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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: By Type, By Industry, and Region Forecast 2019-2030
Special Steel Market: By Type, By Industry, and Region Forecast 2019-2030
Special Steel Market size was valued at US$ 222.3 billion in 2023 and is poised to grow at a significant CAGR of 8.5% from 2024-2030. 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 $763 million.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 222.3 billion |
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Market CAGR |
8.5% |
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By Type |
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By End -User Industry |
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By Region |
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Special steel market size was valued at US$ 222.3 billion in 2023 and is projected to grow at a significant CAGR of 8.5% from 2024-2030.
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
| 1.Executive Summary |
| 2.Global Special Steel Market Introduction |
| 2.1.Global Special Steel Market - Taxonomy |
| 2.2.Global Special Steel Market - Definitions |
| 2.2.1.Type |
| 2.2.2.End -User Industry |
| 2.2.3.Region |
| 3.Global Special Steel Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Special Steel Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Special Steel Market By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Wear Steels |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. High Strength Steels |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Protection Steels |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Tool Steels |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Others |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 6.Global Special Steel Market By End -User Industry, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Construction |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Heavy Transport/Automotive |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Mining |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Others |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 7.Global Special Steel Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Special Steel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Wear Steels |
| 8.1.2.High Strength Steels |
| 8.1.3.Protection Steels |
| 8.1.4.Tool Steels |
| 8.1.5.Others |
| 8.2. End -User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Construction |
| 8.2.2.Heavy Transport/Automotive |
| 8.2.3.Mining |
| 8.2.4.Others |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Special Steel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Wear Steels |
| 9.1.2.High Strength Steels |
| 9.1.3.Protection Steels |
| 9.1.4.Tool Steels |
| 9.1.5.Others |
| 9.2. End -User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Construction |
| 9.2.2.Heavy Transport/Automotive |
| 9.2.3.Mining |
| 9.2.4.Others |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 10.Asia Pacific (APAC) Special Steel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Wear Steels |
| 10.1.2.High Strength Steels |
| 10.1.3.Protection Steels |
| 10.1.4.Tool Steels |
| 10.1.5.Others |
| 10.2. End -User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Construction |
| 10.2.2.Heavy Transport/Automotive |
| 10.2.3.Mining |
| 10.2.4.Others |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Special Steel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Wear Steels |
| 11.1.2.High Strength Steels |
| 11.1.3.Protection Steels |
| 11.1.4.Tool Steels |
| 11.1.5.Others |
| 11.2. End -User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Construction |
| 11.2.2.Heavy Transport/Automotive |
| 11.2.3.Mining |
| 11.2.4.Others |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Special Steel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Wear Steels |
| 12.1.2.High Strength Steels |
| 12.1.3.Protection Steels |
| 12.1.4.Tool Steels |
| 12.1.5.Others |
| 12.2. End -User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Construction |
| 12.2.2.Heavy Transport/Automotive |
| 12.2.3.Mining |
| 12.2.4.Others |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.Aichi Steel Corporation |
| 13.2.2.AK Steel International B.V. |
| 13.2.3.Aperam SA |
| 13.2.4.ArcelorMittal S.A. |
| 13.2.5.Baosteel Stainless Steel Co., Ltd. |
| 13.2.6.Citic Limited |
| 13.2.7.Daido Steel Co., Ltd? |
| 13.2.8.Deutsche Edelstahlwerke Specialty Steel GmbH & Co. KG |
| 13.2.9.Dongbei Special Steel Group Co., Ltd. |
| 13.2.10.Gerdau S/A |
| 13.2.11.Goel Steel Company |
| 13.2.12.HBIS Group |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
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.