Abrasion Resistant Steel Market Size, Share, Growth, And Industry Analysis, By Type (Under HBW 400, 400 HB, 450 HB, 500 HB and Above HBW 500), By Application (Construction, Mining Equipment and Other), Regional Forecast To 2031

Updated On: 08 April 2024

Abrasion Resistant Steel Market Report Overview

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The global abrasion resistant steel market size was USD 3160.1 million in 2022 and is projected to touch USD 4696.2 million by 2031 exhibiting CAGR of 4.5% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the abrasion resistant steel market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Abrasion resistant steel is a special kind of steel that is made to withstand wear and tear from the action of scraping, rubbing, or grinding against a surface. This kind of steel is produced by mixing alloying elements such as manganese, chromium, and nickel with base steel to increase its toughness, abrasion resistance, and hardness. In applications such as mining machinery, building machinery, and earth-moving equipment where materials are subject to continuous wear, it is frequently employed.

There are various reasons why the market for abrasion resistant steel is expanding. First off, there is a rising need for strong, long-lasting materials across a range of sectors, including building, mining, and transportation. Second, there is a stronger need for protective materials, such as resistant steel, as a result of the increased focus on workplace safety. Thirdly, thanks to technological developments, abrasion steel is now more widely available in a variety of industries and is produced at a higher quality and lower cost. Finally, the market for steel is expanding as a result of the rising need for renewable energy sources such as solar and wind power.

COVID-19 Impact: Delays in the Manufacture Brought on by the Global Supply Chain Disruption

The market for abrasion steel had suffered a number of setbacks as a result of the COVID-19 outbreak. The disruption of global supply networks, which had delayed the manufacture and distribution of commodities, had been one of the most important effects. As a result, several industries—particularly those that had been hardest hit by the epidemic, such construction and automotive manufacturing—had seen a decline in their need for the resistant steel. Additionally, due to market uncertainty brought on by the pandemic, less money had been invested in new projects and initiatives that called for the steel. Abrasion steel demand had been impacted since fewer businesses were investing in capital projects as they were more concerned with surviving and recovering.

Latest Trends

"Growing Environmental Issues have Prompted Manufacturers to Develop Products with Improved Performance"

The growing demand for environmentally friendly and sustainable materials is one of the most recent developments in the market for abrasion resistant steel. Materials that can aid in lowering carbon emissions and enhancing sustainability are becoming more and more necessary as worries about climate change and environmental impact grow. Manufacturers are creating resistant steel products with enhanced environmental performance to satisfy this need. For instance, some producers are employing recycled steel to create abrasion steel, which lowers the material's carbon footprint. Others are creating fresh coatings and surface treatments that can increase steel's tensile strength and resistance to abrasion, lowering the frequency of replacements and repairs.

Abrasion Resistant Steel Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Under HBW 400, 400 HB, 450 HB, 500 HB and Above HBW 500

• By Application Analysis

Based on application, the market can be divided into Construction, Mining Equipment and Other

Driving Factors

"Growing Demand for Durable Materials is Piloting the Market for Resistant Steel"

The growing demand for strong, long-lasting materials across a variety of industries, such as construction, mining, and transportation, is one of the key drivers driving the market for abrasion resistant steel. Due to its durability and resistance to wear from abrasive materials and demanding working circumstances, resistant steel is frequently used in several sectors of the economy. As these sectors continue to expand and develop, there will probably be a rise in the demand for resistant steel, opening up new business possibilities for producers and suppliers.

"Technological Advancements Taking Place in the Sector are Increasing the Demand for the Resistant Steel "

Higher-quality and more affordable abrasion resistant steel is now more readily available to a larger range of sectors thanks to technological improvements. Abrasion steel can now be produced with outstanding mechanical qualities, including high hardness, toughness, and wear resistance, thanks to modern manufacturing techniques including hot rolling, quenching and tempering, and surface hardening. Due to this, abrasion steel is now more in demand across a variety of sectors, including heavy industry and construction as well as consumer goods such as smartphones and wearable technology. The steel market is anticipated to expand as new components and production methods continue to be developed.

Restraining Factors

"High Production and Processing Rates could Hinder the Steels Market Broadening "

The high cost of production and processing is one of the primary reasons limiting the abrasion resistant steel market growth. Abrasion steel is a specialty steel that has higher production costs since it needs sophisticated manufacturing processes and premium raw materials. The cost may also increase due to the intricacy of the production process and the requirement for specialized equipment. In particular in price-sensitive markets, the high cost of the resistant steel may prevent its widespread use in some sectors and applications.

Abrasion Resistant Steel Market Regional Insights

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"Quick Industrialization and Urbanization are Piloting the Steel Market in the Region"

In terms of both volume and value, the Asia Pacific region dominated the market for resistant steel. In many different industries, including construction, mining, and transportation, there is an increasing demand for durable materials, particularly abrasion steel, as a result of the quick industrialization and urbanization in nations such as China, India, and Japan. Additionally, the region is anticipated to maintain its dominance in the abrasion resistant steel market share over the next few years as a result of the region's rapidly expanding economies' growing need for durable materials. In addition, it is anticipated that the region's need for resistant steel will be fueled by increased infrastructure investments, rising energy and power demands, and the expansion of the automotive and manufacturing sectors. 

Key Industry Players

"Key Players Focus on Collaborations and Partnerships to Broaden their Clientele"

Players in the resistant steel sector are collaborating and developing strategic alliances with other businesses to broaden their product lines and clientele. They can use the advantages of their partners in this way to provide clients with more complete solutions. Players in the resistant steel industry are also buying up rival firms to improve their competitiveness and diversify their product offerings. They are also able to access new technology and industrial capacities, as well as new markets.

List of Market Players Profiled

• SSAB (Sweden)
• JFE (Japan)
• ThyssenKrupp (Germany)
• Dillinger (Germany)
• Bisalloy (Australia)
• ESSAR Steel Algoma (Canada)
• ArcelorMittal (Luxembourg)

Report Coverage

This report covers the abrasion resistant steel market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.