Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 11.2 Billion | USD 15.3 Billion | 7.6% | 2022 |
FrequentlyAsked Questions
Special bar quality steel is a class of long steel products that are engineered for tough apps including gears, bearings, drill-string parts, and crankshafts. These products are developed for high-stress & challenging applications. This steel type is different from a variety of other steel grades and is used in high-speed machine applications. Furthermore, large-scale use of the product in high-stress applications, metallurgy, and applications requiring high tensile strength will boost product demand. Furthermore, special bar-quality steels are provided by stainless steel bars and steel round bar producers.
The global SBQ (special bar quality) steel market growth is owing to humungous demand for the product for producing components requiring a superior surface.
According to a study, the global SBQ (special bar quality) steel industry size was $11.2 billion in 2022 and is projected to reach $15.3 billion by the end of 2030.
The global SBQ (special bar quality) steel market is anticipated to record a CAGR of nearly 7.6% from 2023 to 2030.
The Asia-Pacific SBQ (special bar quality) steel industry is set to register the highest CAGR over the forecasting timeline owing to a rise in the global population leading to an increase in the residential constructions in the sub-continent. Apart from this, schemes such as Pradhan Mantri Awas Yojna in densely populated countries such as India have promoted the growth of the industry in the region. The presence of major players in countries such as Thailand, India, China, Malaysia, and Japan will proliferate the size of the regional market growth.
The global SBQ (special bar quality) steel market is led by players such as CITIC ICH, Metalloinvest, Max Aicher, Timken Steel, Weifang Special Steel Iron and Steel Co., Ltd., Charter Steel, SeAH Besteel, Gerdau SA, JSW Steel, Sidenor, Valin Group, Alton Steel, Tata Steel, and Steel Dynamics Inc.
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