Special Steel Market Report 2026

The special steel market size has grown strongly in recent years. It will grow from $197.86 billion in 2025 to $209.29 billion in 2026 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased production of stainless and structural steel, growth in automotive manufacturing, rising construction activities globally, adoption of tool and die steel in manufacturing, expansion of consumer appliance production.

The special steel market size is expected to see strong growth in the next few years. It will grow to $257.71 billion in 2030 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rising demand for high-strength specialty steel, growth in electric and autonomous vehicles, increasing infrastructural and construction projects, expansion of petrochemical and shipping industries, technological advancements in steel treatment and coating. Major trends in the forecast period include advancements in high-performance coatings and platings, increased use of heat-treated specialty steel, expansion in automotive and construction applications, growth of duplex and martensitic stainless steel, rising demand for tool and die steel in manufacturing.

The rising consumption of special steel in the automotive sector is anticipated to drive the growth of the special steel market. The automotive sector encompasses businesses involved in the manufacturing, distribution, retail, and maintenance of automobiles. Special steel plays a crucial role by providing high-quality materials essential for vehicle construction and maintaining safety standards in the industry. For instance, according to data published by the International Energy Agency (IEA), a France-based intergovernmental organization, SUVs accounted for 48% of global car sales in 2023, setting a new record and affirming their popularity in the automotive market. In advanced economies, SUV sales surpassed 20 million in 2022, reaching a 50% market share for the first time, with over 360 million SUVs on roads worldwide. Consequently, the growing demand for special steel in the automotive sector is fueling the expansion of the special steel market.

Leading companies in the special steel industry are increasingly focused on developing innovative, emission-free products to strengthen their market position. Emission-free steel is produced without carbon emissions, often by utilizing green hydrogen or renewable energy sources. For instance, in March 2024, SSAB AB, a Sweden-based steel company, introduced the world’s first emission-free steel powder for commercial use. This pioneering product, made from SSAB Zero recycled steel, enables customers to 3D-print unique designs with steel produced without fossil carbon emissions. The new powder combines high-strength steel properties with the flexibility of lightweight 3D-printed structures, marking a substantial advancement in sustainable manufacturing. SSAB's innovation aims to reduce carbon emissions in the steel industry and supports efficient, customized production across sectors like automotive and heavy machinery.

In January 2025, Aperam S.A., a Luxembourg-based global producer of stainless and specialty steels, acquired Universal Stainless & Alloy Products, Inc. for $45.0 per share in an all-cash transaction. Through this acquisition, Aperam aimed to expand its specialty steel product portfolio, strengthen its presence in the North American market, and grow its high-value alloy steel offerings for aerospace, energy, and industrial applications. Universal Stainless & Alloy Products, Inc. was a U.S.-based manufacturer of specialty steels, including stainless steel, nickel alloys, tool steels, and other high-performance alloyed steels used across demanding industrial sectors.

Major companies operating in the special steel market report are China BaoWu Steel Group, ArcelorMittal, Pohang Iron and Steel Company, Nippon Steel Corporation, Baosteel Group Co, Shagang Group Anyang Yongxing Special Steel Co Ltd., JFE Holdings Inc., Hunan Valin Iron And Steel Group Co Ltd., Tata Steel Limited, Kobe Steel Ltd., Voestalpine AG, Outokumpu Oyj, Aperam SA, Nanjing Iron & Steel Group Co Ltd., AK Steel Holdings Corporation, Dongbei Special Steel Group Co Ltd., Thyssenkrupp Materials NA Inc., TimkenSteel, Daido Steel, Aichi Steel, SSAB, SeAH Group, Xining Special Steel, Ovako, Citic Pacific.

Asia-Pacific was the largest region in the special steel market in 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the special steel market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the special steel market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The special steel market consists of sales of carbide, austenite, and ferrite forming elements. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.