PUBLISHER: Allied Market Research | PRODUCT CODE: 1108561
PUBLISHER: Allied Market Research | PRODUCT CODE: 1108561
The global special steel market was valued at $195.4 billion in 2021, and is projected to reach $276.8 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031.
Steel is a combination of two elements that are iron and carbon. Whereas, special steel has specific chemical composition and is produced by adding various value-added elements in finished steel. Special steel is used for manufacturing of parts and various components that are further used in applications such as automotive, machinery, manufacturing, and mining. It is produced to achieve different properties including heat resistance, hardness, corrosion resistance, and high strength. Special steel is available in the market on the basis of product as billets, bars, wire rods, and squares.
The special steel market is driven by rise in demand for high strength steel with better material and energy efficiency for its use in various end user applications. Expansion of power generation, distribution, and transmission network across India and renovation of old grid infrastructure is expected to drive the global special steel market growth during the forecast period. In addition, heavy to small scale industries employ machineries that have specific steel products requirement. Some industries, such as oil & gas, mining, and marine have specialized steel requirements as component strength is important in these sectors, resulting in rise in demand for special steel products during the forecast period. However, special steel has relatively high cost associated with production of special steel, logistic challenges, high capital cost, and fluctuations in raw material prices, which are key factors expected to hamper the market growth during the forecast period.
The global special steel market is segmented on the basis of type, application, and region. Depending on type, the market is bifurcated into stainless steel, structural steel, and tool & die steel. By application, it is divided into automotive, machinery, petrochemicals & energy, railways, aerospace & defense, building & construction, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
By Type
By Application
By Region