2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!

Which Major Market Drivers Are Expected to Boost the Growth Potential of the Alloy Steel Market?

The growing demand for electric vehicles is fueling the alloy steel market due to the material’s strength, durability, and lightweight properties that enhance EV performance. In 2023, 16.3% of all new light-duty vehicle sales in the US were hybrids or electric vehicles, up from 12.9% in 2022.

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#What Are the Key Projections for the CAGR of the Alloy Steel Market From 2025 to 2034?

The alloy steel market experienced steady growth, rising from $148.14 billion in 2024 to $152.93 billion in 2025 at a CAGR of 3.2%, due to population growth, automotive industry expansion, infrastructure investments, EV demand, and construction activity.

The alloy steel market size is expected to reach $172.42 billion by 2029, growing at a CAGR of 3.0%. Growth is driven by demand from construction, electric vehicles, energy & power, aerospace, and oil & gas industries. Trends include technological advancements, innovative product development, and AI technologies in steel production.

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What Are the Key Market Innovations in theAlloy Steel Market Over the Coming Years?

Companies in the alloy steel market are working on innovative high-strength steel grades to improve performance under extreme conditions and meet industry requirements. These grades offer high tensile strength and resilience, particularly beneficial in aerospace. In August 2023, Jindal Stainless Ltd., based in India, developed a special high-strength alloy steel grade for ISRO, tailored through advanced refining techniques over three years. The material is heat-resistant and protects motors from shocks and high temperatures, making it ideal for demanding space missions.

Who Are the Top Companies Driving Innovation and Growth in theAlloy Steel Market?

Major companies operating in the alloy steel marker are ArcelorMittal SA, Pohang Iron and Steel Company (POSCO), Nippon Steel Corporation, Thyssenkrupp AG, JFE Holdings Inc., Tata Steel Ltd., Cleveland-Cliffs Inc., United States Steel Corporation (U.S. Steel), JSW Steel Inc., Hyundai Steel Co. Ltd., Reliance Steel & Aluminum Co., Voestalpine AG, Steel Authority of India Limited (SAIL), SSAB AB, Sandvik AB, Jindal Steel and Power Limited, SMC Group, Allegheny Technologies Incorporated (ATI), Hindustan Aeronautics Limited, APL Apollo Tubes Ltd., Shyam Metalics & Energy Ltd., Lloyds Metals and Engineers Ltd., Mukand Ltd., Ratnamani Metals & Tubes Ltd., Kalyani Steels Ltd

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Which Key Market Segments Comprise the Alloy Steel Market and Drive Its Revenue Growth?

The alloy steelmarket covered in this report is segmented –

1) By Product: High Alloy Steel, Low Alloy Steel

2) By Elements: Nickel, Chromium, Molybdenum, Vanadium, Tungsten

3) By Process: Hot Rolled, Cold Rolled, Forged, Extruded

4) By End-User: Building And Construction, Automotive, Mining, Aerospace And Defense, Energy And Power, Electrical And Electronics, Other End Users

Subsegments:

1) By High Alloy Steel: Stainless Steel, Tool Steel, High-Speed Steel

2) By Low Alloy Steel: Carbon Steel, Manganese Steel, Chromium-Molybdenum Steel

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Which Regions Are Emerging as Leaders in the Alloy Steel Market?

Asia-Pacific was the largest region in the alloy steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the alloy steel marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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