Special Steel Market Research, 2031
The global special steel market was valued at $195.4 billion in 2021, and is projected to reach $276.8 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031. Specialty steel is value-added steel wherein finished steel is passed through various processes including coating, plating, heat treatment, and others, to convert it into high value-added steel. It can be used in various applications such as defense, space, power, apart from the automobile sector, specialized capital goods, building & construction, etc. Special steel offers high strength, improved physical & chemical properties, recycling, high performance, and others as compared to traditional steel. Special steel products are available in various profiles including round bars, round-cornered squares in straight bars, wire rods, hot rolled sheets, cold rolled sheets and others.
Lockdown imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for special steel from consumers, including automotive, building & construction, machinery & manufacturing, railways, and others. In addition, halt in renewable power plants, automotive manufacturing industries, and consumer electronics manufacturing industries, owing to unavailability of workers and increase in demand–supply gap hamper the special steel market growth during the pandemic period. This declined the market growth in second, third, and fourth quarters of 2020. However, the special steel market recovered by the second quarter of 2021, as COVID-19 vaccination begun in various economies across the globe, which improved the global economy.
Increase in infrastructural developments, replacement of existing railway gauges with modern ones as well as deployment of smart power grids, and building & construction activities across the globe are the major drivers that boost the growth of the global special steel market. The development of electric vehicles and incentives to deploy them and their charging infrastructure is increasing the consumption of special steel in the automotive sector, which in turn is projected to drive the special steel market growth in the coming years. Moreover, government initiatives & investment toward different infrastructure projects in energy, railways, real estate and others is expected to create opportunity for key players operating in the market during the analyzed timeframe.
The global special steel market is segmented on the basis of type, application and region. Depending on type, the market is bifurcated into stainless steel, structural steel, and tool & die steel. The applications covered in the study include automotive, machinery & manufacturing, petrochemicals & energy, railways, aerospace & defense, building & construction, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The global special steel market covers in-depth information of the major special steel industry participants.
Some of the major players in the special steel market 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 are TISCO, JFE, Gerdau S.A., Sanyo Co., Ltd, Thyssenkrupp AG, U.S. Steel International, Inc., Xinning Special Steel Co., Ltd., and others. The key players are adopting numerous strategies such as product launch, agreement, partnership, acquisition, and business expansion, to stay competitive in the special steel market.
For instance, in July 2021, ArcelorMittal Nippon Steel (AMNS) India designed and manufactured indigenously developed specialist-grade steel plates (16Mo3) that can operate under extreme temperature, pressure and radioactive conditions. This new product will be used in Nuclear Power Corporation of India Ltd. (NPCIL)'s heavy water reactors. This has enhanced the product portfolio of the company.
In addition, in October 2020, AMNS India launched new high-grade steel products named Stallion and Maximus. Through this product launch, AMNS India enhanced its product portfolio by combining its access to world-class technology and R&D with unrivalled Indian steel industry knowledge and expertise.
Depending on the type, structural steel segment registered the highest growth rate of about 41.8% in 2020, and is expected to maintain its dominance during the special steel market forecast period. This is owing to rise in demand for structural steel from building & construction, automotive, and machinery industry in developing economies such as China, India, and others is expected to fuel the growth of the market during the forecast period. Structural steel is used in the large facades, walls, bridges, and other applications. Real estate companies are constructing various malls and office areas which also act as a growth driver for 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 owing to rise in demand for passenger and commercial vehicles from various consumers across the globe. In addition, rapid growth of EV industry and government initiatives toward promotion of EV sector is further projected to be the key driving factor in the global special steel market in the coming years.
On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2020, and is anticipated to maintain this dominance in special steel market trend during the forecast period. This is attributed to the presence of key players and huge consumer base in the region.
In addition, special steel is gaining importance owing to the increase in demand from electric vehicle, building & construction, railways and others in Asian economies, and rapid urbanization in the region which, in turn, is expected to augment the 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 special steel market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the special steel market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the special steel market analysis from 2021 to 2031 to identify the prevailing special steel market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the special steel market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global special steel market trends, key players, market segments, application areas, and market growth strategies.
Special Steel Market Report Highlights
| Aspects | Details |
 By Type |
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 By Application |
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 By Region |
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 Key Market Players | Cleveland Cliffs, Inc., Baosteel Group, Aichi Steel Corporation, Hyundai Steel Co., Ltd., ArcelorMittal, Nippon Steel Corporation, Daido Steel Co. Ltd., Dongbei Special Steel Group, JSW Steel, Jiangsu Shagang Group |
Analyst Review
According to the insights of CXOs of leading companies, demand for special steel is fueled by increased construction renovation activities, increase in cross-country power transmission & distribution networks, replacement of old units, rapid growth in aerospace & defense sector, and mainstream adoption of renewable energy generation special steel market.
High capital cost, fluctuating raw material prices, and logistic challenges are expected to be major restraining factors for the global special steel market. On the contrary, R&D activities are developing high strength special steel products and investments toward ramping up production capacity & export, which is anticipated to create opportunities in the global special steel market during the forecast period.
Increase in demand for special steel applications from automotive sectors is the key factor that drives growth of the global special steel market during the forecast period. In addition, increase in government investments in the automotive construction industry and technological advancements in special steel production are projected to provide remunerative opportunities for key players to maintain the pace in the global special steel market in the coming years.
Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market during the forecast period, followed by North America, Europe, and LAMEA. Asia-Pacific accounted for 54.3% of the total global special steel market share in 2021, and is expected to maintain its dominance during the forecast period.
Rise in demand for special steel products from end use industries such as automotive, building & construction, machinery & manufacturing, and others
Automotive is the leading application of Special Steel Market.
Asia-Pacific is the largest regional market for Special Steel.
The global special steel market was valued at $195.4 billion in 2021, and is projected to reach $276.8 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031.
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 are the top companies to hold the market share in Special Steel.
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