Special Steel Global Market Report 2024 - By Share, Size, Report, Growth And Analysis, Forecast To 2033

The special steel market size has grown strongly in recent years. It will grow from $183.02 billion in 2023 to $193.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to geopolitical and economic factors, rise in energy sector demands, consumer electronics industry growth, industrial revolution and machinery demand, development of automotive industry.

The special steel market size is expected to see strong growth in the next few years. It will grow to $240.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to adoption of special steel in construction, sustainable steel production practices, electronics and consumer goods demand, medical and healthcare equipment demand, aerospace and defense sector growth. Major trends in the forecast period include focus on sustainable materials, advancements in automotive industry, renewable energy infrastructure, medical devices and equipment, shift towards electric vehicles (EVs).

Market Overview -
Special steel refers to specialty steel as value-added steel that is transformed from normal finished steel through coating, plating, and heat treatment into highly valuable steel that can be used in a variety of strategic applications and is created by combining iron with different elements. These are used for manufacturing and maintenance components in a variety of applications, from smartphones to everyday home appliances to automobiles and other transportation equipment that is crucial to modern society.

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Surge In Special Steel Consumption Catalyzed By Automotive Sector Expansion
Increasing consumption of special steel in the automotive sector is expected to propel the growth of the special steel market going forward. The automotive sector refers to businesses involved in the manufacture, distribution, retail, and upkeep of automobiles. Special steel helps the automotive sector by providing high-quality steel to build a vehicle and also maintain safety standards in the industry. For instance, in April 2022, according to a report shared by The European Automobile Manufacturers Association, a Belgium-based main lobbying and standards group of the automobile industry in the European Union, 79.1 million motor vehicles were produced worldwide in 2021, a rise of 1.3% over 2020. Each car uses 900 kg of steel on average. Therefore, increasing consumption of special steel in the automotive sector is driving the growth of the special steel market.

Competitive Landscape -
Major companies operating in the special steel market report are 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.

Special Steel Market Growth Through Strategic Investments
Increasing investments in special steel industries is a key trend gaining popularity in the special steel market. Major companies are investing in the special steel industry to strengthen their position in the special steel market. For instance, in March 2021, BMW Group, a Germany-based luxury vehicle company, is investing in an innovative method for CO2-free steel production developed by American startup Boston Metal, through its venture capital fund, BMW Ventures. The investment is part of the BMW Group's far-reaching sustainability activities aimed at significantly reducing CO2 emissions across the supplier network.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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