Special Steel Market Industry Growth Forecast 2022 To 28

According to Precision Business Insights, the Special Steel Market research report provides industry size and growth.

According to Precision Business Insights (PBI), the latest report the global special steel market size is expected to be worth USD 222.3 Billion in 2022 and projected to grow at a 8.5% CAGR from 2023 to 2029. The construction segment is also anticipated to grow in the forecasting period. The global special steel market is expected to grow due to increasing employment opportunities, greater per capita income, and the adoption of a lavish lifestyle by the middle-class population. This increases the need for high strength steels in the construction sector since high strength steels ensure decreased product thickness, enhanced toughness at low temperatures, and high-yield strengths. Furthermore, these steels offer excellent weldability.

The high strength Segment is Dominating the Special Steel Market:
Increase in the global automobile production is a major factor leading to the growth of the high strength segment. The use of high strength steels in automotive body panels improves fuel economy by lowering weight by roughly 60%. High strength steel is a class of speciality steel that has a wide range of uses in a variety of industries. Key raw materials utilised in the production of this product are iron ore, manganese, and microalloying components. Construction, automotive, aviation and marine, wind energy, mining equipment, electrical equipment, and pipelines are among the industries that employ it.

North America Leads Special Steel Market:
North America is expected to hold a significant market share in the global special steel market and is projected to grow at a prominent growth rate over the forecast years owing to increasing investment for research and development process and adoption of solutions in the region whereas Asia-Pacific is expected to grow at a faster pace during the forecasted period. increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
The global Special Steel market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance,

  • In February 2018, Tata Steel (India) has expanded its Hot Strip Mill at Port Talbot by investing more than USD 17.0 million to increase its annual production capacity of steels by 5%. This expansion aims at enabling the company to produce high-value steels for its customers.
  • In September 2017, Voestalpine AG (Austria) invested USD 425.0 million in expanding its existing steel plant in Kapfenberg (Austria). This investment enabled the company to offer high-quality products manufactured by using new technologies.

The Special Steel market is segmented based on Type, By Industry, and Geography. Based on the Type, the market is segmented into the following:

  • Wear Steels
  • High Strength Steels
  • Protection Steels
  • Tool Steels
  • Others

Based on the Industry, the market is segmented into the following:

  • Construction
  • Heavy Transport
  • Mining
  • Others

Based on Geography, the market is segmented into the following:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Key player's profiles in the special steel market report are Nippon Steel Corporation, JSW Steel, Dongbei Special Steel Group, Daido Steel Co. Ltd., Hyundai Steel Co., Ltd., Baosteel Group, Aichi Steel Corporation, Cleveland Cliffs, Inc., Jiangsu Shagang Group, ArcelorMittal.

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