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

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. Alloy steel is a steel type combining carbon with other alloying elements, usually manganese, silicon, nickel, chromium or molybdenum, for the purpose of producing material with desired properties. Global alloy steel market has witnessed moderate growth over the past decade, owing to rising usage of alloy steel in various end-use industries including automotive, construction, industrial machinery, aerospace and defense. Alloy steels exhibit superior mechanical properties such as high strength, wear resistance, impact resistance and ductility compared to carbon steel. Increasing demand for high strength and durable materials across major industrial sectors along with growing automotive production worldwide can drive the growth of global alloy steel market during the forecast period.

Market Dynamics

Global alloy steel market growth is driven by factors such as growing automotive manufacturing, robust infrastructural development activities in emerging economies and replacement of traditional materials with high strength steel alloys. Furthermore, development of new grades of corrosion resistant and wear resistant alloy steels suitable for critical applications offers key opportunity for market players. However, volatility in raw material prices due to supply chain disruptions and shifting focus towards lightweight materials can hamper the market growth. Rising demand for specialty steels from various process industries and aerospace sector can open new avenues for alloy steel manufacturers in the near future.

Key Features of the Study

• This report provides in-depth analysis of the global alloy steel market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global alloy steel market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include ArcelorMittal, Tata Steel Limited, Nippon Steel Corporation, United States Steel Corporation, JFE Steel Corporation, POSCO, Thyssenkrupp AG, SSAB AB, AK Steel Holding Corporation, Carpenter Technology Corporation, SeAH Steel Corporation, Baosteel Group Corporation, Hyundai Steel Company, Ansteel Group Corporation, China Steel Corporation
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global alloy steel market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global alloy steel market

Market Segmentation

•  Product Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Low Alloy Steel
  • High Alloy Steel
  • Others
•  Application Insights (Revenue, USD Bn, 2019 - 2031)
• • Automotive
  • Construction
  • Industrial Equipment
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • ArcelorMittal
  • Tata Steel Limited
  • Nippon Steel Corporation
  • United States Steel Corporation
  • JFE Steel Corporation
  • POSCO
  • Thyssenkrupp AG
  • SSAB AB
  • AK Steel Holding Corporation
  • Carpenter Technology Corporation
  • SeAH Steel Corporation
  • Baosteel Group Corporation
  • Hyundai Steel Company
  • Ansteel Group Corporation
  • China Steel Corporation