What Is The Scope Of The Global Alloy Steel Market?
Alloy steel refers to steel that is made by combining iron with other elements to enhance its properties and performance. It offers enhanced properties compared to standard carbon steel, making it suitable for various applications across various industries. The ability to customize its properties through different alloying elements allows manufacturers to create steel tailored to specific performance requirements.
Alloy Steel Global Market Report 2024 provides data on the global alloy steel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The alloy steel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Alloy Steel ?
The alloy steel market has grown steadily, rising from $144.05 billion in 2023 to $148.14 billion in 2024 at a CAGR of 2.8%, driven by population growth, automotive industry expansion, transport infrastructure investments, and EV demand. By 2028, the market will reach $167.50 billion at a CAGR of 3.1%, supported by construction demand, rising disposable incomes, energy applications, and technological advancements. Key trends include sustainable solutions, advanced materials, and AI-driven production improvements.
What Factors Are Driving Growth In The Alloy Steel Market?
The alloy steel market is anticipated to benefit from the growing adoption of electric vehicles. Alloy steel's strength, durability, and lightweight properties align with the performance needs of modern EV designs. In 2023, sales of electric and hybrid vehicles in the U.S. accounted for 16.3% of all light-duty vehicle sales, up from 12.9% in 2022, as reported by the U.S. Energy Information Administration.
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What Are The Main Segments Of The Global Alloy Steel Market?
The alloy steel market covered in this report is segmented –
1) By Product: High Alloy Steel, Low Alloy Steel
2) By Elements: Nickel, Chromium, Molybdenum, Vanadium, Tungsten
3) By Process: Hot Rolled, Cold Rolled, Forged, Extruded
4) By End-User: Building And Construction, Automotive, Mining, Aerospace And Defense, Energy And Power, Electrical And Electronics, Other End Users
What Emerging Trends Are Influencing The Growth Of The Alloy Steel Market?
Key players in the alloy steel market are introducing high-strength grades designed to withstand extreme conditions and meet demand in industries like aerospace. For example, in August 2023, Jindal Stainless Ltd., an India-based company, developed a specialized alloy steel grade for the Indian Space Research Organization. This material resists high temperatures and shocks, making it suitable for critical space missions.
What Is The Largest Region In The Alloy Steel Market?
Asia-Pacific was the largest region in the alloy steel market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the alloy steel marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
