ALLOY STEEL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Takeaways from Analyst

Building and construction industry remains the major end user of alloy steel and growth in this sector particularly in Asia Pacific region can boost the demand. Other key end-use industries such as automotive, manufacturing shows signs of recovery, which will support the market expansion.

Volatile prices of raw materials needed for producing alloy steel can restrain the market growth. The supply chain disruptions caused during the pandemic also posed serious challenges. Rising environmental concerns around the globe regarding carbon emissions from steel production is prompting shift towards greener steel varieties.

Asia Pacific region, led by China, India and Japan, currently dominates the global alloy steel market and is likely to remain the prime market over the forecast period. North America will continue to generate sizeable revenues owing to recovery in end-use industries.