Special Steel Market to Witness Significant Growth, Competitive Landscape & Driven by Rising Demand

Infrastructure development across railways, energy, real estate, and urban construction is creating a strong demand for high-performance steel.

WILMINGTON, DE, UNITED STATES, July 15, 2025 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, 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 global market was valued at $195.4 billion in 2021 and is projected to reach $276.8 billion by 2031, registering a CAGR of 3.5% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/3052

Key Growth Drivers:

- Infrastructure development across railways, energy, real estate, and urban construction is creating a strong demand for high-performance steel.
- The rising adoption of electric vehicles (EVs) and investments in charging infrastructure have significantly boosted the consumption of special steel in the automotive sector.
- Government initiatives and incentives across major economies are further contributing to market expansion by supporting large-scale industrial and public infrastructure projects.

Market Segmentation Highlights:-

By Type: Structural Steel Segment Leads:

- In 2021, the structural steel segment held the largest share, accounting for over two-fifths of the global market revenue.
- This dominance is attributed to high demand from machinery, construction, and automotive industries in rapidly developing economies such as India and China.
- The tool and die steel segment is expected to grow at the fastest CAGR of 3.8%, driven by increased demand from heavy industries for components like cutters, bits, and reamers.

By Application: Automotive Segment Dominates:

- The automotive segment emerged as the largest contributor in 2021, representing nearly 40% of the total market revenue.

It is also projected to grow at the highest CAGR of 3.9% during the forecast period, supported by:

- Rising global production of passenger and commercial vehicles
- Expanding EV market
- Government policies focused on sustainable transport

- Other key application areas include aerospace and defense, petrochemicals, building and construction, and railways.

Regional Insights:

Asia-Pacific: Market Powerhouse:

- Accounted for over 50% of the global market in 2021.

- Growth driven by:

- Large consumer base
- Rapid urbanization
- Expanding EV production
- Strong presence of major steel manufacturers

Europe: Fastest-Growing Region:

- Expected to register a CAGR of 3.7% from 2022 to 2031.
- Growth fueled by rising demand from automotive, construction, aerospace, and rail infrastructure sectors, coupled with increased public and private investment.

Key Players in the Global Special Steel Market:

- 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

𝐖𝐚𝐧𝐭 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐚𝐥 𝐃𝐚𝐭𝐚 𝐚𝐧𝐝 𝐆𝐫𝐚𝐩𝐡𝐬, 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬' 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬: https://www.alliedmarketresearch.com/special-steel-market/purchase-options

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.

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Allied Market Research
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