Press release
Special Steel Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Special Steel Market
Special Steel Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $240.05 billion In 2028 At A CAGR Of 5.5% :
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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Special Steel Market Major Segments
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
Key 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.
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Prominent Trend - Special Steel Market Growth Through Strategic Investments
Increasing investments in special steel industries is a key trend gaining popularity in the special steel market. Major companies are investing in the special steel industry to strengthen their position in the special steel market. For instance, in March 2021, BMW Group, a Germany-based luxury vehicle company, is investing in an innovative method for CO2-free steel production developed by American startup Boston Metal, through its venture capital fund, BMW Ventures. The investment is part of the BMW Group's far-reaching sustainability activities aimed at significantly reducing CO2 emissions across the supplier network.
Special Steel Market Players
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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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the special steel market in 2023. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Special Steel Market Report Structure
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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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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