Special Steel Market is predicted to reach at USD 393.50 billion by 2028 from USD 222.3 billion in 2021 at an 8.5% CAGR during the forecast period 2022-2028. Likewise, SSAB’s Hardox HiAce (HB 400 level of hardness) special steels prolong the service life of equipment up to three years at lower pH environments and the product can be used in heavy transportation equipment (trailers/trucks), mining (tipper bodies), and construction. This product provides greater wear resistance and improves machinery performance & service life, furthermore, Hardox HiAce, is a new abrasion-resistant steel that fights against wear in acidic corrosive environments. Similarly, SSAB’s introduced the latest Hardox 500 Tuf, which is the new generation wear plate and can be used for tipper bodies, buckets and containers and provides extreme hardness and toughness to the equipment. Moreover, the Hardox wear plate offers prolonged service life, higher payload & lower fuel consumption of machinery and equipment. The study analyses the global market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges/unmet needs to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across regions and customer unmet needs.
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The company’s special steel products are developed and available with special features that make the products gain high popularity, which in turn is expected to drive the growth of the special steels market. For instance, Arcelor Mittal’s Creusabro is available with HB 450 level of hardness which enables equipment like buckets of earthmoving and quarrying equipment to move around 230,000 tonnes of material. Likewise, NLMK’s Quard steel is available with HB 550 level of hardness and can be used in harsh conditions and is recommended for construction & mining equipment (like excavators, bulldozers, dump trucks, hoppers, mixers, etc.), among other applications. The unique feature of Quard is it has wear-resistant properties with more than triple the durability of individual special-purpose equipment components, which enable heavy equipment to have increased life with resistant to the toughest conditions.
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In 2021, Asia-Pacific region is estimated to account for the largest market share of ~72% in the global Special Steel market and it is expected to maintain the largest market share throughout the forecast period with 70% in 2027. Larger share of Asia-Pacific region is majorly contributed to existence of large production of special steel and large demand for special grade steel in this region, which majorly contributed from China. Furthermore, in certain countries of Asia-Pacific region, like China, India, governments have been implemented variety of initiatives over the past few years to support & promote growth of the domestic steel industry, including special steel products owing to increasing demand for steel products in these Asia countries.
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