About Alloy Steel
Alloy steel is known as steel which has small amounts of one or more alloying elements other than the carbon like manganese, nickel, silicon, titanium, chromium, copper, and aluminum added. This produces some specific properties which are not found in regular carbon steel. Alloy steels are the workhorses of an industry because of their wide availability, economical cost, ease of processing, and good mechanical properties. Alloy steels are basically more responsive to the heat and mechanical treatments than the carbon steels. The market for alloy steel is increasing due to the rising technological advancements and increasing its use in the automobile industry. While there are some factors like high production cost due to the rising price in the raw material is hindering the growing market.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Baosteel (China), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), Nucor Corporation (United States), ArcelorMittal (Luxembourg), POSCO (South Korea), JFE Steel (Japan), ThyssenKrupp (Germany), JSW Steel Ltd (India) and USSteel (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Baosteel Co.,Ltd (China), Hesteel Group (China), Acerinox (Spain), Outokumpu (Finland) and Shandong Steel (China).
Segmentation Overview
AMA Research has segmented the market of Global Alloy Steel market by Type (Low-alloy Steels and High-alloy Steels), Application (Automotive, Machinery, Oil and Gas and Others) and Region.
On the basis of geography, the market of Alloy Steel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Products, the sub-segment i.e. Long Products will boost the Alloy Steel market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Demand for High Strength Steels from the Asia Pacific Region
Market Growth Drivers:
Technological Advancement in the Alloy Steel Manufacturing Process and Growing Automobile Industry
Challenges:
High Production Cost Due to Increased Price of Raw Materials
Restraints:
Carbon Fiber Replacing Alloy Steel in Automotive Industry
Opportunities:
Increased Investments and Required Support From Governments Of Different Countries
In June 2023, Johnson Controls, a global leader for smart, healthy and sustainable buildings, announced the launch of a program for recycling steel, through a collaboration with Nucor Corporation, the largest steel producer and recycler in North America.
Key Target Audience
Alloy Steel Industry Investors, Alloy Steel Providers/Vendors, Research Professionals, Emerging Companies, Raw Material Suppliers/ Buyers, Product Suppliers/ Buyers, Research Institutes, Original Equipment Manufacturer, Component Supplier, Distributors, Government Body & Associations and End-user
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.