Press release
Special Steel Market Trends That Will Shape the Next Decade: Insights from Companies Are Innovating To Decarbonize Steel Production For Sustainability
Special Steel Market
How Large Will the Special Steel Market Size By 2025?
In the past few years, the special steel market has seen a consistent increase in its size. It's forecasted to expand from $190.96 billion in 2024 to $197.53 billion in 2025, marking a compound annual growth rate (CAGR) of 3.4%. The growth experienced in the historical period is due to a number of factors including geopolitical and economic influences, increased demand in the energy sector, growth in the consumer electronics industry, the industrial revolution, surge in machinery requirements, and the expansion of the automotive industry.
How Big Is the Special Steel Market Size Expected to Grow by 2029?
In the upcoming years, the special steel market size is predicted to experience robust growth, escalating to $245.5 billion by 2029 with a compound annual growth rate (CAGR) of 5.6%. The anticipated growth during this period is primarily due to the increased use of special steel in construction, the adoption of sustainable methods in steel production, increased demand in electronics and consumer goods, healthcare equipment, as well as the expansion of the aerospace and defense sectors. In the forecast period, key trends include a surge in sustainable materials, developments in the automobile industry, focus on renewable energy infrastructure, and medical devices and equipment, as well as the transition towards electric vehicles (EVs).
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Which Key Market Drivers Powering Special Steel Market Expansion and Growth?
The surge in special steel usage within the automotive industry is projected to boost the expansion of the special steel market. The automotive sector is defined as entities engaged in the production, distribution, retail, and maintenance of motor vehicles. Special steel contributes to the automotive industry by supplying superior quality steel for vehicle construction, simultaneously ensuring adherence to safety norms within the sector. For example, the International Energy Agency (IEA), a French intergovernmental organization, reported in May 2024 that SUVs, accounting for 48% of global car sales, set a new record in 2023, thus further strengthening their prominence in the automotive market. In 2022, SUV sales in advanced economies exceeded 20 million, marking a 50% market share for the first time, with over 360 million SUVs globally. Consequently, the escalating use of special steel in the automotive industry is fuelling the special steel market's growth.
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What Are the Key Trends Driving Special Steel Market Growth?
Prominent firms active in the special steel market are concentrating on developing ground-breaking solutions like steel production decarbonization. This refers to the strategy of decreasing the carbon dioxide emissions in the steel production sector by incorporating cleaner technological solutions and methods. The purpose is significant emission reductions in line with global climate objectives. For example, in 2023 thyssenkrupp Steel, a German steel-making company, presented its inventive tkH2Steel approach at the Green Steel World convention. This innovative method was developed to decarbonize steel production by replacing traditional carbon-based techniques with hydrogen. This initiative fits into thyssenkrupp's ambition for climate-neutral steel production, with their bluemint steel model already reducing CO2 emissions by up to 70% compared to conventional procedures. This is in sync with the worldwide drive for eco-friendly industrial methodologies and highlights thyssenkrupp's primacy in sustainable steel applications.
What Are the Emerging 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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Who Are the Global Leaders in the Special Steel Market?
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 are the Top Profitable Regional Markets for the Special Steel Industry?
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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