PUBLISHER: The Business Research Company | PRODUCT CODE: 1436701
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436701
Special steel represents a category of value-added steel, derived from regular finished steel through processes such as coating, plating, and heat treatment. This specialized steel, blending iron with various elements, serves critical roles across diverse applications, spanning from smartphones, household appliances, to automobiles and vital transportation components, essential in contemporary society.
In the market, special steel types primarily encompass stainless steel, structural steel, and tool and die steel. Stainless steel, an alloy incorporating chromium alongside additional elements such as nickel or molybdenum, boasts remarkable resistance to rust and various forms of corrosion. Grades within this category span the 200 series, 300 series, 400 series, duplex series, among others. Its versatile applications span across automotive, construction, consumer appliances, manufacturing, petrochemicals, shipping, and packaging industries.
The special steel market research report is one of a series of new reports from The Business Research Company that provides special steel industry statistics, including global market size, regional shares, competitors with a special steel market share, detailed special steel market segments, market trends and opportunities, and any further data you may need to thrive in the special steel industry. This special steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 expansion observed in the historical period can be ascribed to a convergence of factors including geopolitical and economic shifts, amplified demands within the energy sector, flourishing consumer electronics industry, the surge brought about by the industrial revolution, and the escalating requirements within the 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 projected expansion in the upcoming period can be traced to several factors, notably the increased adoption of special steel in construction, the implementation of sustainable steel production methods, rising demands within the electronics and consumer goods sectors, growing requirements for medical and healthcare equipment, and the upward trajectory of the aerospace and defense industries. Key trends anticipated in the forecast period encompass a heightened emphasis on sustainable materials, notable advancements in the automotive sector, the development of renewable energy infrastructure, advancements in medical devices and equipment, and a notable shift towards the adoption of electric vehicles (EVs).
The expansion of the special steel market is anticipated due to heightened usage in the automotive sector. This sector encompasses activities related to manufacturing, distribution, and maintenance of vehicles. Special steel plays a critical role by providing quality steel for vehicle construction, ensuring industry safety standards. For instance, a report from The European Automobile Manufacturers Association revealed a 1.3% rise in global vehicle production to 79.1 million units in 2021, utilizing an average of 900 kg of steel per car. This increased consumption of special steel in automobiles is a driving factor in the market's growth.
The special steel market is poised for growth due to the expanding aerospace industry. This sector encompasses the comprehensive development, manufacturing, and maintenance of aircraft, adhering to stringent quality and safety standards. Special steel, characterized by specific mechanical and metallurgical properties, plays a vital role in meeting industry regulations for aircraft construction. In November 2023, the UK's civil aerospace sector generated $34.5 billion in revenue, with 70% from exports. The military industry recorded over $29 billion, including $15 billion from exports, showcasing substantial growth. Additionally, the UK's space sector contributed over $22 billion in revenue, $9.5 billion from exports, indicating significant expansion and global competitiveness. Hence, the aerospace industry's expansion drives the special steel market's growth.
The special steel market witnesses a rising trend of increased investments from major companies to fortify their position. In March 2021, BMW Group, a German luxury vehicle manufacturer, directed investments through BMW Ventures towards an innovative, CO2-free steel production method developed by American startup Boston Metal. This strategic move aligns with BMW Group's extensive sustainability initiatives, aiming to significantly reduce CO2 emissions within its supplier network.
Major players in the special steel industry concentrate on pioneering technologies such as steel processing automation to fortify their position in the market. This automation significantly boosts productivity, quality, and efficiency in producing special steel, augmenting the market's competitiveness and sustainability. For instance, in November 2021, ABB Group, a Swedish corporation, unveiled an innovative smart factory solution for safer, more autonomous, and efficient steel melt shop operations. This digital tool optimizes ladle and crane movements in steel melt shops, allowing metals producers to enhance superheat compliance, resulting in faster casting speeds and improved energy efficiency.
In March 2022, Beltrame Group, an Italian steel company known for its merchant bars and special steel SBQ used in construction and shipbuilding, finalized the acquisition of Targoviste Special Steel Plant for $39.7 million. This move aligns with Beltrame Group's expansion strategy and underscores its commitment to bolstering Europe's steel industry. The acquisition of COS Targoviste aims to transform the facility into a competitive special steel production hub within Europe, enhancing the region's steel manufacturing capabilities.
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.
Asia-Pacific was the largest region in the special steel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the special steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the special steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The special steel market consists of sales of carbide, austenite, and ferrite forming elements. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Special Steel Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on special steel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for special steel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The special steel market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.