Significant growth in the global special steel market
Selbyville, Delaware, June 2, 2021 (GLOBE NEWSWIRE) - According to the findings of the research literature, the global special steel market is valued at USD 198.87 billion in 2020 and is touted for the 2021 forecast period Achieve healthy growth within -2026. With the ever-increasing demand and demand for better materials, energy efficiency and productivity, the growing manufacturing industry is stimulating market development.
Furthermore, the research literature presents a 360-degree outlook for the competitive field by analyzing well-known participants, emerging competitors, and new entrants in terms of financial overview, product/service supply, and strategic commitments. In addition, the document also contains in-depth research terms for product type, end user range, and geographic bifurcation. In addition, the report also attempts to track the impact of Covid-19 in order to formulate a strong strategy that will give companies a competitive advantage in the next few years.
It is worth noting that steel demand, steel trade flow, steel supply capacity and imported materials all determine the global steel sales price. Recently, steel prices have become increasingly unstable, and the Covid-19 pandemic has further exacerbated this situation.
Affected by the epidemic, steel production and consumption have both declined, and the expansion of the global special steel industry has stagnated. Despite the sudden outbreak of the virus, after a challenging second half of 2019, steel demand increased in early 2020 as customers replenish inventory to ease future supply disruptions. However, the blockade order and restrictions on the movement of goods brought many industries to a standstill, resulting in a drop in demand for special steel.
The end users of the global special steel market are scattered in the fields of machinery, automobiles, petrochemicals and energy. Among them, due to the increase in global automobile production and the inflow of R&D investment for new product development, energy efficiency and emission reduction, the automobile sector may grow significantly in the next few years.
The Americas, Europe and the Asia-Pacific region are the main regional contributors to the value of the entire special steel market. Industry in the Asia-Pacific region currently accounts for a considerable share of the industry, with countries such as India, China and Japan being the main growth centers. The rapid growth of the manufacturing industry, coupled with high domestic demand for high-quality products, and growing exports from other regions, will continue to enhance the region's business landscape.
Well-known companies that influence the dynamics of the global special steel industry include JFE Steel Corp., HBIS Group, Aichi Steel Corp., CITIC Ltd., Baosteel Group and Nippon Steel Corp., etc. New product development, acquisitions and geographic expansion are some of the main strategies these companies have adopted to improve their position in the industry.
Electrical steel market size, application potential, price trend, competitive market share and forecast, 2019-2025
According to a new research report, by 2025, the electrical steel market may exceed US$22.5 billion. Increased demand for electricity in industrial and residential areas and increased investment in infrastructure development will promote the growth of the electrical steel market. The product has high magnetic efficiency and is widely used in transformers and motors. They enhance the performance of materials by reducing hysteresis loss, and play a vital role in the generation, transmission and distribution of electricity.
By 2024, the North American oriented electrical steel market for energy applications will exceed 120 million U.S. dollars. The advancement of urbanization, the increase of disposable income and the improvement of living standards have all increased the demand for energy-saving household appliances.
2. Steel casting market scale, industry analysis report, regional outlook, application growth potential, price trend, competitive landscape and forecast, 2021 – 2027
Due to the rapid development of industrialization, the increase in construction activities and the development of global infrastructure, as well as the high product utilization rate of sanitary, automotive, power and electrical, plumbing, accessories and other applications, it is expected that the steel casting market will appear commendable in the next few years Growth, valves and industrial machinery, etc. Casting provides unique capabilities for design details, usually without additional manufacturing and assembly. A variety of materials can be cast, including various synthetic materials and metals, but as we all know, steel is the best and most favored. As we all know, both iron and steel are ferrous metals mainly composed of iron atoms. Steel casting refers to the process of using molds to form molten metal to produce steel products.
Although iron castings and steel castings may look the same on the surface, both have their own unique mechanical properties that make them unique. Steel has excellent mechanical properties suitable for various applications.
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