Soaring Demand Set to Propel Alloy Steel Market to $166.66 Billion by 2029

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What Is the Expected CAGR for the Alloy Steel Market Through 2025?
In the past few years, there has been a slight increase in the size of the alloy steel market. The market, which is projected to expand from $148.14 billion in 2024 to $150.13 billion in 2025, expects to see a compound annual growth rate (CAGR) of 1.3%. Factors such as population growth, an ever-expanding automotive sector, increased investment in public transport infrastructure, as well as rising demands in the electric vehicle industry and escalating construction activities, fueled this growth in the historic period.

What's the Projected Size of the Global Alloy Steel Market by 2029?
Steady expansion is projected for the alloy steel market in the upcoming years, with its value predicted to reach $166.66 billion in 2029, exhibiting a compound annual growth rate of 2.6%. The anticipated growth during the forecast period could be accredited to the escalating demand from the construction sector, an expanding middle class with higher disposable income, burgeoning demand for electric cars, rising utilization in energy & power, aerospace & defense, and oil & gas industries, and an increased application in the automotive industry. Technological advancements, use of superior materials, product development innovations, environmentally friendly solutions, and AI technologies that detect flaws or irregularities in steel manufacturing are some of the key trends to watch out for in the forecast period.

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Top Growth Drivers in the Alloy Steel Industry: What's Accelerating the Market?
The alloy steel market is anticipated to experience substantial growth due to the rising popularity of electric vehicles. This surge in demand is driven by the environmental benefits, sustainable transportation, decreased fuel costs, less noise pollution, and advanced charging provisions offered by electric vehicles. Alloy steel plays an important role in boosting their efficiency due to its high strength, durability, and light weight, augmenting the performance and safety of modern electric vehicle designs. For example, a report by the U.S. Energy Information Administration (EIA) revealed that in January 2024, the combined sales of hybrid vehicles, plug-in hybrids, and battery-powered vehicles made up 16.3% of all new light-duty vehicle sales in the U.S in 2023, a rise from 12.9% in 2022. Consequently, this increasing demand for electric vehicles is stimulating the alloy steel market.

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What Long-Term Trends Will Define the Future of the Alloy Steel Market?
Key players in the alloy steel market are concentrating efforts on the creation of novel items like high-strength alloy steel grades to boost endurance, upgrade performance in severe conditions and cater to the rising demand in the industry. These high-strength alloy steel grades are crafted to offer exceptional tensile strength and durability, making them a prime choice for rigorous aerospace sectors. For instance, in August 2023, Jindal Stainless Ltd., a firm based in India, introduced a distinct high-strength alloy steel grade. This specialized grade, which is usually imported from different countries for the Indian Space Research Organization (ISRO), was meticulously crafted using sophisticated refining techniques over a three-year span. This heat-resistant material shields the motor from shocks and extreme temperatures, emphasizing the reliability and suitability of this alloy steel grade for crucial space missions, even under severe thermal circumstances.

What Are the Main Segments in the Alloy Steel Market?
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

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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