Press release
Alloy Steel Market to Reach US$ 162.35 Billion Growing at 7.1% CAGR Driven by an Industry Key Players From 2025 to 2024
Alloy Steel Market
Market Preface:
Steel is a metal that is extensively used in engineering. There are several varied alloys that can be utilized for an assortment of applications in industries. One such alloy steel application is the automotive industry, which provides several applications for varied constituents in vehicles. To meet stringent regulations from environmental agencies and safety standards, the automotive sector is continuously improving its strength-to-weight ratio, enhancing performance and efficiency.
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Stainless steel has outstanding corrosion aversion and preferable mechanical attributes and has become one of the prominent structural materials in the automotive industry. With increasing demands for safety, durability, efficiency, and performance, stainless steel is steadily emerging at the forefront of automotive design. In terms of safety features, it is gaining recognition as a robust, efficient, and cost-effective material.
Market Growth Drivers:
Growing Usage in Green Energy Applications: The growing usage of alloy steel in green energy applications is a prominent driver of alloy steel market development, pushed by the sector's requirement for resistant and efficient substances. For instance, in March 2024, the Union Minister launched India's premiere Green Hydrogen Plant in the stainless-steel sector at Jindal Stainless, Hisar. The project utilizes rooftop and floating solar targeting to reduce 2700 MT of carbon discharge yearly, reinforcing India's net zero objectives.
Technological Progressions: Inventions such as precision alloying, advanced heat treatment procedures, and automation in steel manufacturing have enhanced the material's robustness, sturdiness, and workability. For instance, in June 2023, Cummins Inc. and Oak Ridge National Laboratory advanced an intense heat steel alloy, enhancing engine longevity and efficiency.
Competitive Insights:
Prominent players in the market are consistently striving to advance and introduce advanced products to serve the growing demands of end-use industries. Some of the current players in the market are:
• Aperam
• ArcelorMittal
• Baosteel Co., Ltd.
• CRS Holdings, LLC.
• HBIS GROUP
• HYUNDAI STEEL.
• JFE Steel Corporation.
• JSW
• KOBE STEEL, LTD.
• NIPPON STEEL CORPORATION.
• Outokumpu
• POSCO
• SAIL
• Tata Steel
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Alloy Steel Market Report Highlights:
• In terms of product, the flats segment led the alloy steel market share in 2024, driven by its extensive use in industries such as automotive, construction, and industrial machinery.
• Based on type, the high alloy segment is anticipated to grow at the fastest rate during the forecast period, owing to its exceptional strength, corrosion resistance, and high-temperature performance.
• Asia Pacific accounted for the largest share of the alloy steel market revenue in 2024, fueled by rapid industrialization, urbanization, and significant infrastructure development.
• The market in North America is expected to see substantial growth during the forecast period, supported by rising demand from sectors such as automotive, aerospace, and energy.
Market Segmentation:
By Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2020-2034)
• Low Alloy
• High Alloy
By Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2020-2034)
• Longs
• Flats
By End Use Outlook (Volume, Kilotons; Revenue, USD Billion, 2020-2034)
• Automotive
• Building & Construction
• Energy & Power
• Oil & Gas
• Others
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Market Geography:
The alloy steel market provides a diverse geographical landscape, with several areas exhibiting unique market characteristics. Asia Pacific held the highest share of the market in 2024 due to speedy industrialization, urbanization, and extensive infrastructure advancement. Nations such as China, India, and Japan have observed notable growth in the construction, automotive, and manufacturing sectors, all of which depend massively on alloy steel.
North America is projected to witness substantial growth due to growing demand for industries such as aerospace, automotive, and energy.
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Netherlands
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Indonesia
o Malaysia
o Vietnam
o Australia
o Rest of Asia Pacific
• Latin America
o Argentina
o Brazil
o Mexico
o Rest of Latin America
• Middle East & Africa
o UAE
o Saudi Arabia
o Israel
o South Africa
o Rest of Middle East & Africa
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