Special Steel Market Projected to Witness a Growth of US $245.5 Billion by 2029 | The Business Research Company

The Business Research Company

Special Steel Market Projected to Witness a Growth of US $245.5 Billion by 2029 | The Business Research Company

LONDON, GREATER LONDON, UNITED KINGDOM, November 6, 2025 /EINPresswire.com/ -- "Get 20% Off All Global Market Reports With Code ONLINE20 – Stay Ahead Of Trade Shifts, Macroeconomic Trends, And Industry Disruptors

Special Steel Market Growth Forecast: What To Expect By 2025?
The size of the special steel market has seen a consistent increase over recent years. It's projected to expand from $190.96 billion in 2024 to $197.53 billion in 2025, with a compound annual growth rate (CAGR) of 3.4%. The growth during the historical period can be credited to geopolitical and economic aspects, a surge in the energy sector’s demand, the advancement of the consumer electronics industry, the industrial revolution and requirement for machinery, as well as the evolution of the automotive industry.

It is anticipated that the special steel market will experience significant expansion in the coming years, surging to a worth of $245.5 billion by 2029 with a compound annual growth rate (CAGR) of 5.6%. The expected growth during this forecast period is largely attributed to the increased use of special steel in various sectors like construction, sustainable steel production, electronics, consumer goods, medical and healthcare equipment, as well as the aerospace and defense industry. Key trends projected in this forecast period encompass the focus on sustainable materials, advancements in the automotive industry, development of renewable energy infrastructure, medical devices and equipment, and the transition to electric vehicles (EVs).

Download a free sample of the special steel market report:
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What Are Key Factors Driving The Demand In The Global Special Steel Market?
The special steel market is projected to expand due to the rising demand for special steel in the automotive industry. This industry encompasses the manufacturing, distribution, retail, and maintenance of automobiles. Special steel contributes to the automobile industry by supplying superior quality steel for vehicle construction while also upholding safety norms in the sector. For example, data from the International Energy Agency (IEA), a France-based intergovernmental organization, revealed in May 2024 that SUVs, contributing to 48% of worldwide car sales, broke a fresh record in 2023, reinforcing their dominance in the car industry. In developed economies, SUV sales crossed 20 million in 2022, capturing a 50% market share for the first time, with over 360 million SUVs in use globally. As such, the growing usage of special steel in the automobile sector is fuelling the special steel market's growth.

Who Are The Leading Players In The Special Steel Market?
Major players in the Special Steel include:

• China BaoWu Steel Group Corporation Limited
• ArcelorMittal S.A
• Pohang Iron and Steel Company
• Nippon Steel Corporation
• Baosteel Group Co
• Shagang Group Anyang Yongxing Special Steel Co Ltd.
• Nucor Corporation
• JFE Holdings Inc.
• Hunan Valin Iron And Steel Group Co Ltd.
• Techint Group

What Are Some Emerging Trends In The Special Steel Market?
Key players in the special steel market, such as thyssenkrupp Steel, are concentrating on pioneering solutions like the decarbonization of steel production to align with worldwide climate objectives. Decarbonization in steel production involves minimizing carbon dioxide emissions in the steel industry by utilizing more environmentally friendly technologies and methods. In 2023, for instance, Germany's thyssenkrupp Steel presented its groundbreaking tkH2Steel concept at the Green Steel World conference. This invention aims to decarbonize steel production by substituting hydrogen for traditional carbon-based approaches. this is part of their ambition to accomplish climate-neutral steel production, with their bluemint steel already achieving up to a 70% reduction in CO2 emissions compared to normalized methods. This demonstrates thyssenkrupp's position as a leader in sustainable steel technologies and endorses the global trend towards more environmentally-friendly industrial procedures.

Analysis Of Major Segments Driving The Special Steel Market Growth
The special steel market covered in this report is segmented –

1) By Type: Stainless Steel, Structural Steel, Tool And Die Steel

2) By Grade: 200 Series, 300 Series, 400 Series, Duplex Series, Other Grade

3) By Application: Automotive, Construction, Consumer Appliances, Manufacturing, Petrochemicals, Shipping And Packaging

Subsegments:

1) By Stainless Steel: Austenitic Stainless Steel, Ferritic Stainless Steel, Martensitic Stainless Steel, Duplex Stainless Steel

2) By Structural Steel: Rolled Steel Sections, Plates And Sheets, Angles and Bars, Hollow Sections

3) By Tool And Die Steel: High-Speed Steel (HSS), Cold Work Tool Steel, Hot Work Tool Steel, Plastic Mould Steel

View the full special steel market report:
https://www.thebusinessresearchcompany.com/report/special-steel-global-market-report

Which Region Is Expected To Lead The Special Steel Market By 2025?
In 2024, Asia-Pacific had the largest market share for special steel and North America is anticipated to be the quickest growing region in the coming duration. The special steel market report includes diverse regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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