What Has Been the Progress and Growth of the Alloy Steel Market in Recent Years?
The alloy steel market has seen considerable growth due to a variety of factors.
• In recent times, the alloy steel market has seen consistent growth. With a compound annual growth rate (CAGR) of 3.2%, it's anticipated to expand from $148.14 billion in 2024 to $152.93 billion in 2025.
This growth seen in the historical period can be ascribed to factors such as population surge, continuous expansion of the automotive industry, increased investment in public transport infrastructure, a rising demand within the electric vehicle industry, and the growth of construction activities.
How Does the Forecast Look for the Alloy Steel Market?
The alloy steel market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, a steady increase is anticipated for the alloy steel market size, with expectations to reach $172.42 billion in 2029 at a compound annual growth rate (CAGR) of 3.0%.
The projected growth during this period is likely due to several factors including an uptick in demand from the construction sector, a growing middle class and rising disposable incomes, increased interest in electric vehicles, more frequent use in energy & power, aerospace & defense, and oil & gas industries, and increased usage in the automobile field. The forecast period is also expected to be marked by significant trends such as technological advancements, use of advanced materials, innovations in product development, unique solutions for sustainable methods, and the use of AI technologies to pinpoint defects or discrepancies during the steel production process.
What Are The Essential Drivers Behind The Growth Of The Alloy Steel Market?
The surge in the demand for electric vehicles is set to boost the expansion of the alloy steel market. This constant rise in the uptake of electric vehicles is due to environmental benefits, eco-friendly travel, less fuel expenses, minimized noise pollution, and intelligent charging features. Alloy steel plays an integral role in electric vehicles by providing high strength, lasting durability, and lightness, which improves the overall performance, efficacy, and safety, catering to the sophisticated demands of modern EV designs. For instance, in January 2024, a report by the U.S. Energy Information Administration (EIA), an institution based in the U.S., indicated that the collective sales of hybrid vehicles, plug-in hybrids, and battery electric vehicles (BEVs) made up 16.3% of the new light-duty vehicle (LDV) sales in the United States in 2023, a rise from 12.9% in 2022. Hence, the escalating demand for electric vehicles is fuelling the alloy steel market.
How Are The Segments Defined Within The Global Alloy Steel Market?
The alloy steelmarket 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
Subsegments:
1) By High Alloy Steel: Stainless Steel, Tool Steel, High-Speed Steel
2) By Low Alloy Steel: Carbon Steel, Manganese Steel, Chromium-Molybdenum Steel
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How Are New Trends Expected To Influence The Growth Of The Alloy Steel Market?
Leading enterprises in the alloy steel market are prioritizing the creation of innovative materials like high-strength alloy steel grades to boost durability, enhance performance under severe conditions, and cater to the growing demands of the industry. High-strength alloy steel grades are designed to offer extraordinary tensile strength and durability, making them ideal for the high-pressure environments of the aerospace industries. For example, in August 2023, Jindal Stainless Ltd., a company based in India, established a unique high-strength alloy steel grade which was provided to the Indian Space Research Organization (ISRO). This particular grade which was traditionally imported from different nations has been painstakingly developed over three years using sophisticated refining processes. This heat-resistant product shields the motor from shocks and high temperatures, emphasizing the alloy steel grade's dependability and appropriateness for crucial space missions, including in intense thermal situations.
Who Are the Key Players In The Alloy Steel Market?
Major companies operating in the alloy steel marker are:
• ArcelorMittal SA
• Pohang Iron and Steel Company (POSCO)
• Nippon Steel Corporation
• Thyssenkrupp AG
• JFE Holdings Inc.
• Tata Steel Ltd.
• Cleveland-Cliffs Inc.
• United States Steel Corporation (U.S. Steel)
• JSW Steel Inc.
• Hyundai Steel Co. Ltd.
• Reliance Steel & Aluminum Co.
• Voestalpine AG
• Steel Authority of India Limited (SAIL)
• SSAB AB
• Sandvik AB
• Jindal Steel and Power Limited
• SMC Group
• Allegheny Technologies Incorporated (ATI)
• Hindustan Aeronautics Limited
• APL Apollo Tubes Ltd.
• Shyam Metalics & Energy Ltd.
• Lloyds Metals and Engineers Ltd.
• Mukand Ltd.
• Ratnamani Metals & Tubes Ltd.
• Kalyani Steels Ltd
What Is The Most Dominant Region In The Alloy Steel Market?
Asia-Pacific was the largest region in the alloy steel market in 2024. 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.
