Summary

The global market for Special Steel was estimated to be worth US$ 249252 million in 2024 and is forecast to a readjusted size of US$ 335125 million by 2031 with a CAGR of 4.9% during the forecast period 2025-2031.
This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Special Steel cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.
Special Steel refers to a category of steels that are manufactured with specific chemical compositions, processing methods, or heat treatments to impart enhanced mechanical, physical, or chemical properties tailored for demanding applications beyond those of ordinary carbon steels. Unlike standard steels, which are mainly designed for general structural use, special steels incorporate carefully controlled amounts of alloying elements such as chromium, nickel, molybdenum, vanadium, tungsten, cobalt, or manganese to achieve superior characteristics including high strength, hardness, toughness, wear resistance, corrosion resistance, or heat resistance. This class of steel encompasses several subtypes such as alloy steel, stainless steel, tool steel, bearing steel, spring steel, and heat-resistant steel, each suited to different performance requirements—for example, stainless steels are engineered for corrosion resistance in chemical and food industries, while tool steels are optimized for hardness and wear resistance in cutting and forming tools. Special steels are widely used in automotive, aerospace, energy, petrochemical, defense, heavy machinery, construction, and medical device industries, where safety, durability, and performance are critical. In essence, special steel is defined not only by its chemical and mechanical attributes but also by its role as a high-value material engineered to deliver enhanced performance in specialized and often extreme operating environments.
In 2024, global Special Steel production reached approximately 203 million tons , with an average global market price of around US$ 1,500 per ton.
For industry structure analysis, the Special Steel industry is not concentrated. These manufacturers range from large multinational corporations to small privately owned companies compete in this industry. The top five producers include NSSMC, POSCO, JFE, Gerdau and Citic Pacific, account for 17% of the revenue market. Asia-Pacific occupied 62% of the sales market. It is followed by Europe and North America, which respectively account for around 16% and 13% of the global total industry. Other countries have a smaller amount of sales.

The market potential for Special Steel is significant and continues to grow worldwide, supported by rapid industrialization, the shift toward high-performance materials, and the expansion of end-use industries that require steels with advanced mechanical, chemical, and thermal properties, as special steels—such as alloy steel, stainless steel, tool steel, bearing steel, spring steel, and heat-resistant steel—offer superior strength, toughness, wear resistance, corrosion resistance, and thermal stability compared to ordinary carbon steels, making them indispensable in critical applications across modern economies; the industrial chain begins upstream with raw material suppliers, including iron ore, coking coal, ferroalloys (chromium, nickel, molybdenum, vanadium, tungsten, etc.), recycled scrap, and specialty alloying materials, which feed into steel mills and smelters that produce billets, ingots, or slabs with precise alloy compositions, continues midstream with special steel producers who carry out processes such as refining, vacuum degassing, forging, hot/cold rolling, precision casting, and heat treatment to manufacture semi-finished or finished steel products tailored to stringent quality standards, and extends downstream through distributors, service centers, and fabricators who deliver finished forms—plates, bars, rods, sheets, wires, forgings, and castings—into multiple industries; the primary downstream customers include the automotive industry (engine components, transmission parts, gears, axles, suspension springs, safety-critical fasteners), the aerospace sector (jet engine parts, landing gear, structural frames, high-temperature alloys), the energy industry (turbine blades, nuclear reactor components, wind turbine shafts, oil & gas drilling tools and pipelines), the construction and infrastructure sector (bridges, high-rise buildings, rebar for seismic resistance), the machinery and heavy equipment industry (cutting tools, molds, dies, bearings, mining machinery), the defense sector (armor plating, naval ships, aircraft carriers, weapons systems), and the medical industry (surgical instruments, implants, prosthetics made from corrosion-resistant stainless steels), while aftermarket services including steel recycling, machining, surface treatments, and component refurbishment further sustain the lifecycle value; collectively, global demand for special steel is reinforced by megatrends such as the rise of electric vehicles requiring advanced drive-train and battery safety components, the growth of renewable energy requiring durable wind turbine and solar infrastructure, and stricter regulatory and performance requirements in aerospace and defense, thereby ensuring that the special steel industrial chain—from raw material suppliers to end-use customers—remains dynamic and positioned for sustained expansion across both developed and emerging markets.

This report aims to provide a comprehensive presentation of the global market for Special Steel, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Special Steel by region & country, by Type, and by Application.
The Special Steel market size, estimations, and forecasts are provided in terms of sales volume (K MT) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Special Steel.

Market Segmentation
By Company
NSSMC
POSCO
JFE
Gerdau
Citic Pacific
ThyssenKrupp AG
TISCO
Aperam
Outokumpu
Dongbei Special Steel
Nanjing Steel
Voestalpine
Hyundai
AK Steel
Baowu Group
DAIDO Steel
SSAB
Sandvik
HBIS
Sanyo
Ovako
Xining Special Steel
Shagang Group
Aichi Steel
Nippon Koshuha
Metallus Inc
Segment by Type
Structural Steel
Tool Steel and Die Steel
Stainless Steel
Others
Segment by Application
Automobile Industry
Machinery Industry
Petrochemicals & Energy Industry
Other
By Region
North America
United States
Canada
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia-Pacific
Europe
Germany
France
U.K.
Italy
Netherlands
Nordic Countries
Rest of Europe
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Special Steel manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Sales, revenue of Special Steel in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Sales, revenue of Special Steel in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

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Table of Contents

1 Market Overview
1.1 Special Steel Product Introduction
1.2 Global Special Steel Market Size Forecast
1.2.1 Global Special Steel Sales Value (2020-2031)
1.2.2 Global Special Steel Sales Volume (2020-2031)
1.2.3 Global Special Steel Sales Price (2020-2031)
1.3 Special Steel Market Trends & Drivers
1.3.1 Special Steel Industry Trends
1.3.2 Special Steel Market Drivers & Opportunity
1.3.3 Special Steel Market Challenges
1.3.4 Special Steel Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered
2 Competitive Analysis by Company
2.1 Global Special Steel Players Revenue Ranking (2024)
2.2 Global Special Steel Revenue by Company (2020-2025)
2.3 Global Special Steel Players Sales Volume Ranking (2024)
2.4 Global Special Steel Sales Volume by Company Players (2020-2025)
2.5 Global Special Steel Average Price by Company (2020-2025)
2.6 Key Manufacturers Special Steel Manufacturing Base and Headquarters
2.7 Key Manufacturers Special Steel Product Offered
2.8 Key Manufacturers Time to Begin Mass Production of Special Steel
2.9 Special Steel Market Competitive Analysis
2.9.1 Special Steel Market Concentration Rate (2020-2025)
2.9.2 Global 5 and 10 Largest Manufacturers by Special Steel Revenue in 2024
2.9.3 Global Top Manufacturers by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Special Steel as of 2024)
2.10 Mergers & Acquisitions, Expansion
3 Segmentation by Type
3.1 Introduction by Type
3.1.1 Structural Steel
3.1.2 Tool Steel and Die Steel
3.1.3 Stainless Steel
3.1.4 Others
3.2 Global Special Steel Sales Value by Type
3.2.1 Global Special Steel Sales Value by Type (2020 VS 2024 VS 2031)
3.2.2 Global Special Steel Sales Value, by Type (2020-2031)
3.2.3 Global Special Steel Sales Value, by Type (%) (2020-2031)
3.3 Global Special Steel Sales Volume by Type
3.3.1 Global Special Steel Sales Volume by Type (2020 VS 2024 VS 2031)
3.3.2 Global Special Steel Sales Volume, by Type (2020-2031)
3.3.3 Global Special Steel Sales Volume, by Type (%) (2020-2031)
3.4 Global Special Steel Average Price by Type (2020-2031)
4 Segmentation by Application
4.1 Introduction by Application
4.1.1 Automobile Industry
4.1.2 Machinery Industry
4.1.3 Petrochemicals & Energy Industry
4.1.4 Other
4.2 Global Special Steel Sales Value by Application
4.2.1 Global Special Steel Sales Value by Application (2020 VS 2024 VS 2031)
4.2.2 Global Special Steel Sales Value, by Application (2020-2031)
4.2.3 Global Special Steel Sales Value, by Application (%) (2020-2031)
4.3 Global Special Steel Sales Volume by Application
4.3.1 Global Special Steel Sales Volume by Application (2020 VS 2024 VS 2031)
4.3.2 Global Special Steel Sales Volume, by Application (2020-2031)
4.3.3 Global Special Steel Sales Volume, by Application (%) (2020-2031)
4.4 Global Special Steel Average Price by Application (2020-2031)
5 Segmentation by Region
5.1 Global Special Steel Sales Value by Region
5.1.1 Global Special Steel Sales Value by Region: 2020 VS 2024 VS 2031
5.1.2 Global Special Steel Sales Value by Region (2020-2025)
5.1.3 Global Special Steel Sales Value by Region (2026-2031)
5.1.4 Global Special Steel Sales Value by Region (%), (2020-2031)
5.2 Global Special Steel Sales Volume by Region
5.2.1 Global Special Steel Sales Volume by Region: 2020 VS 2024 VS 2031
5.2.2 Global Special Steel Sales Volume by Region (2020-2025)
5.2.3 Global Special Steel Sales Volume by Region (2026-2031)
5.2.4 Global Special Steel Sales Volume by Region (%), (2020-2031)
5.3 Global Special Steel Average Price by Region (2020-2031)
5.4 North America
5.4.1 North America Special Steel Sales Value, 2020-2031
5.4.2 North America Special Steel Sales Value by Country (%), 2024 VS 2031
5.5 Europe
5.5.1 Europe Special Steel Sales Value, 2020-2031
5.5.2 Europe Special Steel Sales Value by Country (%), 2024 VS 2031
5.6 Asia Pacific
5.6.1 Asia Pacific Special Steel Sales Value, 2020-2031
5.6.2 Asia Pacific Special Steel Sales Value by Region (%), 2024 VS 2031
5.7 South America
5.7.1 South America Special Steel Sales Value, 2020-2031
5.7.2 South America Special Steel Sales Value by Country (%), 2024 VS 2031
5.8 Middle East & Africa
5.8.1 Middle East & Africa Special Steel Sales Value, 2020-2031
5.8.2 Middle East & Africa Special Steel Sales Value by Country (%), 2024 VS 2031
6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions Special Steel Sales Value Growth Trends, 2020 VS 2024 VS 2031
6.2 Key Countries/Regions Special Steel Sales Value and Sales Volume
6.2.1 Key Countries/Regions Special Steel Sales Value, 2020-2031
6.2.2 Key Countries/Regions Special Steel Sales Volume, 2020-2031
6.3 United States
6.3.1 United States Special Steel Sales Value, 2020-2031
6.3.2 United States Special Steel Sales Value by Type (%), 2024 VS 2031
6.3.3 United States Special Steel Sales Value by Application, 2024 VS 2031
6.4 Europe
6.4.1 Europe Special Steel Sales Value, 2020-2031
6.4.2 Europe Special Steel Sales Value by Type (%), 2024 VS 2031
6.4.3 Europe Special Steel Sales Value by Application, 2024 VS 2031
6.5 China
6.5.1 China Special Steel Sales Value, 2020-2031
6.5.2 China Special Steel Sales Value by Type (%), 2024 VS 2031
6.5.3 China Special Steel Sales Value by Application, 2024 VS 2031
6.6 Japan
6.6.1 Japan Special Steel Sales Value, 2020-2031
6.6.2 Japan Special Steel Sales Value by Type (%), 2024 VS 2031
6.6.3 Japan Special Steel Sales Value by Application, 2024 VS 2031
6.7 South Korea
6.7.1 South Korea Special Steel Sales Value, 2020-2031
6.7.2 South Korea Special Steel Sales Value by Type (%), 2024 VS 2031
6.7.3 South Korea Special Steel Sales Value by Application, 2024 VS 2031
6.8 Southeast Asia
6.8.1 Southeast Asia Special Steel Sales Value, 2020-2031
6.8.2 Southeast Asia Special Steel Sales Value by Type (%), 2024 VS 2031
6.8.3 Southeast Asia Special Steel Sales Value by Application, 2024 VS 2031
6.9 India
6.9.1 India Special Steel Sales Value, 2020-2031
6.9.2 India Special Steel Sales Value by Type (%), 2024 VS 2031
6.9.3 India Special Steel Sales Value by Application, 2024 VS 2031
7 Company Profiles
7.1 NSSMC
7.1.1 NSSMC Company Information
7.1.2 NSSMC Introduction and Business Overview
7.1.3 NSSMC Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.1.4 NSSMC Special Steel Product Offerings
7.1.5 NSSMC Recent Development
7.2 POSCO
7.2.1 POSCO Company Information
7.2.2 POSCO Introduction and Business Overview
7.2.3 POSCO Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.2.4 POSCO Special Steel Product Offerings
7.2.5 POSCO Recent Development
7.3 JFE
7.3.1 JFE Company Information
7.3.2 JFE Introduction and Business Overview
7.3.3 JFE Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.3.4 JFE Special Steel Product Offerings
7.3.5 JFE Recent Development
7.4 Gerdau
7.4.1 Gerdau Company Information
7.4.2 Gerdau Introduction and Business Overview
7.4.3 Gerdau Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.4.4 Gerdau Special Steel Product Offerings
7.4.5 Gerdau Recent Development
7.5 Citic Pacific
7.5.1 Citic Pacific Company Information
7.5.2 Citic Pacific Introduction and Business Overview
7.5.3 Citic Pacific Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.5.4 Citic Pacific Special Steel Product Offerings
7.5.5 Citic Pacific Recent Development
7.6 ThyssenKrupp AG
7.6.1 ThyssenKrupp AG Company Information
7.6.2 ThyssenKrupp AG Introduction and Business Overview
7.6.3 ThyssenKrupp AG Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.6.4 ThyssenKrupp AG Special Steel Product Offerings
7.6.5 ThyssenKrupp AG Recent Development
7.7 TISCO
7.7.1 TISCO Company Information
7.7.2 TISCO Introduction and Business Overview
7.7.3 TISCO Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.7.4 TISCO Special Steel Product Offerings
7.7.5 TISCO Recent Development
7.8 Aperam
7.8.1 Aperam Company Information
7.8.2 Aperam Introduction and Business Overview
7.8.3 Aperam Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.8.4 Aperam Special Steel Product Offerings
7.8.5 Aperam Recent Development
7.9 Outokumpu
7.9.1 Outokumpu Company Information
7.9.2 Outokumpu Introduction and Business Overview
7.9.3 Outokumpu Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.9.4 Outokumpu Special Steel Product Offerings
7.9.5 Outokumpu Recent Development
7.10 Dongbei Special Steel
7.10.1 Dongbei Special Steel Company Information
7.10.2 Dongbei Special Steel Introduction and Business Overview
7.10.3 Dongbei Special Steel Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.10.4 Dongbei Special Steel Special Steel Product Offerings
7.10.5 Dongbei Special Steel Recent Development
7.11 Nanjing Steel
7.11.1 Nanjing Steel Company Information
7.11.2 Nanjing Steel Introduction and Business Overview
7.11.3 Nanjing Steel Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.11.4 Nanjing Steel Special Steel Product Offerings
7.11.5 Nanjing Steel Recent Development
7.12 Voestalpine
7.12.1 Voestalpine Company Information
7.12.2 Voestalpine Introduction and Business Overview
7.12.3 Voestalpine Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.12.4 Voestalpine Special Steel Product Offerings
7.12.5 Voestalpine Recent Development
7.13 Hyundai
7.13.1 Hyundai Company Information
7.13.2 Hyundai Introduction and Business Overview
7.13.3 Hyundai Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.13.4 Hyundai Special Steel Product Offerings
7.13.5 Hyundai Recent Development
7.14 AK Steel
7.14.1 AK Steel Company Information
7.14.2 AK Steel Introduction and Business Overview
7.14.3 AK Steel Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.14.4 AK Steel Special Steel Product Offerings
7.14.5 AK Steel Recent Development
7.15 Baowu Group
7.15.1 Baowu Group Company Information
7.15.2 Baowu Group Introduction and Business Overview
7.15.3 Baowu Group Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.15.4 Baowu Group Special Steel Product Offerings
7.15.5 Baowu Group Recent Development
7.16 DAIDO Steel
7.16.1 DAIDO Steel Company Information
7.16.2 DAIDO Steel Introduction and Business Overview
7.16.3 DAIDO Steel Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.16.4 DAIDO Steel Special Steel Product Offerings
7.16.5 DAIDO Steel Recent Development
7.17 SSAB
7.17.1 SSAB Company Information
7.17.2 SSAB Introduction and Business Overview
7.17.3 SSAB Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.17.4 SSAB Special Steel Product Offerings
7.17.5 SSAB Recent Development
7.18 Sandvik
7.18.1 Sandvik Company Information
7.18.2 Sandvik Introduction and Business Overview
7.18.3 Sandvik Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.18.4 Sandvik Special Steel Product Offerings
7.18.5 Sandvik Recent Development
7.19 HBIS
7.19.1 HBIS Company Information
7.19.2 HBIS Introduction and Business Overview
7.19.3 HBIS Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.19.4 HBIS Special Steel Product Offerings
7.19.5 HBIS Recent Development
7.20 Sanyo
7.20.1 Sanyo Company Information
7.20.2 Sanyo Introduction and Business Overview
7.20.3 Sanyo Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.20.4 Sanyo Special Steel Product Offerings
7.20.5 Sanyo Recent Development
7.21 Ovako
7.21.1 Ovako Company Information
7.21.2 Ovako Introduction and Business Overview
7.21.3 Ovako Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.21.4 Ovako Special Steel Product Offerings
7.21.5 Ovako Recent Development
7.22 Xining Special Steel
7.22.1 Xining Special Steel Company Information
7.22.2 Xining Special Steel Introduction and Business Overview
7.22.3 Xining Special Steel Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.22.4 Xining Special Steel Special Steel Product Offerings
7.22.5 Xining Special Steel Recent Development
7.23 Shagang Group
7.23.1 Shagang Group Company Information
7.23.2 Shagang Group Introduction and Business Overview
7.23.3 Shagang Group Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.23.4 Shagang Group Special Steel Product Offerings
7.23.5 Shagang Group Recent Development
7.24 Aichi Steel
7.24.1 Aichi Steel Company Information
7.24.2 Aichi Steel Introduction and Business Overview
7.24.3 Aichi Steel Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.24.4 Aichi Steel Special Steel Product Offerings
7.24.5 Aichi Steel Recent Development
7.25 Nippon Koshuha
7.25.1 Nippon Koshuha Company Information
7.25.2 Nippon Koshuha Introduction and Business Overview
7.25.3 Nippon Koshuha Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.25.4 Nippon Koshuha Special Steel Product Offerings
7.25.5 Nippon Koshuha Recent Development
7.26 Metallus Inc
7.26.1 Metallus Inc Company Information
7.26.2 Metallus Inc Introduction and Business Overview
7.26.3 Metallus Inc Special Steel Sales, Revenue, Price and Gross Margin (2020-2025)
7.26.4 Metallus Inc Special Steel Product Offerings
7.26.5 Metallus Inc Recent Development
8 Industry Chain Analysis
8.1 Special Steel Industrial Chain
8.2 Special Steel Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.2.3 Manufacturing Cost Structure
8.3 Midstream Analysis
8.4 Downstream Analysis (Customers Analysis)
8.5 Sales Model and Sales Channels
8.5.1 Special Steel Sales Model
8.5.2 Sales Channel
8.5.3 Special Steel Distributors
9 Research Findings and Conclusion
10 Appendix
10.1 Research Methodology
10.1.1 Methodology/Research Approach
10.1.1.1 Research Programs/Design
10.1.1.2 Market Size Estimation
10.1.1.3 Market Breakdown and Data Triangulation
10.1.2 Data Source
10.1.2.1 Secondary Sources
10.1.2.2 Primary Sources
10.2 Author Details
10.3 Disclaimer