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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Special Steel Market size was valued at US$ 222.3 Billion in 2022 growing at a significant CAGR of 8.5% over 2023-2029. Specialty steel is a type of value-added steel in which finished steel is subjected to different procedures such as coating, plating, heat treatment, and others to transform it into high-value-added steel. The Wear steel segment anticipated to grow at a significant CAGR over the forecast years due to its physical properties, such as wear-resistant steel is tougher and harder than conventional steel plates and can last up to 4 times longer than conventional high-strength steel. Moreover, wear steels are suited for heavy-duty equipment and accessories in difficult or harsh conditions. Considering these benefits, the wear steel is high in demand.
Study Period
2024-2030Base Year
2023CAGR
8.5%Largest Market
Asia-PacificFastest Growing Market
North America
The development of electric cars, as well as incentives to install their charging infrastructure, is increasing special steel usage in the automotive industry is a key factor expected to fuel special steel market growth in the future years. Furthermore, government efforts and investment in various infrastructure projects in energy, railroads, real estate, and others are likely to generate opportunities for significant market. For instance, in May 2022 Tata Steel had reported production of 19.06 million tons in the 2021-2022 fiscal.
The Special Steel market in Asia pacific is likely to hold the highest revenue share of in 2021. Countries such as China, Japan, and India being the major contributors to the regional market. Increasing production of the manufacturing sector of the Asia Pacific region to cater to the domestic requirements for superior quality products and rising exports from the region are factors leading to an increased demand for special steels from the region. For instance, in Jan 2021 - Japan's Nippon Steel announced to buy two electric arc furnace steelmakers in Thailand in a deal worth up to $763 million.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Study Period |
2024-2030 |
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Market CAGR |
8.5% |
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The Special Steel Market is projected to expand at a CAGR of 8.5% during the forecast period
Nippon Steel Corporation, JSW Steel, Dongbei Special Steel Group, Daido Steel Co. Ltd., Hyundai Steel Co., Ltd.
North America is the fastest-growing region for Special Steel Market
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.