Special Steel Market Expected to Reach $276.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Special Steel Market," The special steel market size was valued at $195.4 billion in 2021, and is estimated to reach $276.8 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031.

Special steel is a unique alloy or chemical composition formed via distinct and superior production process. It possesses higher strength, more toughness, better physical & chemical properties, biocompatibility, and performance compared to ordinary steel. This steel is mainly available in the market in the form of cake, ring, rod, tube, wire, strip, forging, casting, and others with a wide range of dimensions and extreme purity. In addition, special steel has special microstructure, uniform quality, high dimensional accuracy, and outstanding surface quality.

Significant development of automotive & machinery, and building & construction activities propels growth of the special steel market. In addition, increase in demand for special steel products from applications such as manufacturing, food processing, and agriculture drives growth of the market, globally. However, high cost associated with special steel production restrain the market growth during the forecast period. On the contrary, rapid growth of electric vehicles, renewable energy, and building & construction industry across the globe is expected to provide potential growth opportunities in the special steel market in the coming years.

Depending on type, the structural steel segment registered the highest market share of about 41.8% in 2021, and is expected to maintain its dominance during special steel market forecast period. This is attributed to rise in demand for structural steel from building & construction, automotive, and machinery industry in developing economies such as China and India, which is expected to fuel growth of the market during the forecast period. Structural steel is used in large facades, walls, and other materials. Real estate companies are constructing various malls and office areas, which also acts as a growth driver for the structural special steel market.

On the basis of application, the automotive segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 3.9%. This is attributed to rise in demand for passenger and commercial vehicles from various consumers across the globe. In addition, rapid growth of the EV industry and government initiatives toward promotion of the EV sector is further expected to be the key driving factor for the global special steel market in the coming years.

On the basis of region, the market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered a dominant share in 2021, and is anticipated to maintain this dominance in the special steel market during the forecast period. This is attributed to presence of key players and huge consumer base in the region.

In addition, special steel is gaining importance, owing to increase in demand from electric vehicles, building & construction, railways, and others in Asian economies and rapid urbanization in the region which, in turn, is expected to augment growth of the special steel market during the forecast period. The global special steel market analysis covers in-depth information of the major special steel industry participants.

The key players operating and profiled in the report include Aichi Steel Corporation, Cleveland Cliffs, Inc., ArcelorMittal S.A., Baosteel Stainless Steel Co., Ltd., Nippon Steel Corporation, Jiangsu Shagang Group, Dongbei Special Steel, Hyundai Steel Co. Ltd., Daido Steel Co., Ltd., and JSW Steel.

Other players operating in the value chain of the global special steel market include TISCO, JFE, Gerdau S.A., Sanyo Co., Ltd, Thyssenkrupp AG, U.S. Steel International, Inc., Xinning Special Steel Co., Ltd., and others.