 Mn by 2027, with a CAGR of 8.5% from 222,317.9 Mn USD in 2021.

Glance our 159 slides market research and competitive intelligence research report, 18 Tables and 62 Figures and other qualitative sections with an in-depth TOC on " Special Steel Market By Type (Wear Steels, High Strength Steels, Protection Steels, & Tool Steels), Industry (Construction, Heavy Transport/Automotive, Mining, & Others), and Geography– Global/Region Forecast to 2027"

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Companies Trend to Introduce High Strength Steels:
• Companies are focusing to introduce high strength steels. For instance, In April, 2019, SSAB launched Strenx 1100 Plus strip steel for stronger & lighter lifting equipment applications. This is a high strength steel and increases payload also improves the fuel economy. Likewise, in November 2018, SSAB launched Strenx 1100 Plus strip steel in the lifting and transportation sectors in China. Similarly, in September 2020 Hyundai Steel launched high strength rolled steel, namely ULTREX. Likewise, in March 2020, Nippon Steel Corporation launched structural H-shapes MEGA NSHYPER BEAM products. Similarly, in October 2019, NLMK initiated the launch of high-strength HRC steels, S500MC & S550MC in Russia and these products can be used to manufacture dump truck bodies, truck chassis, cranes & other special machinery. Likewise, Tata Steel developed a range of versatile hot-rolled advanced & ultra-high-strength steels
• Furthermore, rising demand for high-strength steel in automotive sector from the past few years is at rapid pace, which further creates the demand for high strength steels and thereby increase the product launches of high strength steels
• Moreover, high-strength steels have lower formability, such as elongation, stretch-flange formability, as compared to mild steel. In addition, high-strength steels offer significant benefits in heavy equipment such as trucks, trailers, agriculture & lifting equipment, and construction machinery
• Such criteria enable high strength steels to have high demand, which further stimulates companies to focus and introduce high strength steels in the market and this trend is anticipated to continue over the period.

In the global Special Steel industry, Asia-Pacific holds a commanding lead:
In 2021, Asia-Pacific accounted for ~72% of total market, followed by Europe, North America, Latin America, and Middle East & Africa. Asia-Pacific accounted for the largest share in 2021 and is expected to maintain the highest share over the period. North America region rise at a substantial CAGR over the forecast years, owing to rapid investments in Infrastructure in the United States and government involvement in Canada Infrastructure.

Market players have implemented strategies to broaden product portfolios and to sustain their market position in the global Special Steel market.
For example, In October 2021, Voestalpine' The High-Performance Metals Division, started to build a new special steel plant in Kapfenberg, Austria with an investment of EUR 188 million, and this plant is anticipated to start production by mid of 2022. This plant further increases the quality of manufacturing of high & ultra-high strength steels.

In October 2021, Dillinger announced to continue the partnership with Materials Science and Engineering Department at Saarland University and the Steinbeis Research Center for Materials Science (MECS). This partnership helps to advance the development of Dillinger’s special steels even more quickly and economically

In November 2020, Nippon Steel Corporation planned an investment of YEN 104 billion to enhance the production capacity and to improve quality of electrical steel sheets.

In October 2020, NLMK invested around EUR 30 million to expand Thin & High Added Value Steel Plate range QUARD and QUEND

In October 2019, Nucor has opened cold mill facility in Hickman (Arkansas, US) with an investment of around USD 230 million, which focuses on production of producing advanced high-strength steel (AHSS), high-strength low-alloy (HSLA). This plant enables the company to expand its production capabilities to meet the emerging demand for specialty steels in the US

In March 2019, Nippon steel acquired Sanyo Special Steel Co., Ltd. (“Sanyo”), which involves in production & sale of special steel products, powders & formed and fabricated materials. This acquisition enabled the company to expand its product portfolio in special steels category.

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Key market players covered in this report are SSAB (Sweden), ArcelorMittal S.A. (Luxembourg), Voestalpine AG (Austria), ThyssenKrupp AG (Germany), Dillinger Hütte (Germany), Hyundai Steel Company Ltd. (South Korea), Nucor Corporation (US), Nippon Steel Corporation (Japan), NLMK Group (Russia), Nanjing Iron and Steel Group Co., Ltd. (China) and others

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