Market Overview:
Alloy strips are thin and flat strips made using different metals and alloys. They have high strength, corrosion resistance and workability. Alloy strips find wide application in various end-use industries including automotive, aerospace, industrial machinery and construction. The automotive industry uses alloy strips for creating critical components of engines, transmissions, suspension systems and other parts. Their excellent properties allow manufacturers to design lightweight yet durable vehicles. In the aerospace sector, alloy strips are employed in fuselages, wings and other structural parts of aircrafts and spacecrafts due to their anti-corrosion and fatigue resistance.
Market key trends:
One of the key trends in the alloy strips market is the growing demand from the electric vehicle industry. With stringent emission norms and rising environmental concerns, electric vehicles are gaining significant popularity. Alloy strips are extensively used in electric vehicles for applications such as battery modules, motors and chassis due to their high strength-to-weight ratio. Another major trend is the increasing adoption of high strength aluminum alloy strips. Aluminum alloy strips provide much better corrosion resistance and workability compared to steel. Their lightweight nature also improves fuel efficiency of end-products. Hence, major automobile manufacturers are focusing on developing aluminum intensive vehicles to meet fleet emission targets.
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.
Porter’s Analysis
Threat of new entrants: The demand for alloy strips is growing due to increasing industrialization. However, the alloy strips market is capital intensive to setup new production facilities requiring huge investments, thereby acting as a deterrent for new players.
Bargaining power of buyers: There exists a large number of buyers for alloy strips globally. However, the presence of established manufacturers limits the bargaining power of individual buyers.
Bargaining power of suppliers: Major raw materials used in alloy strips include stainless steel, nickel, and chromium among others. The global presence of raw material suppliers neutralizes their bargaining power.
Threat of new substitutes: There are limited substitutes for alloy strips available in the market. Products like carbon steel cannot completely replace alloy strips owing to differing properties.
Competitive rivalry: The global alloy strips market is fragmented in nature with the presence of numerous global and regional players. Intense competition exists between players to gain leading position through product launches, mergers & acquisitions.
Key Takeaways
Market size: The global Alloy Strips Market size was valued at US$ 28.04 Bn in 2023 and is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period.
Regional analysis: The Asia Pacific region dominates the global alloy strips market holding over 30% of the total share in 2023, led by emerging economies like China and India. The region is estimated to continue its dominance during the forecast period as well, owing to rapid industrialization and construction activities.
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. These players are focusing on new product launches and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
