by Market Overview:
Alloy strips are metallic strips made using different combinations of metallic elements like steel, iron, nickel, chromium, molybdenum etc. with enhanced strength, hardness and corrosion resistance properties. Alloy strips are widely used in various industries like aircraft, automotive, consumer goods, building & construction and others due to their light weight, high strength and longevity.
Market key trends:
One of the key trends in alloy strips market is the increasing demand for stainless steel strips for various applications. Stainless steel strips have excellent heat resistance, corrosion resistance and wear resistance properties. They are widely used in kitchen appliances, bathroom fittings, industrial equipment, transportation vehicles, architectural components and other applications. The growing construction and infrastructure development activities globally is expected to significantly drive the demand for stainless steel strips for various architectural applications over the forecast period.
One of the key trends in the alloy strips market is the growing demand for lightweight and high-strength materials in various end-use industries like automotive, building & construction, and industrial machinery. Alloy strips offer better mechanical properties compared to plain carbon steel and help reduce the overall weight of components. This leads to enhanced product performance as well as fuel efficiency. Growing emissions norms are pushing automakers to increasingly adopt lightweight materials like alloy strips to manufacture vehicles.
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.
SWOT Analysis
Strength: Alloy strips have high strength, durability and corrosion resistance properties. They can withstand high temperatures and pressures.
Weakness: Alloy strips have higher production costs than carbon steel due to the alloying elements.
Opportunity: Increasing investments in infrastructure projects are expected to drive demand for alloy strips in the construction industry for applications such as roofing and cladding.
Threats: Presence of substitute materials like composites and plastics pose competition to alloy strips. Volatility in raw material prices can impact the overall costs.
Key Takeaways
The global alloy strips market size is expected to reach US$ 28.04 Bn by 2023, expanding at a CAGR of 5.8% during the forecast period. Growth in the automotive production across major countries is driving the consumption of alloy strips.
Regional analysis: Asia Pacific holds the major share in the global alloy strips market and is expected to continue its dominance, expanding at a CAGR of over 6% during the forecast period. China is the largest producer as well as consumer of alloy strips globally.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
