특수강 시장 : 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the special steel market size is expected to grow from USD 244.32 billion in 2025 to USD 252.5 billion in 2026 and is forecast to reach USD 297.73 billion by 2031 at 3.35% CAGR over 2026-2031.

This report is Segmented by Product Type (Stainless Steel, Tool Steel, Alloy Steel, and More), Form (Sheets and Plates, Bars, Rods, Coils, and Others), Application (Automotive Components, Aerospace Structures and Engines, Machinery and Tools, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

Global Special Steel Market Trends and Insights

Decarbonization Driven Switch To EAF And H2-DRI Routes

EAF and H2-DRI projects trim as much as 70% of site-level CO2 emissions compared with blast furnaces. SSAB expects fossil-free output from Oxelosund by 2026, while H2 Green Steel targets 5 million tons of green steel in Sweden by 2030. Capital intensity remains high at USD 1,200-1,500 per tonne of annual capacity, yet European Union (EU) carbon prices above EUR 90 per ton are accelerating payback periods. North American conversions, such as Algoma Steel's CAD 700 million program, align with automaker low-carbon sourcing mandates. Execution risk persists when hydrogen supply and renewable power lag project timelines, evidenced by Thyssenkrupp's delayed Duisburg transition.

Expansion Of Renewable-Energy Hardware

Offshore-wind, electrolyzer, and hydrogen-pipeline projects are widening end-use diversity for special steel market grades. The United States earmarked USD 42 billion for offshore-wind infrastructure, aiming for 30 GW by 2030, equating to 1.5-2.0 million tons of plate demand per year. EU's REPowerEU targets 300 GW of offshore wind by 2050, pulling 15-20 million tons of monopile and tower steel. Electrolyzer installations could reach 8 GW in 2026, with each gigawatt consuming around 4,000 tons of specialty stainless. API 5L X70/X80 pipe grades dominate hydrogen-transmission frameworks, and the European Hydrogen Backbone foresees 81,000 km of infrastructure by 2040.

Energy-Intensive Processes and Carbon Pricing

Blast-furnace steelmaking consumes 18-22 gigajoules per tonne of crude steel, and carbon-pricing mechanisms are escalating operating costs faster than mills can pass through to customers. European Union (EU) allowance prices over EUR 90 (USD 103) add around EUR 18-20 (USD 20-23) per tonne to integrated costs, while CBAM removes the low-cost import avenue by 2026. China's expanding carbon market and India's fear of border adjustments are pushing domestic producers toward EAF (Electric Arc Furnace) investment despite higher initial costs.

Other drivers and restraints analyzed in the detailed report include:

1. Digitally Enabled Alloy-Design Platforms Shortening Grade-Development Cycles
2. Infrastructure Stimulus In Emerging Economies
3. Competition From Additive-Manufactured Lightweight Metals

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Stainless steel's 35.22% share in 2025 underscores its corrosion-critical role in electrolyzer stacks and offshore structures. Indonesia's nickel-pig-iron surge and India's capacity expansion underpin a 3.67% CAGR to 2031. Tool steel demand is flattening as the additive share in tooling production hit 11% in 2023, pressuring traditional supplies.

Alloy steel maintains relevance for drivetrain and heavy-equipment parts, but electric-vehicle shifts favor lighter metals. Bearing steel innovation, such as NSK's high-speed EV axle unit, is pushing electroslag-remelted chemistries into mainstream auto supply. Nuclear programs, exemplified by Rosatom's BR-1200 grade, pull austenitic alloys into high-temperature service.

Geography Analysis

Asia-Pacific's 43.35% 2025 share stems from Chinese scale, Indian stimulus, and Indonesian nickel integration. China Baowu produced 131.85 million tons of crude steel in 2024 and pursues carbon-neutrality by 2050 through hydrogen metallurgy. India targets 300 million tons of capacity by 2030-31, supported by production-linked incentives that lower specialty-grade import reliance. ASEAN mills expand, though land and financing delays temper realization.

North America leverages scrap abundance and reshoring tailwinds. Nucor's USD 3.1 billion sheet mill and ArcelorMittal's USD 1 billion Calvert upgrade align with OEM (original equipment manufacturer) light-weighting programs. A pending Nippon Steel-US Steel tie-up would create a trans-Pacific specialty platform, while Gerdau's EBITDA now skews 62% to its U.S. network.

Europe faces the steepest decarbonization costs. SSAB will deliver fossil-free steel by 2026, and Outokumpu's ferrochrome integration buffers chromium volatility. Thyssenkrupp seeks partners as ETS prices pressure blast-furnace economics, and the UK's Port Talbot conversion demonstrates political support framed by job cuts.

South America hinges on Brazilian trade defenses and sustainable mining improvements. Anti-dumping rulings due 2026 may stabilize domestic pricing. Argentina's austerity curbs demand, though regional export channels open pockets of opportunity.

Middle East and Africa combine Saudi construction demand with South African ferrochrome supply dominance. Energy costs threaten smelter output, yet Vision 2030 megaprojects anchor long-product demand.

1. Aperam S.A.
2. ArcelorMittal
3. China BaoWu Steel Group Corporation Limited
4. CRS Holdings, LLC.
5. Daido Steel Co., Ltd.
6. Gerdau S/A
7. JFE Steel Corporation
8. JSW
9. Nippon Steel Corporation
10. Nucor Corporation
11. Outokumpu
12. POSCO
13. Sandvik AB
14. SSAB
15. Tata Steel
16. Thyssenkrupp Steel Europe
17. United States Steel Corporation
18. Vardhman Special Steels Limited
19. Voestalpine Stahl GmbH

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Decarbonisation-driven switch to EAF and H2-DRI routes
  • 4.2.2 Expansion of renewable-energy hardware (off-shore wind, electrolyser frames, and hydrogen pipelines)
  • 4.2.3 Digitally enabled alloy-design platforms shortening grade-development cycles
  • 4.2.4 Infrastructure stimulus in emerging economies
  • 4.2.5 Surge in green-hydrogen-ready steels for electrolyser and pipeline build-out
• 4.3 Market Restraints
  • 4.3.1 Energy-intensive processes and tightening carbon-pricing regimes
  • 4.3.2 Competition from additive-manufactured light-weight metals
  • 4.3.3 Supply-chain volatility in critical minerals (nickel and chromium)
• 4.4 Value Chain Analysis
• 4.5 Porter's Five Forces
  • 4.5.1 Threat of New Entrants
  • 4.5.2 Bargaining Power of Buyers
  • 4.5.3 Bargaining Power of Suppliers
  • 4.5.4 Threat of Substitutes
  • 4.5.5 Competitive Rivalry

5 Market Size and Growth Forecasts (Value)

• 5.1 By Product Type
  • 5.1.1 Stainless Steel
  • 5.1.2 Tool Steel
  • 5.1.3 Alloy Steel
  • 5.1.4 Bearing Steel
  • 5.1.5 Carbon Steel (Special Grades)
• 5.2 By Form
  • 5.2.1 Sheets and Plates
  • 5.2.2 Bars
  • 5.2.3 Rods
  • 5.2.4 Coils
  • 5.2.5 Others (Forgings, Wires, and Billets)
• 5.3 By Application
  • 5.3.1 Automotive Components
  • 5.3.2 Aerospace Structures and Engines
  • 5.3.3 Oil and Gas Equipment
  • 5.3.4 Machinery and Tools
  • 5.3.5 Construction and Infrastructure
  • 5.3.6 Energy and Power (Turbines, Nuclear, and Renewables)
  • 5.3.7 Other Applications (Railways, Medical Devices, and Defense)
• 5.4 By Geography
  • 5.4.1 Asia-Pacific
    • 5.4.1.1 China
    • 5.4.1.2 Japan
    • 5.4.1.3 India
    • 5.4.1.4 South Korea
    • 5.4.1.5 ASEAN Countries
    • 5.4.1.6 Rest of Asia-Pacific
  • 5.4.2 North America
    • 5.4.2.1 United States
    • 5.4.2.2 Canada
    • 5.4.2.3 Mexico
  • 5.4.3 Europe
    • 5.4.3.1 Germany
    • 5.4.3.2 United Kingdom
    • 5.4.3.3 France
    • 5.4.3.4 Italy
    • 5.4.3.5 Spain
    • 5.4.3.6 Russia
    • 5.4.3.7 NORDIC Countries
    • 5.4.3.8 Rest of Europe
  • 5.4.4 South America
    • 5.4.4.1 Brazil
    • 5.4.4.2 Argentina
    • 5.4.4.3 Rest of South America
  • 5.4.5 Middle-East and Africa
    • 5.4.5.1 Saudi Arabia
    • 5.4.5.2 South Africa
    • 5.4.5.3 Rest of Middle-East and Africa

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share (%)/Ranking Analysis
• 6.4 Company Profiles (includes Global Overview, Market Overview, Core Segments, Financials, Strategic Information, Products and Services, and Recent Developments)
  • 6.4.1 Aperam S.A.
  • 6.4.2 ArcelorMittal
  • 6.4.3 China BaoWu Steel Group Corporation Limited
  • 6.4.4 CRS Holdings, LLC.
  • 6.4.5 Daido Steel Co., Ltd.
  • 6.4.6 Gerdau S/A
  • 6.4.7 JFE Steel Corporation
  • 6.4.8 JSW
  • 6.4.9 Nippon Steel Corporation
  • 6.4.10 Nucor Corporation
  • 6.4.11 Outokumpu
  • 6.4.12 POSCO
  • 6.4.13 Sandvik AB
  • 6.4.14 SSAB
  • 6.4.15 Tata Steel
  • 6.4.16 Thyssenkrupp Steel Europe
  • 6.4.17 United States Steel Corporation
  • 6.4.18 Vardhman Special Steels Limited
  • 6.4.19 Voestalpine Stahl GmbH

7 Market Opportunities and Future Outlook

• 7.1 White-Space and Unmet-Need Assessment