Global Special Steel Market Forecast to Surpass USD 3 Trillion by 2031

May 5, 2025 – Business News Today The global special steel market continues its upward trajectory, with a market value of USD 2,48,215 million in 2024, according to a recent study by MarketsGlob. The report projects the market to grow steadily, reaching USD 3,02,586.25 million by 2031, at a compound annual growth rate (CAGR) of 2.87% between 2025 and 2031.

Special steel is widely used across industries due to its enhanced properties like high strength, corrosion resistance, and durability. Demand is growing in areas like automotive, heavy machinery, energy, and petrochemicals, where performance under extreme conditions is crucial.

Key Industry Players

The report covers a broad list of companies shaping the special steel landscape, from long-established producers to fast-growing entrants. Major names include:

• NSSMC, POSCO, JFE, Gerdau, Citic Pacific,

• ThyssenKrupp AG, TISCO, Aperam, Outokumpu,

• Voestalpine, Hyundai, AK Steel, Baosteel, DAIDO Steel,

• SSAB, Sandvik, HBIS, Sanyo, Ovako,

• Xining Special Steel, Shagang Group, Aichi Steel, Timken Steel, and others.

The companies are evaluated based on product range, global presence, and market strategies.

Market Segmentation

By Product Type:

• Structural Steel

• Tool and Die Steel

• Stainless Steel

• Others

By Application:

• Automotive

• Machinery

• Petrochemicals & Energy

• Other Sectors

By Sales Channel:

• Direct Sales

• Distributors & Dealers

Regional Outlook

The study breaks down data across major global markets, including:

• North America: U.S., Canada, Mexico

• Europe: Germany, UK, France, Italy, Spain, Russia, and others

• Asia-Pacific: China, Japan, India, South Korea, Australia, etc.

• South America: Brazil, Argentina, Colombia, Chile, etc.

• Middle East & Africa: UAE, Saudi Arabia, South Africa, Nigeria, and more

Asia-Pacific remains the largest contributor to market growth, led by China and India’s industrial expansion. Meanwhile, Europe and North America continue to invest in innovation and cleaner steel technologies.

Looking Ahead

With industries increasingly demanding high-performance, sustainable materials, the special steel market is expected to evolve further. Innovations in alloy development, green manufacturing, and export strategies will play key roles in shaping future growth.

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