Major players in the Special steel market are Posco, JFE Holdings Inc, Gerdau, ThyssenKrupp Stainless, Aperam S. A, Outokumpu, Dongbei Special Steel Group Co. Ltd, Hyundai Steel Co. Ltd, AK Steel Holdings Corporation, Baosteel Group, Nippon Steel Corporation, ArcelorMittal S.
New York, Dec. 01, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Special Steel Global Market Report 2022: Ukraine-Russia War Impact” – https://www.reportlinker.com/p06368703/?utm_source=GNW
A, Tata Steel Limited, Nanjing Iron & Steel Group Co. Ltd., and Voestalpine AG are major players in the special
The global special steel market is expected to grow from $165.39 billion in 2021 to $174.13 billion in 2022 at a compound annual growth rate (CAGR) of 5.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The special steel market is expected to grow to $222.42 billion in 2026 at a CAGR of 6.3%.
The special steel market consists of sales of special steel products by entities (organizations, sole traders, and partnerships) that are used for manufacturing and maintenance components in a variety of applications, from smartphones to everyday home appliances to automobiles and other transportation equipment that is crucial to modern society. Special steel refers to specialty steel as value-added steel that is transformed from normal finished steel through coating, plating, and heat treatment into highly valuable steel that can be used in a variety of strategic applications and is created by combining iron with different elements.
The main types of special steel in the market are stainless steel, structural steel, and tool and die steel.Stainless steel refers to a steel alloy that contains chromium plus another element (such as nickel or molybdenum) and is virtually impervious to rusting and other forms of corrosion.
The grade involves 200 series, 300 series, 400 series, duplex series, and other grades. The various applications include automotives, construction, consumer appliances, manufacturing, petrochemicals, and shipping and packaging.
Asia-Pacific was the largest region in the special steel market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this special steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Increasing consumption of special steel in the automotive sector is expected to propel the growth of the special steel market going forward.The automotive sector refers to businesses involved in the manufacture, distribution, retail, and upkeep of automobiles.
Special steel helps the automotive sector by providing high-quality steel to build a vehicle and also maintain safety standards in the industry. For instance, according to the International Organization of Motor Vehicle Manufacturers, a France-based international trade association, there were 91.8 million cars produced by the manufacturers in 2019. Each car uses 900 kg of steel on average. Therefore, increasing consumption of special steel in the automotive sector is driving the growth of the special steel market.
Increasing investments in special steel industries is a key trend gaining popularity in the special steel market.Major companies are investing in the special steel industry to strengthen their position in the special steel market.
For instance, in March 2021, BMW Group, a Germany-based luxury vehicle company, is investing in an innovative method for CO2-free steel production developed by American startup Boston Metal, through its venture capital fund, BMW Ventures. The investment is part of the BMW Group’s far-reaching sustainability activities aimed at significantly reducing CO2 emissions across the supplier network.
In December 2019, ArcelorMittal, a US-based global steel-producing company, acquired Essar Steel India for an undisclosed amount.With this acquisition, ArcelorMittal has made a significant strategic move by purchasing Essar Steel and expanding its portfolio in India.
Essar Steel Limited is an India-based multinational leading business in the steel manufacturing business of the Essar Group of Companies operating in the special steel market.
The countries covered in the special steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The special steel market research report is one of a series of new reports that provides special steel industry statistics, including global market size, regional shares, competitors with a special steel market share, detailed special steel market segments, market trends and opportunities, and any further data you may need to thrive in the special steel industry. This special steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06368703/?utm_source=GNW
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