Special Steel Market to Garner $276.8 Billion, Globally, By 2031 at 3.5% CAGR, Says Allied Market Research

Rise in infrastructural developments, replacement of existing railway gauges with modern gauges and increase in building & construction activities drive the growth of the global special steel market.

PORTLAND, Ore., June 7, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Special Steel Market by Type (Stainless Steel, Structural Steel, Tool and Die Steel), by Application (Automotive, Machinery and Manufacturing, Petrochemicals and Energy, Railways, Aerospace and Defense, Building and Construction, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global special steel industry generated $195.4 billion in 2021, and is expected to reach $276.8 billion by 2031, witnessing a CAGR of 3.5% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Rise in infrastructural developments, replacement of existing railway gauges with modern gauges, the deployment of smart power grids, and increase in building & construction activities drive the growth of the global special steel market. Moreover, the development of electric vehicles and incentives to deploy them and charging infrastructure raises the demand for special steel in the automotive sector. This, in turn, supplements the market growth. Contrarily, the government initiatives & investments toward different infrastructure projects in industries such as energy, railways, real estate, and others create opportunities in the coming years.

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Covid-19 Scenario

• Manufacturing activities of special steel halted completely or partially due to lockdown measures taken place in various countries. Moreover, disruptions in supply chain and shortage of raw materials presented challenges in carrying out manufacturing with full capacity.
• The demand from end use industries such as construction, automotive, energy, and others reduced considerably, owing to stoppage of day-to-day operations during the lockdown.
• However, the demand would grow steadily during post-lockdown as daily operations get back on track.

The structural steel segment to maintain its lead status throughout the forecast period

Based on type, the structural steel segment accounted for the highest market share in 2021, contributing to more than two-fifths of the global special steel market, and is estimated to maintain its lead status throughout the forecast period. This is attributed to rise in demand from building & construction, automotive, and machinery industry in developing countries such as China, India, and others. However, the tool and die steel segment is expected to manifest the fastest CAGR of 3.8% from 2022 to 2031, owing to rise in heavy industries across the globe which led to increase the demand for cutters, reamers, bits and others.

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The automotive segment to maintain its leadership status by 2031

Based on application, the automotive segment held the highest share in 2021, accounting for nearly two-fifths of the global special steel market, and is projected to maintain its leadership status by 2031. Moreover, this segment is projected to witness the highest CAGR of 3.9% from 2022 to 2031. This is due to rise in demand for passenger and commercial vehicles from various consumers across the globe along with the growth of the electric vehicle industry and government initiatives toward promotion of the EV sector. The report also analyzes the segments including machinery and manufacturing, petrochemicals and energy, railways, aerospace and defense, building and construction, and others.

Asia-Pacific to continue its lead position by 2031

Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2021, accounting for more than half of the global special steel market, and is projected to continue its lead position by 2031. This is attributed to the presence of key players and huge consumer base, rise in demand from electric vehicle, building & construction, railways and others in Asian economies, and rapid urbanization. However, Europe is estimated to witness the largest CAGR of 3.7% during the forecast period. This is due to rise in demand for special steel products from automotive, building & construction, aerospace & defense, railways and other industries and surge in investments toward building and construction of infrastructural projects, automotive manufacturing, and others.

Leading Market Players

• Dongbei Special Steel Group
• Daido Steel Co. Ltd.
• Hyundai Steel Co., Ltd.
• Nippon Steel Corporation
• Aichi Steel Corporation
• Cleveland Cliffs, Inc.
• JSW Steel
• Baosteel Group
• Jiangsu Shagang Group
• ArcelorMittal

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