Alloy Steel Market Report 2024

This Alloy Steel market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The alloy steel market size has grown steadily in recent years. It will grow from $144.05 billion in 2023 to $148.14 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth during the historic period can be attributed to a surge in population, the continuous expansion of the automotive industry, increased investments in public transport infrastructure, rising demand in the electric vehicle sector, and heightened construction activities.

The alloy steel market size is expected to see steady growth in the next few years. It will grow to $167.5 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The projected growth during the forecast period can be attributed to the increasing demand from the construction industry, the expanding middle class with rising disposable income, a growing demand for electric vehicles, and heightened usage in the energy and power, aerospace and defense, and oil and gas industries, along with expanding applications in the automotive sector. Key trends anticipated during this period include technological advancements, the development of advanced materials, innovations in product development, creative solutions for sustainable practices, and the implementation of AI technologies to identify defects or inconsistencies in the steel production process.

The increasing demand for electric vehicles is projected to drive the growth of the alloy steel market in the coming years. This rising demand is primarily attributed to the environmental benefits of electric vehicles, their role in sustainable transportation, lower fuel costs, reduced noise pollution, and the availability of smart charging solutions. Alloy steel plays a vital role in electric vehicles by offering superior strength, durability, and lightweight characteristics, which enhance overall performance, efficiency, and safety, catering to the advanced requirements of modern EV designs. For example, a report from the U.S. Energy Information Administration (EIA) published in January 2024 indicated that combined sales of hybrid vehicles, plug-in hybrids, and battery electric vehicles (BEVs) represented 16.3% of total new light-duty vehicle (LDV) sales in the United States in 2023, a rise from 12.9% in 2022. Consequently, the growing demand for electric vehicles is stimulating the alloy steel market.

Key companies in the alloy steel market are concentrating on developing innovative products, such as high-strength alloy steel grades, to enhance durability, improve performance under extreme conditions, and meet the escalating industry demand. These high-strength alloy steel grades are specifically engineered to deliver exceptional tensile strength and toughness, making them suitable for the aerospace industry’s rigorous requirements. For instance, in August 2023, Jindal Stainless Ltd., an Indian company, created a specialized high-strength alloy steel grade. This grade, developed over three years using advanced refining processes, was supplied to the Indian Space Research Organization (ISRO) and typically sourced from various countries. The heat-resistant material provides protection for motors against shocks and high temperatures, showcasing the alloy steel grade’s reliability and suitability for critical space missions, even under extreme thermal conditions.

In October 2023, Shyam Metalics and Energy Ltd., an India-based steel company, acquired Mittal Corp. Limited for ₹351 crore ($4.3 million). This acquisition will allow Shyam Metalics to expand its product portfolio to include stainless steel and specialized products, thereby strengthening its presence in the industry. This move aligns with Shyam Metalics' growth strategy and its commitment to becoming a leading player in the Indian steel market. Mittal Corp. Limited is an Indian manufacturer of stainless steel products, including alloy steel.

Major companies operating in the alloy steel market 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.

Asia-Pacific was the largest region in the alloy steel market in 2023. 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.

The countries covered in the alloy steel marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Alloy steel is a type of steel produced by combining iron with various elements to improve its properties and performance. It provides enhanced characteristics compared to standard carbon steel, making it suitable for a wide range of applications across different industries. The ability to modify its properties through different alloying elements enables manufacturers to create steel that meets specific performance needs.

The primary types of alloy steels are high alloy steel and low alloy steel. High-alloy steel contains a significant proportion of alloying elements, typically more than 5%, which enhance properties such as toughness, corrosion resistance, and hardness. These elements include nickel, chromium, molybdenum, vanadium, and tungsten. Various processing methods, such as hot rolling, cold rolling, forging, and extrusion, are employed by end-users in sectors including construction, automotive, mining, aerospace and defense, energy and power, and electrical and electronics.

The alloy steel market research report is one of a series of new reports that provides alloy steel market statistics, including alloy steel industry global market size, regional shares, competitors with an alloy steel market share, detailed alloy steel market segments, market trends and opportunities, and any further data you may need to thrive in the alloy steel industry. This alloy steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The alloy steel market consists of sales of spring steel, chromoly steel, maraging steel, and weathering steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.