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Alloy Steel Market to Gain Traction Owing to
Increasing Demand from Automotive Industry
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.
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.
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.
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.
Get More Insights On- Alloy
Steel Market
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