Rising Electric Vehicle Demand Set To Boost Alloy Steel Market Growth : Strengthening the Growth Trajectory of the Alloy Steel Market

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What Is the Expected CAGR for the Alloy Steel Market Through 2025?
Over the past few years, the alloy steel market has demonstrated consistent growth. It is predicted to expand from a size of $148.14 billion in 2024 to $152.93 billion in 2025, showcasing a compound annual growth rate (CAGR) of 3.2%. Factors contributing to this growth during the historic period include population increase, consistent expansion in the automotive sector, rising investment in public transport infrastructures, burgeoning demand in the electric vehicle industry, and accelerated construction activities.

What's the Projected Size of the Global Alloy Steel Market by 2029?
The market size of alloy steel is predicted to witness consistent expansion in the ensuing years, with projections estimating a rise to $172.42 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 3.0%. The projected growth in the forecast period could be ascribed to the uptick in demand from the construction field, escalating middle-class numbers and increasing dispensable income, burgeoning requirements for electric cars, and growing utilisation in sectors such as energy & power, aerospace & defense, and oil & gas. Other contributing factors include increasing applications in the auto industry. The forecast time frame is expected to bring significant trends such as technological progress, use of advanced materials, product development innovations, imaginative solutions for sustainable processes, and AI tech to spot faults or irregularities in the steel manufacturing process.

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Top Growth Drivers in the Alloy Steel Industry: What's Accelerating the Market?
The burgeoning need for electric vehicles is anticipated to fuel the expansion of the alloy steel market. This rising demand is attributed to environmental advantages, sustainable transport, decreased fuel costs, diminished noise pollution and intelligent charging solutions. Alloy steel plays a fundamental role in electric vehicles by offering superior strength, durability, and lightweight attributes, improving overall performance, efficiency, and safety while meeting the progressive needs of modern EV designs. For instance, a report released by the U.S. Energy Information Administration (EIA) in January 2024 revealed that the combined sales of hybrid vehicles, plug-in hybrids, and battery electric vehicles (BEVs) constituted 16.3% of total new light-duty vehicle (LDV) sales in the United States in 2023, an increase from 12.9% in 2022. Hence, the surging demand for electric vehicles is propelling the alloy steel market.

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What Trends Will Shape the Alloy Steel Market Through 2029 and Beyond?
Leading firms in the alloy steel market are concentrating on creating innovative products like high-strength grades of alloy steel to maximize robustness, boost performance under harsh conditions, and meet the growing demand of the industry. These high-strength alloy steel grades are designed to deliver exceptional tensile strength and toughness, making them perfect for challenging aerospace industries. For instance, in August 2023, Jindal Stainless Ltd., an India-based firm, created a unique grade of high-strength alloy steel. The specialized grade supplied to the Indian Space Research Organization (ISRO), which is usually imported from various nations, has been meticulously developed using modern refining methods over a span of three years. The heat-resistant material safeguards the motor against shocks and extreme temperatures, thus underscoring the reliability and appropriateness of the alloy steel grade for critical space missions, even under intense thermal circumstances.

What Are the Main Segments in the 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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Which Top Companies are Driving Growth 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

Which Regions Will Dominate the Alloy Steel Market Through 2029?
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.

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