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.
Allied Market Research published a new 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″ The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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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.
This makes it important to understand the practical implications of the Special steel market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
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.
KEY MARKET PLAYERS:
The report provides the SWOT analysis of the key market players Aichi Steel Corporation, Cleveland Cliffs, Inc., ArcelorMittal S.A., Baosteel Stainless Steel Co., Ltd., Nippon Steel Corporation, Jiangsu Shagang Group, Dongbei Special Steel, Hyundai Steel Co. Ltd., Daido Steel Co., Ltd., and JSW Steel. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
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.
NEED FOR THE REPORT:
The current situation of pandemic makes it very important for the stakeholders in the Special steel market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.
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.
KEY OFFERINGS OF THE REPORT:
- Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.
- Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.
- Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.
- Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.
- Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.
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