The alloy steel market has experienced consistent growth in recent years, expanding from $144.05 billion in 2023 to $148.14 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. This growth has been driven by factors such as population growth, a continuously expanding automotive sector, rising investments in public transport infrastructure, increasing demand in the electric vehicle industry, and growth in construction activities.
The alloy steel market is expected to grow to $167.50 billion by 2028, expanding at a CAGR of 3.1%. The growth factors include demand from construction, rising middle class, increased disposable income, growing adoption in electric vehicles, and applications in energy, aerospace, defense, and oil & gas sectors. Trends include technological advancements, innovation in product development, sustainable methods, and the use of AI in detecting defects in steel production.
Major Driver In The Alloy Steel Market
The growing demand for electric vehicles is expected to drive the growth of the alloy steel market, driven by environmental benefits, sustainable transportation, lower fuel costs, reduced noise pollution, and smart charging solutions. Alloy steel plays a vital role in enhancing electric vehicle performance due to its strength, durability, and lightweight properties. For instance, the U.S. Energy Information Administration reported in January 2024 that hybrid, plug-in hybrid, and battery electric vehicles accounted for 16.3% of total new light-duty vehicle sales in the U.S. in 2023, up from 12.9% in 2022. This surge in electric vehicle demand positively influences the alloy steel market, with expectations for continued growth through 2024 and into 2028.
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Alloy Steel Market Competitive Landscape
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
Key Alloy Steel Market Trend
In the alloy steel market, companies are innovating with high-strength alloy steel grades to enhance performance under extreme conditions. For example, in August 2023, Jindal Stainless Ltd. developed a special high-strength alloy steel grade for the Indian Space Research Organization (ISRO), designed to withstand shocks and high temperatures in space missions.
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Global Alloy Steel Market Segmentation
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
By Geography:The regions covered in the alloy steel marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Alloy Steel Global Market Report 2024 furnishes information about the global alloy steel market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
