Upcoming Study Reveals Key Factors Driving the Growth of Mild Steel Market During 2017-2027
Asia Pacific is a major manufacturer as well as consumer of mild steel. The many mild steel manufacturers and consumers present in India and China are expected to boost the global mild steel market during the forecast period. The demand for mild steel will stay strong in Asia Pacific due to increasing construction work and the growth of end user industries in India and China. Since Europe is home to many automobile manufacturers, Asia Pacific will be followed by Europe in terms of consumption of mild steel. Europe will be followed by North America and Latin America.
Some of the major market participants identified across the value chain of the global Mild Steel market arArcelorMittal, SHAGANG GROUP Inc, mCurtis Steel Company Steel Company, Kisaan Steels, Metiz LLC, The Ansteel Group Corporation, Nippon Steel & Sumitomo Metal Corporation, POSCO, Hansteel Industries Co. Ltd, Baosteel Group.
Mild Steel is also referred to as plain carbon steel or low carbon steel as it contains a very small percentage of carbon which makes it tough and strong but not readily tempered. The percentage of carbon is sometimes altered in steel to change its physical properties.Almost every heavy engineering and construction industry is always in search of a variety of steel which can be used for a wide range of applications and deliver high performance while also being cost effective. Many different unique properties of mild steel such as high strength, hardness, easy availability and affordability, etc. make it suitable for a wide range of applications.
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For instance, this particular kind of steel is aggressively used to make knives, nut bolts, hinges, chains, armours, pipes, magnets, military equipment, etc.Mild steel is the most common form of steel and has wide applications due to its defining properties such as low tensile strength, wielding abilityand malleability, etc. which makes it easy to be hammered or pressed into different shapes without breaking or cracking. As a matter of fact, the hardness of steel can be altered or increased through the carburizing process. Mild steel can also be magnetized. Through the heat treatment, the mechanical properties of steel such as ductility, yield strength, hardness or impact resistance can be changed to suit the requirements of a product.
Since it is less expensive in comparison to other types of steels, mild steel is used aggressively for construction purposes such as in constructing bridges and buildings. It is mostly used for projects which require huge amounts of steel such as construction and heavy engineering projects. Other than this, it is also used to make parts of automobiles, refrigerators, steel flanges, machine tools, TMT bars, etc. However, when it comes to corrosion resistance, mild steel is quite vulnerable and hence, coating is done to prevent corrosion.
Growing urbanization and industrialization across the world is expected to drive the growth of the global mild steel market. Since mild steel is a key material used in the manufacturing of the components of automobiles, railways, home appliances etc., the demand for mild steel will continue to grow from these industries in near future. However,volatility in the prices of raw materialsaffect the mild steel market. Also,some properties of mild steel such as low hardenability, low corrosion and oxidation resistance, loss of hardness on tempering and low strength at elevated temperatures as compared to other forms of steels as well as the presence of other alternatives such as Tungsten, Chromium, Nickel, Molybdenum, Manganese, Vanadium, etc. may restrain the growth of the global mild steel market.
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The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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