FREE MACHINING STEEL MARKET ANALYSIS

Market Challenges And Opportunities

Drivers

One of the key factors expected to stimulate market growth during the forecast period is the multiple applications of free machining steel in electronics industry. Free machining steel is widely used in the electronics industry for the manufacturing of various products such as electrical wires, control panels, switchgears, engine parts for automotive, ships, and planes. Free machining steel is used for manufacturing of industrial control panels.  Industrial control panels are used in various end use applications such as operation of motors and drives, security systems, heating, ventilation, air conditioning, production, assembly and conveyance.

Another factor which is driving the market for the free machining steel is the growing demand for the anti-lock braking system (ABS) in the automotive industry. Anti-lock braking system (ABS) is an advanced active braking system used in automobiles, which helps drivers to control their vehicles. Anti-lock braking systems improves vehicle control and reduces the chances of collision on both dry and slippery surfaces. The growth in the demand for safety features, technological advancements in automotive industry, and increase in government mandates for vehicle safety drive the growth of the anti-lock braking system market and it enhanced the demand for the free machining steel.

Market Restraints

Free-machining steels with sulphur and phosphorus have relatively poor weldability because cracks can form during the final stages of weld solidification. The cracks arise from the presence of liquid magnesium sulphate and phosphorous compounds at the weld metal grain boundaries which is restraining the global free machining steel market. Moreover, the high ductility of the free machining steel leads to reduction of the impact resistance which is a restraint for the global free-machining steel market.