Alloy Steel Market Report

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.

In July 2019, POSCO, a South Korean steel-making company, announced that its quarterly consolidated operating profit exceeded one trillion KRW for the eighth time in a row. The company achieved consolidated sales of over 16 trillion KRW in the second quarter of 2019.

Important Points to Remember

●  Requirement for alloy steel to increase in various applications because of its superior mechanical properties and advantages over other metals

●    Companies to improve their investment in research and development activities

●    Oil and gas, machinery, and automotive are key applications of alloy steel

●    Demand for alloy steel to increase in regions with high industrial development and strong growth in the building and construction industry

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.

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.

Companies could make new investments in research and development to introduce more innovative products and technologies and expand their business in the global alloy steel market. In June 2019, JFE Steel, a Japanese steel manufacturer, announced that it agreed to collaborate with CSIRO, an independent Australian federal government agency responsible for scientific research. The collaboration includes joint research activities focused on the agglomeration and characterization of raw materials for blast furnace ironmaking.

By Product

●   Flat Products

●   Long/Tubular Products

By Application

●   Automotive

●   Machinery

●   Oil and Gas

●   Others

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.

By Region

The report offers thorough analysis of different regions and countries, including the US, North America, Europe, Asia Pacific, China, and India, that are important to the global alloy steel market. Regions such as Asia Pacific witnessing high growth of the building and construction industry are expected to create strong demand for alloy steel during the forecast period. Analysts authoring the report have deeply studied key regional markets on the basis of market share, CAGR, production, consumption, market size, and other factors. The regional analysis provided in the report will help players to identify lucrative market growth opportunities in different parts of the world.

The chemicals and materials sector has been witnessing an exponential rise in the past few years. The industrial boom and infrastructural growth across the globe has had a positive impact on the chemical and materials industry. Chemicals are an integral part of many industries, which, over the years, have created lucrative opportunities for players. Similarly, materials are an indispensable part of myriad industries. The rise of the chemicals and materials sector has been mapped by QYR Consulting through exhaustive research reports.

Analysts have used investigative approach to deduce important elements pertinent to the industry. The reports are aimed towards giving the reader a holistic approach about the industry’s development and future scenario. Competitive landscapes have been written with in-depth analysis of the historical data and careful understanding of the management styles. QYR Consulting aims to provide the readers a guided approach towards making well-informed business decisions through its research reports.