Press release
Special Steel Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis
Special Steel Market
What Is the Expected Special Steel Market Size During the Forecast Period?
The size of the special steel market has experienced robust growth in recent years. Projected to rise from $190.96 billion in 2024 to $201.15 billion in 2025, it exhibits a compound annual growth rate (CAGR) of 5.3%. The historic growth can be tied to a mix of geopolitical and economic influences, increased demands from the energy sector, the expansion of the consumer electronics industry, industrial revolution and machinery requirements, as well as the evolution of the automotive industry.
The market size of special steel is predicted to experience a significant increase in the coming years, expanding to $254.71 billion by 2029, with a compound annual growth rate of 6.1%. Growth in the prediction period can be ascribed to the rising use of special steel in the construction industry, the sustainability of steel manufacturing procedures, electronics and consumer goods demands, needs from the medical and healthcare equipment industry, and the growth of the aerospace and defense sector. During the prediction period, key trends incorporate an emphasis on sustainable materials, progress made in the automotive industry, renewable energy infrastructure, advances in medical apparatus and equipment, and a shift towards the production of electric vehicles (EVs).
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What Are the High-Growth Segments in 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
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What Key Drivers Are Expected to Influence Future Special Steel Market Growth?
The expansion of the special steel market is anticipated to be fueled by the surging use of special steel in the automotive industry. The automotive sector encompasses companies engaged in the production, distribution, sales, and maintenance of automobiles. Special steel is instrumental to this sector as it supplies high-quality steel needed for vehicle construction, while also ensuring industry safety standards are met. For example, data released by the International Energy Agency (IEA), a French intergovernmental organization, in May 2024 indicated that SUVs, accounting for 48% of global car sales, set a new record in 2023, reinforcing their standing in the automotive market. SUV sales in developed economies exceeded 20 million in 2022, achieving a 50% market share for the first time, with over 360 million SUVs currently on the global roads. Thus, the growing usage of special steel in the automotive industry is propelling the expansion of the special steel market.
Which Companies Hold the Largest Share Across Different Special Steel Market Segments?
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 Trends Are Expected to Dominate the Special Steel Market in the Next 5 Years?
Leading businesses in the special steel market are prioritizing the development of unique solutions which include decarbonizing the process of steel production. This concept implies limiting CO2 emissions in the steel industry by using cleaner technologies and processes to adhere to international climate objectives. A prime example of this is when thyssenkrupp Steel, a steel manufacturing company based in Germany, presented their groundbreaking tkH2Steel idea at the Green Steel World conference in 2023. This progressive approach seeks to make steel production more environment-friendly by replacing traditional carbon-based methods with hydrogen. The move is a part of thyssenkrupp's commitment to attain climate-neutral steel manufacturing, where their bluemint steel has been proven to lower CO2 emissions by up to 70% in comparison to conventional processes. This commitment resonates with the worldwide drive for more sustainable industrial practices, highlighting thyssenkrupp's position at the forefront of eco-friendly steel technologies.
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What Are the Emerging Geographies for The Special Steel Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Special Steel Market?
2. What is the CAGR expected in the Special Steel Market?
3. What Are the Key Innovations Transforming the Special Steel Industry?
4. Which Region Is Leading the Special Steel Market?
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