Global demand for alloy steel is anticipated to increase during the forecast period due to its heavy use in the construction and machinery industries owing to its better and sometimes unique physical, chemical, and environmental properties. The global alloy steel market is predicted to significantly benefit from increased construction of large structures such as stadiums, skyscrapers, bridges, and airports. Alloy steel also finds application in the railway, mining, automobile, and other industries. It is extensively used to manufacture fasteners, alloy steel flanges, alloy steel buttweld fittings, and other products.
Increased Demand in Industrial Applications to Contribute to Global Market Growth
In comparison with carbon steel, alloy steel is usually more responsive to mechanical and heat treatment and has enhanced formability, improved strength, higher corrosion resistance, and increased hardness. The growth of the global alloy steel market is expected to increase due to high requirement of metals with such favorable properties in different applications. Alloy steel is used in highly demanding industrial applications because of its excellent toughness. Some of the typical applications of alloy steel are reamer bodies, kelly bars, sprockets, high temperature bolts, and drill collars. Besides good mechanical properties, ease of processing, wide availability, and cost-effectiveness are some of the significant factors expected to strengthen the demand for alloy steel.
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Players to Focus More on Research and Development to Expand Business Globally
Some of the leading players of the global alloy steel market are ArcelorMittal, Shandong Steel, Tsingshan, Benxi Steel Group, Baowu Group, SAIL, Shanxi TISCO, Shougang, NSSMC, Gerdau, POSCO, Acerinox, Evraz, Outokumpu, NLMK Group, JFE Steel, Maanshan Steel, Hesteel Group, Hunan Valin Steel Group, Nucor Corporation, U.S. Steel, Hyundai Steel, JSW Steel Ltd., Tata Steel, Ansteel Group, ThyssenKrupp, and Shagang Group.
- Flat Products
- Long/Tubular Products
- Oil and Gas
Alloy steel is available in different sizes and shapes such as round, flat, hexagon, square, and rectangular. Plates and strips manufactured using alloy steel find application in the building and construction industry as they can be welded into fabricated sections. Long products such as wires, rods, rails, bars, structural sections, and girders made using alloy steel are highly demanded in construction applications. Alloy steel finds use in various industry verticals, including oil and gas, machinery, automotive, and others.
Market Analysis by Regions and Countries
The Middle East and Africa (GCC Countries and Egypt.)
North America (the United States, Mexico, and Canada.)
South America (Brazil etc.)
Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia.)
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