Surge In Special Steel Consumption Catalyzed By Automotive Sector Expansion: A Key Factor Shaping the Future of the Special Steel Market in 2025

What industry-specific factors are fueling the growth of the special steel market?
The anticipated growth of the special steel market is likely to be fueled by rising special steel usage in the automotive industry. The automotive industry encompasses businesses engaged in automobile production, distribution, retail, and maintenance. Special steel contributes to this sector by supplying high-quality material for vehicle construction and promoting safety standards within the industry. For example, the International Energy Agency (IEA), a France-based intergovernmental body, reported in May 2024 that SUVs, accounting for 48% of worldwide car sales, set a new record in 2023, bolstering their standing in the automotive market. SUV sales in developed economies exceeded 20 million in 2022, hitting a 50% market share for the first time, with over 360 million SUVs globally. Consequently, the rising consumption of special steel in the automotive industry is a key driver for the expansion of the special steel market.

Get Your Special Steel Market Report Here:
https://www.thebusinessresearchcompany.com/report/special-steel-global-market-report

What Is the projected market size and growth rate for the special steel market?
The size of the special steel market has seen notable growth in the past few years. The market is projected to escalate from $190.96 billion in 2024 to $201.15 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.3%. This growth during the historical period is due to various factors such as geopolitical and economic influences, increased demands in the energy sector, expansion of the consumer electronics industry, industrial revolution and increased machinery demand, as well as the advancement of the automotive industry.

Predictions show a robust expansion of the special steel market in the coming years, expecting to reach a valuation of $254.71 billion by 2029, with a 6.1% compound annual growth rate (CAGR). This anticipated expansion during the projected period can be ascribed to factors such as special steel's utilization in construction, adoption of sustainable steel production methods, increasing demand in the electronics and consumer goods sectors, burgeoning need for medical and healthcare equipment, plus the growth in the aerospace and defense industry. Significant trends projected for this period encompass the pursuit of sustainable materials, advancements within the automotive industry, enhanced renewable energy infrastructure, medical devices and equipment, along with a transition towards electric vehicles (EVs).

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=7476&type=smp

What new trends are reshaping the special steel market and its opportunities?
Major corporations active in the special steel market prioritize the creation of innovative solutions such as the decarbonization of steel manufacturing. The strategy of decarbonizing steel production means reducing the carbon dioxide emissions of the steel industry through the utilization of greener technologies and methods. The goal is to achieve meaningful emission cuts in accordance with worldwide climate objectives. For example, in 2023, thyssenkrupp Steel, a steel producer based in Germany, unveiled its groundbreaking tkH2Steel concept at the Green Steel World convention. The purpose of this new technique is to decarbonize steel manufacturing by substituting hydrogen for traditional carbon-based processes. This effort is a component of thyssenkrupp's ambition to obtain climate-neutral steel manufacturing. Their bluemint steel already has the potential to reduce CO2 emissions by up to 70% compared to conventional techniques. This is in line with the worldwide trend towards more environmentally friendly industrial practices and demonstrates thyssenkrupp's prominence in the area of green steel technologies.

What major market segments define the scope and growth of the 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

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=7476

Which region dominates 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.

Which key market leaders are driving the special steel industry growth?
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.

Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/customise?id=7476&type=smp

What Is Covered In The Special Steel Global Market Report?

•Market Size Forecast: Examine the special steel market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the special steel market for a structured understanding.
•Key Players Overview: Analyze major players in the special steel market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the special steel market.
•Segment Contributions: Evaluate how different segments drive overall growth in the special steel market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the special steel market.
•Industry Challenges: Identify potential risks and obstacles affecting the special steel market.
•Competitive Landscape: Review strategic developments in the special steel market, including expansions, agreements, and new product launches.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.