PUBLISHER: 360iResearch | PRODUCT CODE: 1466755
PUBLISHER: 360iResearch | PRODUCT CODE: 1466755
[192 Pages Report] The Special Steel Market size was estimated at USD 192.47 billion in 2023 and expected to reach USD 199.53 billion in 2024, at a CAGR 4.06% to reach USD 254.37 billion by 2030.
Special steel refers to a range of steel products that are engineered to possess specific characteristics, such as exceptional hardness, resistance to wear and corrosion, and special magnetic & thermal properties. Special steels encompass various categories, including stainless steels, tool steels, and alloy steels, each distinguished by its unique chemical composition, manufacturing process, and mechanical properties. Increasing global investments in infrastructure projects drive the demand for durable and high-strength construction materials. In addition, innovations in automotive technology and the shift towards electric vehicles sustain the demand for high-performance steel. However, the production of special steel involves higher costs due to the need for specific raw materials and advanced processing techniques, impacting market growth. Furthermore, ongoing innovations in steelmaking processes and alloy compositions enhance the properties of special steel, expanding its application range.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 192.47 billion |
Estimated Year [2024] | USD 199.53 billion |
Forecast Year [2030] | USD 254.37 billion |
CAGR (%) | 4.06% |
Product: Wide utilization of carbon tool steel due to its high hardness and high wear resistance
Bearing steel is specialized steel used for manufacturing all types of bearings, including those in automotive, aerospace, and machinery applications. High-quality, clean steel with high durability and wear resistance is a necessity for bearing applications to reduce friction and wear. Free-cutting steel is designed for high-speed machining, with added sulfur, lead, or tellurium to improve machinability. Automakers and machinery manufacturers prefer free-cutting steel for parts requiring intricate shapes. Heat-resistant steel is used in high-temperature environments such as power plants and chemical processing facilities; heat-resistant steel can withstand high temperatures without losing strength. High-tensile steel is characterized by its high strength-to-weight ratio, making it ideal for structural and transport applications where weight reduction is critical. Low-temperature steel is a subcategory of high-tensile steel engineered to maintain its toughness and ductility even at subzero temperatures. This property is critical for applications in cold climates where materials are exposed to the risk of brittleness and failure. Weathering steel, known as corten steel, is renowned for its ability to withstand adverse weather conditions without the need for painting or other protective coatings. This variety of high-tensile steel forms a stable rust-like appearance when exposed to the atmosphere for several years. Spring steel is known for its high yield strength and elasticity, essential for manufacturing springs and wire forms. Advancements in spring steel focus on improving fatigue resistance and performance in varying conditions. Stainless steel features a minimum of 10.5% chromium, giving it corrosion resistance for a wide range of applications, from cutlery to chemical equipment. Austenitic stainless steels are the most widely used category, recognized for their excellent corrosion resistance and superb fabrication properties. They contain high levels of chromium-nickel and sometimes molybdenum, which enhance their corrosion resistance. Ferritic stainless steels are characterized by their high chromium and low carbon content, which gives them good ductility and resistance to corrosion and oxidation.
Stainless steel pipes are renowned for their versatility and durability. Made from both austenitic and ferritic stainless steel, these pipes offer excellent corrosion resistance, making them suitable for a wide range of applications, including in harsh environmental conditions. Structural alloy steel contains specific alloy elements to achieve desired mechanical properties for construction and engineering applications. Structural carbon steel is used in construction and structural applications due to its high strength and flexibility. Tool steel is used to make cutting tools, molds, and gauges. It has distinct properties such as hardness, resistance to abrasion, and ability to hold a cutting edge at high temperatures. Alloy tool steels are distinguished by their significant alloy content, which includes chromium, molybdenum, vanadium, and tungsten, among others. These elements are added in varying proportions to achieve different characteristics, such as increased hardness, toughness, and heat resistance. Carbon tool steels are primarily categorized by their carbon content, ranging from 0.6% to 1.5%. This category of tool steel is characterized by its ability to maintain a sharp edge and its durability. However, carbon tool steels are more prone to corrosion compared to their alloy counterparts and thus require more maintenance and protective coatings in certain applications. High-speed steel (HSS) is a subclass of tool steels that combines the properties of both carbon and alloy sheets of steel. HSS is well-known for its ability to cut materials at higher speeds than carbon and alloy tool steels due to its exceptional hardness and heat resistance.
Application: Advances in manufacturing technology and the rise of automation have increased the demand for high-performance steel
Special steel in the automotive industry is prized for its high strength, durability, and ability to withstand extreme conditions. Manufacturers have been focusing on advanced high-strength steels (AHSS) to reduce vehicle weight while ensuring safety standards. The construction industry utilizes special steel for its structural integrity, corrosion resistance, and sustainability. Weather-resistant steels are particularly in demand for outdoor structures. Special steel in consumer appliances is selected for its aesthetic appeal, formability, and corrosion resistance, ideal for appliances such as refrigerators, washers, and kitchenware. The industry's need for aesthetic, durable, and easy-to-clean surfaces drives innovation in this segment. In manufacturing, special steel is integral for machinery, tools, and parts due to its strength, precision, and wear resistance. The petrochemical industry requires special steels that can withstand corrosive substances, high temperatures, and pressure. Duplex and super duplex stainless steels are preferred for their excellent resistance to corrosion and strength. Special steel in the shipping and packaging industry is valued for its strength, flexibility, and corrosion resistance, significantly impacting container manufacturing and structural components of ships. The drive towards more sustainable and efficient logistics solutions influences demand in this segment.
Regional Insights
In the American region encompassing the United States & Canada, the demand for special steel is significantly powered by the defense, aerospace, and automotive industries, with a growing trend toward lightweight and high-strength materials. Investments have been focusing on enhancing production capabilities and the adoption of green manufacturing practices. The technological forefront has seen innovations in steel compositions to enhance performance in extreme conditions. The European Union shows a keen emphasis on eco-efficiency and material innovation in its consumption of special steel. The automotive and construction sectors stand out in their demand for advanced high-strength steels that contribute to reduced environmental impact. Legislative frameworks in the EU propel the market towards innovation, with numerous patents filed for sustainable production techniques and novel steel alloys. Special steel in the Middle East finds its primary demand in infrastructure development and the oil & gas industry. The region's focus is rapidly shifting towards diversifying its economy, thus stimulating investments in non-oil sectors such as construction, which demand specialized steel products. In the APAC region, China, India, & Japan are at the forefront of the global production and consumption of special steel, focusing heavily on infrastructure, automotive, and high-tech industries. Initiatives to curb pollution have led to the adoption of new steelmaking technologies and practices.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Special Steel Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Special Steel Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Special Steel Market, highlighting leading vendors and their innovative profiles. These include Aichi Steel Corporation, AK Steel International B.V., Aperam SA, ArcelorMittal S.A., Baosteel Stainless Steel Co., Ltd., Citic Limited, Daido Steel Co., Ltd., Dongbei Special Steel Group Co., Ltd., Gerdau S/A, Goel Steel Company, HBIS Group, Hyundai Steel Co. Ltd., JFE Holdings, Inc., Jiangsu Longqi Metal Manufacturing Co., Ltd., Montanstahl AG, Nanjing Iron & Steel Group International Trade Co., Ltd., Nippon Koshuha Steel Co., Ltd. by Kobe Steel, Ltd., Nippon Steel Corporation, Outokumpu Oyj, POSCO, Salzgitter AG, Sandvik AB, SSAB AB, Subhlaxmi Special Steel Pvt. Ltd., Swiss Steel Holding AG, Tata Steel Limited, Thyssenkrupp AG, TimkenSteel Corporation, VDM Metals GmbH, and Voestalpine AG.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Special Steel Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Special Steel Market?
3. What are the technology trends and regulatory frameworks in the Special Steel Market?
4. What is the market share of the leading vendors in the Special Steel Market?
5. Which modes and strategic moves are suitable for entering the Special Steel Market?