Special Steel Market: By Type (Wear Steels, High Strength Steels, Protection Steels, & Tool Steels), By Industry (Construction, Heavy Transport/Automotive, Mining, & Others), and Geography 

Special Steel Market size was valued at USD 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.

Special Steel Market Key Developments:

• In September 2019, ArcelorMittal, a multinational steel manufacturer has announced an investment of US $500 million in Liberias mine to extend its mine life to ship around 15 million tons of ore per year. The mining activity will provide the necessary raw material to manufacture abrasion and impact resistant steels for an extended period.
• For instance, In November 2018, SSAB, a producer of advanced high-strength steels (AHSS) and quenched & tempered steels (Q&T), announced an investment of approximately US $100 million in Alabama to increase its high-strength steel production capacity by 130 kilotons. The global special steel market is growing due to increased infrastructure development, replacement of current railway gauges with contemporary gauges, deployment of smart power grids, and a rise in building and construction activities.