Special Steel Global Market Size, Share, Trends, Growth, By Product Type, By Application, Opportunity Analysis and Industry Forecast, 2024-2033 | ArcelorMittal S.A, Nucor Corporation, JFE Holdings Inc., JSW Steel Ltd., Essar Steel Ltd.

Special Steel Market

The Special Steel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Special Steel Global Market Report 2024, 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).

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.

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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

Major companies operating in the special steel industry are focused on developing innovative technologies such as automation in steel processing to strengthen their position in the special steel market. Automation in steel processing enhances productivity, quality, and efficiency in the production of special steel, contributing to the competitiveness and sustainability of the special steel market. For instance, in November 2021, ABB Group, a Sweden-based corporation, launches industry-first smart factory solution for safer, more autonomous and efficient steel melt shop operations. The new digital tool allows metals producers to closely monitor and plan the transportation of molten metal from furnace to caster by automating and optimizing ladle and crane movements in steel melt shops. With the use of Smart Melt Shop, superheat compliance can be raised to allow for 4-5% faster casting speeds, which can boost output and lower arcing in ladle furnaces by 5 degrees Celsius each heat, improving energy and cost effectiveness.

The special steel market report table of contents includes:
1. Executive Summary