Stainless Steel Is The Fastest Growing Segment Fueling The Growth Of Alloy Strips Market

https://www.coherentmarketinsights.com/market-insight/alloy-strips-market-6137
Alloy Strips Market



Market Overview:

Alloy strips are thin long strips of metal alloys used across various industrial sectors due to their resilience and versatility. They provide excellent corrosion resistance and mechanical properties suitable for applications ranging from cookware to automobile engines.

Market key trends:
One of the key trends driving the alloy strips market growth is the rising demand from the automotive industry. Alloy strips find widespread application in manufacturing engine parts, suspension systems, anti-corrosion components and wheel rims of vehicles due to their high strength, formability and heat resistance. The growing automotive production around the world is thereby augmenting the consumption of various alloy strips in recent years.

Furthermore, the increasing focus on lightweighting of vehicles to improve their fuel efficiency has also bolstered the demand for advanced high strength alloy strips to manufacture lighter vehicle components.
Segment Analysis

The global Alloy Strips Market Share is estimated to be valued at US$ 28.04 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The global alloy strips market is dominated by stainless steel segment. Stainless steel accounted for over 60% share of the overall alloy strips market in 2023. Stainless steel has high corrosion resistance, low maintenance and finds widespread applications in architecture,chemical processing, food processing, aerospace and other industries. Its extensive uses across industries has resulted in stainless steel segment leading the overall alloy strips market.

Key Takeaways

Market size

The global alloy strips market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand from end use industries like automotive, machinery, industrial equipment and construction sector.

Regional analysis

Asia Pacific dominated the global alloy strips market and accounted for over 35% share of the overall market in 2023. Rapid industrialization and growth of end use industries in China and India are driving the demand for alloy strips in the region. North America is expected to grow at a noteworthy pace during the forecast period.

Key players

Key players operating in the alloy strips market are Nippon Steel Corporation, Thyssenkrupp AG, ArcelorMittal, Tata Steel, Outokumpu Oyj, Aperam, VDM Metals GmbH, Jindal Stainless Limited, Allegheny Technologies Incorporated, Ulbrich Stainless Steels & Special Metals, Â Inc., Carpenter Technology Corporation, Nucor Corporation, Daido Steel Co., Â Ltd., Sandvik AB, Elgiloy Specialty Metals. The key players are focused on expanding their production capacities to cater to the growing demand for alloy strips globally.

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