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

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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.  

Special Steel Market Summary

Study Period


Base Year




Largest Market


Fastest Growing Market

North America
Special Steel Market Dynamics

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.

Special Steel Market Segmentation

By Type
  • Wear Steels
  • High Strength Steels
  • Protection Steels
  • Tool Steels
  • Others
By End -User Industry
  • Construction
  • Heavy Transport/Automotive
  • Mining
  • Others
By Geography
  • North America
  • Europe
  • Asia-pacific
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

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 Features of the Reports

  • The report provides granular level information about market size, segments market share, regional market share, historic market (2018-2022), and forecast (2023-2029).
  • The report outlines drivers, restraints, unmet needs/challenges, opportunities, and trends that are currently affecting the market.
  • The report tracks key developments and strategies from key players.
  • The report covers product mapping that includes detailed level capturing of information related to each product from each player and competitive landscape analysis that represents a comparative analysis of players along with products, technology, key features, gases, industries coverage.
  • The report provides market share analysis for Hardness Level (HBW) for special steels (wear steels) at the global level, which have been categorized into <400, 401-500, 501-600, & >600
  • The report provides COVID 19 impact analysis plethora of information about market entry strategies.
  • Aichi Steel Corporation
  • AK Steel International B.V.
  • Aperam SA
  • ArcelorMittal S.A.
  • Baosteel Stainless Steel Co., Ltd.
  • Citic Limited
  • Daido Steel Co., Ltd?
  • Deutsche Edelstahlwerke Specialty Steel GmbH & Co. KG
  • 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 Nangang Iron & Steel United Co., Ltd.
  • Nippon Koshuha Steel Co., Ltd.
  • Outokumpu Oyj
  • Salzgitter AG
  • Sandvik AB
  • Subhlaxmi Special Steel Pvt. Ltd.
  • Tata Steel Limited
  • Thyssenkrupp AG
  • TimkenSteel Corporation
  • United States Steel Corporation
  • VDM Metals GmbH

Adjacent Markets