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

Alloy Steel Market Size and Trends

Global alloy steel market is estimated to be valued at USD 142.51 Bn in 2024 and is expected to reach USD 182.33 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.6% from 2024 to 2031.

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The market growth can be attributed to increasing demand for alloy steel in various end-use industries such as automotive, construction, machinery, and others. The market is expected to witness positive growth over the forecast period, owing to rising automotive production across the world. Growing infrastructure development activities in developing nations can also boost demand for alloy steel in construction applications. Rapid industrialization and urbanization are also expected to propel the market growth during the forecast period.

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Top Strategies Followed by Global Alloy Steel Market Players

• Established players heavily invest in research and development to innovate new high-performance alloy steel products. Companies like ArcelorMittal, POSCO, and Nippon Steel engage in extensive R&D, allotting over 5% of their annual revenue. Leading players also form strategic alliances with major automotive and industrial equipment manufacturers. For instance, In May 2023, JSW Steel partnered with Japan's JFE Steel to establish a 50:50 joint venture for manufacturing cold-rolled grain-oriented electrical steel in India. This collaboration aims to leverage technological expertise and cater to the growing demand for specialized steel products.
• Mid-level alloy steel companies competitively price their products to target cost-conscious buyers. These players also collaborate through joint ventures or equipment sharing to optimize costs and boost capabilities.
• Smaller firms typically focus on niche markets, offering specialized products and services to differentiate themselves. They may also form non-equity strategic alliances to enhance capabilities without significant capital investment.

Emerging Startups in the Global Alloy Steel Market

Several startups are developing innovative alloy steel-based technologies with the potential to influence market trends. Boston Metal has developed a groundbreaking molten oxide electrolysis (MOE) process that eliminates the need for coal in steel production, thereby significantly reducing carbon emissions. In March 2024, the company launched its first commercial application in Brazil, focusing on extracting high-value metals from mining waste.

Electra, based in Boulder, Colorado, is revolutionizing steelmaking by operating at significantly lower temperatures (around 60°C) using renewable energy. This innovative approach allows for quick start and stop operations, facilitating integration with intermittent renewable resources like wind and solar. In 2024, Electra opened its first pilot plant and partnered with U.S. steel giant Nucor.