Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- 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." As per the report, the global market for special steel is anticipated to generate $276.8 billion by 2031. The market was valued at $195.4 billion in 2021 and is estimated to witness a notable CAGR of 3.5% during the forecast period of 2022 to 2031.
Factors influencing the growth of the market:
The global special steel market is gaining traction due to surge in construction and building activities, replacement of existing railway gauges with latest gauges, and an increase in infrastructure developments. Furthermore, incentives to deploy EVs and development of them and charging infrastructure heightened the demand for special steel in the automotive domain. Nevertheless, the government investments and incentives toward several infrastructure projects in industries like real estate, railway, energy, and others are estimated to offer prolific growth opportunities to the market in the upcoming years.
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The structural steel segment to continue its supremacy by 2031
By type, the structural steel segment held the largest market share in 2021, accounting for more than two-fifths of the overall market revenue and is expected to lead the trail from 2022 to 2031. The surge in demand from machinery, building & construction, and automotive sectors in developing nations like India, China, and others. Moreover, the tool and die steel segment is expected to witness the fastest growth with 3.8% throughout the forecast timeframe, due to surge in number of heavy industries across the world which resulted into rise in the demand for bits, reamers, cutters, and others.
The automotive segment to grab the lion’s share during the forecast period
In terms of application, the automotive segment grabbed the highest share in 2021, contributing to nearly two-fifths of the total market revenue and is estimated to maintain its dominance in terms of revenue from 2022 to 2031. Also, the same segment would display the fastest CAGR of 3.9% between 2022 to 2031. The increased demand for both passenger and commercial vehicles across the world, along with the expansion of the electric vehicle (EV) industry and government initiatives aimed at expanding the EV sector, contributes significantly to this trend. The report also discusses building and construction, aerospace and defense, railways, petrochemicals and energy, machinery and manufacturing, and others.
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Asia-Pacific to maintain the dominance status during the forecast period
The regional analysis in the report states that Asia-Pacific grabbed the highest market share of more than half of the global special steel market in 2021 and is expected to lead the trail by 2031. Huge consumer base and presence of key players, rapid urbanization, surge in demand from railways, building and construction, electric vehicle, others in Asian economies. However, Europe is expected to witness the fastest growth with a 3.7% CAGR from 2022 to 2031. This is due to surge in demand for special steel products from automotive, building & construction, aerospace & defense, railways and other industries and rise in investments toward building and construction of infrastructural projects, automotive manufacturing, and others.
Key Market Players:
- ArcelorMittal
- Jiangsu Shagang Group
- Baosteel Group
- JSW Steel
- Cleveland Cliffs, Inc.
- Aichi Steel Corporation
- Nippon Steel Corporation
- Hyundai Steel Co., Ltd.
- Daido Steel Co. Ltd.
- Dongbei Special Steel Group
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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