Press release
Special Steel Market 2024-2033: Future Outlook, Global Trends, Industry Share And Top Key Players
Special Steel Market
The Business Research Company offers in-depth market insights through Special Steel Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The special steel market size has grown strongly in recent years. It will grow from $183.02 billion in 2023 to $193.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to geopolitical and economic factors, rise in energy sector demands, consumer electronics industry growth, industrial revolution and machinery demand, development of automotive industry.
The special steel market size is expected to see strong growth in the next few years. It will grow to $240.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to adoption of special steel in construction, sustainable steel production practices, electronics and consumer goods demand, medical and healthcare equipment demand, aerospace and defense sector growth. Major trends in the forecast period include focus on sustainable materials, advancements in automotive industry, renewable energy infrastructure, medical devices and equipment, shift towards electric vehicles (EVs).
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Market Segmentation:
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
Major Driver - Surge In Special Steel Consumption Catalyzed By Automotive Sector Expansion
Increasing consumption of special steel in the automotive sector is expected to propel the growth of the special steel market going forward. The automotive sector refers to businesses involved in the manufacture, distribution, retail, and upkeep of automobiles. Special steel helps the automotive sector by providing high-quality steel to build a vehicle and also maintain safety standards in the industry. For instance, in April 2022, according to a report shared by The European Automobile Manufacturers Association, a Belgium-based main lobbying and standards group of the automobile industry in the European Union, 79.1 million motor vehicles were produced worldwide in 2021, a rise of 1.3% over 2020. Each car uses 900 kg of steel on average. Therefore, increasing consumption of special steel in the automotive sector is driving the growth of the special steel market.
Competitive Landscape:
Major companies operating in the special steel market report are 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.
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Top Trend - Automation Reshapes The Future Of Special Steel Industry For Enhanced Productivity And Sustainability
Major companies operating in the special steel industry are focused on developing innovative technologies such as automation in steel processing to strengthen their position in the special steel market. Automation in steel processing enhances productivity, quality, and efficiency in the production of special steel, contributing to the competitiveness and sustainability of the special steel market. For instance, in November 2021, ABB Group, a Sweden-based corporation, launches industry-first smart factory solution for safer, more autonomous and efficient steel melt shop operations. The new digital tool allows metals producers to closely monitor and plan the transportation of molten metal from furnace to caster by automating and optimizing ladle and crane movements in steel melt shops. With the use of Smart Melt Shop, superheat compliance can be raised to allow for 4-5% faster casting speeds, which can boost output and lower arcing in ladle furnaces by 5 degrees Celsius each heat, improving energy and cost effectiveness.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Special Steel Market Characteristics
3. Special Steel Market Trends And Strategies
4. Special Steel Market - Macro Economic Scenario
5. Special Steel Market Size And Growth
…..
27. Special Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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