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.
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.
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COVID-19 impact analysis
The outbreak of the COVID-19 pandemic left a significant impact on the global economy. The special steel market report provides a detailed study of the micro- and macro-economic impacts of the pandemic. Moreover, the analysis depicts the direct impact of COVID-19 on the special steel market. It recapitulates the detailed information about the market extent and shares owing to the impact of the outbreak. The report also emphasizes on the supply chain and the sales of the special steel market. Last but not the least; the study also exhibits a post-COVID-19 scenario, portraying different measures and initiatives taken by the government bodies across the world.
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.
Some ruling enterprises in the global special steel market are examined in the report along with the citation of innovative product launches by them, their collaborative undertakings & endeavors, several merges & acquisitions, and many more. The frontrunners operating in the global special steel industry include Dongbei Special Steel Group, Daido Steel Co. Ltd., Hyundai Steel Co., Ltd., Nippon Steel Corporation, Aichi Steel Corporation, Cleveland Cliffs, Inc.
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.
Major Inclusions-
- Qualitative as well as quantitative assessment of the market on the basis of the detailed categorization involving both the economic and non-economic factors.
- Analysis at country and regional level, which portrays the share of the product or service in different regions.
- Elaborative company profiles section, which provides different pointers such as key executives, business enactment, company overview, product/service portfolio, R&D expenditure, current scenario, and prime strategies of the key market players.
- The forecasted market outlook of the special steel market based on recent developments, which incorporate the analysis of drivers, market trends, and growth opportunities.
- The COVID-19 impact on the special steel market
- Post-sales support and free customization
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