FREE MACHINING STEEL MARKET ANALYSIS
The global free machining steel market is estimated to surpass 8,353.2 KT by the end of 2030 in terms of volume, exhibiting a CAGR of 2.1% during the forecast period (2022 to 2030).
Among regions, Asia Pacific held dominant position in the global free machining steel market in 2021, accounting for 64.3% market share in terms of volume, followed by North America and Europe. The growth of the electronics industry in this Asia Pacific region is driving the growth of the free machining steel market in this region. For instance, according to India Brand Equity Foundation report in June 2022, India has grown its domestic electronics production from US$ 29 billion in financial year 2014-15 to US$ 67 billion in 2020-21. The electronics sector of India's Gross Domestic Product (GDP). The growing demand for the free machining steel for the production of the electronics is benefiting the growth of the market in this region.
Market Trends
Free machining steel are used in the manufacturing of household appliances such as stoves, refrigerators, washing machines and dishwashers. Free machining steel comes with various properties such as high strength, ease of manufacturing and low environment effects which are important for the manufacturing of the household appliances. Austenitic stainless steels are generally difficult to use, and this has led to the development of the free-machining Grade 303.
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