Special Steel Market Size, Share, Growth, and Industry Analysis, By Type (Structural Steel, Tool Steel and Die Steel, Stainless Steel, Others), By Distribution (Automobile Industry, Machine Manufacturing, Petrochemicals & Energy Industry) ,Regional Insights and Forecast to 2031

Updated On: 22 April 2024

SPECIAL STEEL MARKET REPORT OVERVIEW

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The global special steel market size was USD 225163.3 million in 2021 and the market is projected to touch USD 266865.19 million by 2027, exhibiting a CAGR of 2.87% during the forecast period.

Significant investments are also being made by major industry players, which is expected to spur innovation and special steel market growth expansion. The creation of new goods and the growth of distribution networks are the main goals of these investments, which will ultimately increase demand in the future.

The growing development and construction activities are expected to drive up the need for specialized steel construction during the projected timeframe. The size of the market in several areas is increasing as a result of these factors.

COVID-19 Impact: Temporary Prohibition on Import and Export to Deplete Market Share

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic lockdown led to a temporary prohibition on import and export as well as manufacturing and processing activities across a number of industries, which reduced consumer demand for specialized steel in the automotive, building and construction, machinery and manufacturing, railway, and other sectors. The expansion of the market during the pandemic is further hindered by the stoppage of renewable power plants, the automotive and electronics for consumers manufacturing sectors due to a lack of personnel and an increase in the supply-demand imbalance. Due to this, the market's growth in 2020's subsequent, third, and fourth periods decreased.

LATEST TRENDS

"Increment in Infrastructural Projects to Stimulate Market Development"

The main factors driving the development of the worldwide market are an increase in infrastructural projects, the replacement of outdated railway gauges with contemporary ones, the implementation of intelligent electrical grids, and building and construction activities worldwide. The automotive industry is using more specialized steel due to the growing popularity of electric vehicles, incentives to use them, and the infrastructure needed for charging them.

This is expected to fuel the expansion of the market throughout the upcoming years. In addition, throughout the period under analysis, government initiatives and investments in various infrastructure projects related to energy, railroads, real estate, and other sectors are anticipated to generate opportunities for major participants in the market.

SPECIAL STEEL MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into structural steel, tool steel and die steel, stainless steel, others.

Structural Steel: Structural steel is typically carbon steel, which means that iron and carbon are both parts of its chemical makeup. Any steel that has more than 2.1% carbon by weight is considered structural steel. Steel's yield strength is closely correlated with its carbon content.

Tool Steel and Die Steel: A particular kind of high-strength steel called "die steel" is made mainly for tools and parts for machines. Because it is made in a single piece using a casting process and then hardened, it is also known as tool steel or die steel.

Stainless Steel: Stainless steel is an iron, chromium, and occasionally nickel along with other metal alloy that resists corrosion. The metal stainless steel remains the ultimate "green material" since it is indefinitely and completely recyclable.

Others: Steeling, steeled, steels. One type of metal alloy composed of carbon and iron is called steel. Owing to its exceptional strength, it is frequently utilized in the construction of skyscraper frames.

• By Application

Based on application the global market can be categorized into automobile industry, machine manufacturing, petrochemicals & energy industry.

Automobile Industry: The manufacturing, distribution, selling, and maintenance of automobiles are all included in the automotive industry.

Machine Manufacturing: These businesses put parts together to create machines, subassemblies, and components. They can either buy the parts or create them themselves using standard metalworking techniques.

Petrochemicals & Energy Industry: The petrochemicals sector uses a range of chemical process methods to transform raw materials from gas extraction and refining into marketable products. Many feedstocks are utilized as raw materials, with economics serving as the industry's primary motivator.

DRIVING FACTORS

"Rising Consciousness of Well-Being among Consumers to Support Market Expansion"

The rising consciousness of well-being and health among consumers is one of the major factors propelling the market. The increased awareness has led to a rise in the market for specialized steel goods, which are thought to be more natural and healthful options. Technology developments in the specialized steel sector have also given rise to more sustainable and effective production techniques, which has further boosted market expansion.

"Increasing Requirement for Sophisticated Steels ""to Foster Industry Progress"  

First, there is an increasing requirement for sophisticated specialized steels due to the increased demand for high-performance motorcycles. Further propelling the market is the growing popularity of customisation among motorcycle enthusiasts. In addition, the strict emission standards that motorcyclists must adhere to have prompted the creation and application of specialized steels in order to satisfy compliance needs. Furthermore, the demand for steel has grown dramatically because to the ongoing improvements in the technology and supplies utilized in their fabrication.

RESTRAINING FACTOR

"High Cost of the Steel to Stop Market Evolution"

Compared to regular steel on the market, specialized steels are more costly. For specialized steel mills to produce steel of superior quality, they need to have the necessary infrastructure and technological capacity. The fabrication and processing of specialized steel finally become too expensive due to the expensive nature of infrastructure.

There is a problem with acceptance in places including the Middle East and Asia Pacific. Even with specialized steel's many advantages over materials including plastic and aluminum, its use is somewhat reduced due to its high manufacturing costs. Therefore, barriers to the expansion in the market would be caused by the high cost of manufacturing for specialized steel.

SPECIAL STEEL MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market Owing to Growing Need for Specific Steel in Nations"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

In 2021, the Asia Pacific accounted for up to a substantial percentage of the global special steel market share. It was brought on by the growing need for specific steel in developing nations including South Korea, China, Japan, and India. Over the course of the projected period, China is anticipated to maintain its position of power within the market. This is a result of the nation's building and construction industry expanding. China is the largest construction market in the world, and the International Trade Administration, or ITA, projects that it will expand at a substantial compound annual growth rate 2022 to 2030.  Furthermore, Invest India projects that the architecture and construction sector will generate trillion by 2025.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• NSSMC (U.K.)
• JFE (Japan)
• Sanyo (Japan)
• Nanjing Steel (China)
• SBQ Steels Ltd (India)
• XNTG (China)
• Arcelor Mittal (U.S.)
• Ovako (U.S.)
• Shagang Group (China)
• DAIDO STEEL (China)
• Dongbei Special Steel (China)
• Aichi Steel (Japan)
• Baosteel (China)
• HBIS (China)
• ThyssenKrupp AG (Germany)
• SHOUGANG GROUP (China)
• SSAB (U.S.)
• CITIC (China)
• Voestalpine (Austria)
• Sandvik (Sweden)
• Hyundai (South Korea)
• TISCO (India)

INDUSTRIAL DEVELOPMENT

July 2023: For instance, ArcelorMittal Nippon Steel Company (AMNS) reportedly created and produced locally produced specialist-grade steel sheets (16Mo3) in July 2023. These plates can withstand high temperatures, high pressures, and radioactive environments. The heavy water reactors of Nuclear Nuclear Power Corporation in India, Ltd. (NPCIL) will employ this innovative product. The business's line of goods has improved as a result.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.