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Special Steel market Overview
The global special steel market is witnessing substantial growth, driven by an increase in construction and building activities.
WILMINGTON, DE, UNITED STATES, December 20, 2024 /EINPresswire / -- The global special steel market is witnessing substantial growth, driven by an increase in construction and building activities, the replacement of outdated railway gauges with modern systems, and the expansion of infrastructure developments. According to Allied Market Research's recently published 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 market was valued at $195.4 billion in 2021 and is projected to reach $276.8 billion by 2031, growing at a notable CAGR of 3.5% from 2022 to 2031.
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Key Factors Driving Market Growth
Construction and Infrastructure Expansion:
- A surge in building and construction activities globally.
- Replacement of existing railway gauges with advanced systems.
- Increased infrastructure investments and developments in key industries, including real estate and energy.
Automotive Industry Boost:
- Heightened demand for special steel due to the proliferation of electric vehicles (EVs).
- Development of EVs and charging infrastructure.
Government Incentives:
- Investments and incentives directed toward infrastructure projects in sectors like railways and petrochemicals.
- Support for automotive industry growth through subsidies and policy initiatives.
Segment Highlights
By Type
Structural Steel:
- Dominated the market in 2021 with more than 40% of the overall revenue.
- Growth attributed to demand from machinery, building & construction, and automotive sectors in emerging markets like India and China.
Tool and Die Steel:
- Expected to exhibit the fastest CAGR of 3.8% during the forecast period.
- Growth driven by increased demand for industrial tools such as bits, reamers, and cutters.
By Application
Automotive:
- Accounted for nearly 40% of total market revenue in 2021.
- Projected to maintain dominance and achieve the highest CAGR of 3.9% through 2031.
- Growth fueled by rising global demand for passenger and commercial vehicles and expansion of the EV sector.
Other Applications:
- Include building and construction, aerospace and defense, railways, petrochemicals, and machinery manufacturing.
Regional Insights
Asia-Pacific:
- Held over 50% of the global market share in 2021.
- Expected to continue leading through 2031 due to a large consumer base, rapid urbanization, and demand from multiple industries.
Europe:
- Anticipated to grow at the fastest CAGR of 3.7% during the forecast period.
- Growth driven by increased investments in automotive manufacturing, infrastructure projects, and aerospace advancements.
Leading Market Players
Prominent companies driving the special steel market include:
- 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
Conclusion
The special steel market is poised for steady growth, underpinned by advancements in infrastructure, automotive innovation, and increasing urbanization. Asia-Pacific's dominance coupled with Europe's rapid growth highlights the global demand for special steel across diverse industries. The market's competitive landscape is shaped by major players who continue to innovate and expand to meet evolving consumer and industrial demands.
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About Us
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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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