Surge In Special Steel Consumption Catalyzed By Automotive Sector Expansion: A Key Catalyst Accelerating Special Steel Market Growth in 2025

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What Will the Special Steel Industry Market Size Be by 2025?
In recent times, the special steel industry has seen substantial expansion. The market value is projected to increase from $190.96 billion in 2024 to $201.15 billion in 2025, maintaining a compound annual growth rate (CAGR) of 5.3%. This growth trajectory during the historic phase can be credited to geopolitical and economic factors, an escalating demand in the energy sector, expansion of the consumer electronics industry, industrial revolution and surge in machinery requirements, along with the growth of the automotive industry.

What's the Long-Term Growth Forecast for the Special Steel Market Size Through 2029?
In the coming years, the special steel market is projected to witness robust growth, eventually reaching $254.71 billion in 2029 with a 6.1% compound annual growth rate (CAGR). This expected rise during the forecasted period is due to factors such as the increased use of special steel in the construction sector, commitment to sustainable steel production techniques, increased demand from the electronics and consumer goods sector, and necessities in medical, healthcare, aerospace and defense industries. Other emerging trends that are foreseen in the approaching period encompass a spotlight on sustainable materials, breakthroughs in the automobile industry, expansion of renewable energy infrastructure, advents in medical appliances and equipment, as well as the leaning towards electric vehicles (EVs).

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What Are the Key Growth Drivers Fueling the Special Steel Market Expansion?
The surge in use of specialized steel in the automotive industry is projected to spur the growth of the special steel market in the future. The term 'automotive sector' encompasses businesses that engage in the production, distribution, retail, and maintenance of vehicles. Special steel offers assistance to this sector by supplying high-quality steel needed to fabricate a vehicle while also adhering to safety standards in the industry. For example, the International Energy Agency (IEA), an intergovernmental organization based in France, revealed data in May 2024, which showed that 48% of global car sales were accounted for SUVs, breaking a new record in 2023 and affirming their popularity in the automotive market. The number of SUVs sold in developed economies exceeded 20 million in 2022, capturing 50% of the market share for the first time, while there were over 360 million SUVs on roads globally. Consequently, the escalating use of special steel in the automotive sector is propelling the growth of the special steel market.

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What Are the Key Trends Driving Special Steel Market Growth?
Key players in the special steel market like thyssenkrupp Steel, are shifting their focus towards innovative solutions such as decarbonizing steel production in an attempt to strike a balance with global climate objectives. The term "decarbonizing steel production" signifies the techniques implemented to cut down on carbon dioxide emissions in the steel industry by embracing cleaner technologies and methodologies. For instance, at the 2023 Green Steel World conference, the Germany-based thyssenkrupp Steel unveiled its groundbreaking tkH2Steel concept, a strategy intentionally aimed at reducing carbon emissions during steel production by replacing traditional carbon-based methods with hydrogen usage. This initiative contributes to thyssenkrupp's ambition of reaching climate-neutral steel production, with their bluemint steel already achieving up to a 70% reduction in CO2 emissions when juxtaposed with regular processes. This development resonates with the international drive towards eco-friendly industrial procedures and underscores thyssenkrupp's vanguard position in sustainable steel solutions.

How Is the Special Steel Market Segmented?
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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Which Companies Are Leading the Charge in Special Steel Market Innovation?
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.

Which Regions Are Leading the Global Special Steel Market in Revenue?
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.

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