The alloy steel market involves production of specialty steels that contain specific chemical compositions or have specific mineral properties that impart enhanced metallurgical properties, such as high strength, machinability, abrasion resistance, corrosion resistance and weldability. Alloy steel finds wide application in construction, automobile, shipbuilding and infrastructure industries owing to its superior mechanical properties and stress corrosion resistance.
The global vacuum grease market is estimated to be valued at USD 147.6 Mn in 2024 and is expected to reach USD 223.2 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the alloy steel market are ArcelorMittal, Tata Steel Limited, Nippon Steel Corporation, United States Steel Co. These players are focusing on expanding their production capacities and introducing innovative grades to cater to changing demands from end-use industries.
Growing demand: Rising use of Alloy Steel Market Demand in automotive, construction and machinery is a major factor driving the market growth. Especially in automobile industry, demand for high strength steel is increasing for weight reduction and improved fuel efficiency.
Technological advancement: Continuous advancements in alloy steel development is helping manufacturers offer grades with enhanced properties. Development of micro-alloyed steels and dual phase steels have enabled new applications. Addition of nano-particles is being researched for ultra-high strength grades.
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