AMORPHOUS STEELS MARKET REPORT OVERVIEW
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The global amorphous steels market size was USD 609.8 million in 2022 and is projected to touch USD 884.8 million by 2028, exhibiting a CAGR of 6.4% during the forecast period.
The sudden spike in CAGR is attributable to the amorphous steels market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with amorphous steels experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Amorphous steel is an alloy with high magnetic properties. This is extensively used in distribution transformers, electric reactors, machines, and middle and high frequency transformers. The amorphous steel is predominately iron mixed with boron and silicon. Amorphous steel is also composed of carbon to build its amorphous structure. The iron used maybe partially switched with cobalt to increase the induction of the alloy. This type of amorphous steel is used in pulse power applications.
Amorphous steels have less disadvantages compared to other common rigid materials do. Hence global amorphous steels market size has seen a hike in its demand. Amorphous steels are more resistant to wear and corrosion, tougher and less brittle. They stay amorphous even in molten state. This results in eliminating elements that contribute to elements weakness. This gives a finished product of a metal that cannot be matched by crystalline alloys.
COVID-19 Impact: Increasing Power Usage Boosted Use in Transformers
The effects of the COVID-19 pandemic are already being felt on a global level, the global amorphous steels market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The pandemic had a significant impact on the amorphous steels market.
There was a surge in electricity usage across the globe. The need for it increased due to ventilators usage, lights for multiple operations and so on. To keep up with the electricity needs, transformers were installed in multiple areas to ensure no power cut in a hospital or neighborhood. This led to an increase in usage of amorphous steels as they were highly magnetic and were ideal for usage of transformers. With the surge of electricity requirements, the global amorphous steels market is set for robust growth.
LATEST TRENDS
"Spontaneous Testing to Broaden Market Growth"
The global amorphous steel market growth is anticipated to increase owing to recent experimentation by young minds. According to an article published on Ceratizit, a group of engineers from multiple colleges have developed a type of amorphous steel with record breaking ability to withstand impact without permanent deformation. They have named this alloy SAM2X5-630. Its applications are primarily focused on body armor and meteor resistant casings for satellites.
A research paper published on Science Direct has concluded an experiment with amorphous metal coating via cold spray. Since there are no grain boundaries or crystal defects presents, the amorphous coating exhibited excellent mechanical properties, enhanced corrosion, wear resistance and magnetic performance. Due to the low working temperature and short heating time, cold spray effectively prevented the crystallization of the coating.
AMORPHOUS STEELS MARKET SEGMENTATION
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- By Type
Based on type, the market is bifurcated as follows: Amorphous Ribbon and Nano-Crystalline Ribbon. The amorphous ribbon segment will lead the global share through 2028.
- By Application
Based on application, the market is segmented as follows: Distribution Transformer, Electric Machinery, Electronic Components, and Others. The distribution transformer segment will capture the dominant market share over 2022-2028.
DRIVING FACTORS
"Expanding Application Range to Increase the Need for Alloys"
Researchers are heading towards amorphous steel as a source of new materials that are cheap to manufacture and incredibly hard. Students from California college invented a new type of alloy which had the highest recorded elastic limit for any steel alloy. Researchers from University of California, San Diego claimed that they alloy could withstand up to 12.5 gigapascals without suffering permanent deformation. Continuous discoveries such as this have opened up avenues of development in matters of defense and space debris protection. This development would prove a major boost in the global amorphous steel market growth share.
"Cost and Energy Savings to Promote Amorphous Steel Adoption"
Amorphous steels exhibit excellent traits for usage in multiple avenues. Researchers from University of Southern California are looking at amorphous steel as a new way of sustainability. The properties such as high wear and corrosion resistance and high temperature resistance makes them economical as they would not need to be replaced at the slightest of misgivings. Its superior bond strength gives a sense of reliability of the material. According to Wilson Power Solutions, the advancements in amorphous technology has allowed to lean towards Tier 3 Eco Design directive. Such technological advances will propel the market growth in the future.
RESTRAINING FACTORS
"High Manufacturing Costs to Lessen Market Availability"
There are several factors that could affect the global amorphous steel market growth. The major hindrance would be caused due to the massive manufacturing costs. Since the amorphous steels are brittle, small fragments break off during the manufacture. This causes a partial discharge with leads to high failure rate of the alloy. The transformers since built in a rectangular shape have lesser ability to resists the effects of short-circuit. These shortcomings could impact the adoption of amorphous steels in the future.
AMORPHOUS STEELS MARKET REGIONAL INSIGHTS
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"Asia to Lead Market considering Industrial Transformations"
Asia Pacific countries have started several industries to take advantage of the expanding amorphous steel market share. Multiple companies in the Asia Pacific region are the key industry players for this market. Owing to the rapid industrialization in this region, it has contributed to the major share in the global market. Also considering the several developments by companies in this region have increased scope and target market for amorphous steels market size.
KEY INDUSTRY PLAYERS
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Hitachi Metal [Japan]
- Advanced Technology [U.S.]
- Qingdao Yunlu [China]
- Henan Zhongyue [China]
- China Amorphous Technology [China]
- Zhaojing Incorporated [China]
- Junhua Technology [China]
- Londerful New Material [China]
- Shenke [China]
- Orient Group [India]
- Foshan Huaxin [China]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 609.8 Million in 2022 |
| Market Size Value By | US$ 884.8 Million by 2028 |
| Growth Rate | CAGR of 6.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the amorphous steels market expected to touch by 2028?
The global amorphous steels market is expected to reach USD 884.8 million by 2028.
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What CAGR is the amorphous steels market expected to exhibit by 2028?
The amorphous steels market is expected to exhibit a CAGR of 6.4% by 2028.
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Which are the driving factors of the amorphous steels market?
Increasing Market Share Range to Increase the Need for Alloys and Amorphous Technology usage to save Energy and Money are drivers of this amorphous steels market.
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Which are the top companies operating in the amorphous steels market?
Hitachi Metal, Advanced Technology, Qingdao Yunlu, Henan Zhongyue, China Amorphous Technology, Zhaojing Incorporated, Junhua Technology, Londerful New Material, Shenke, Orient Group, Foshan Huaxin are key companies operating in the amorphous steels market.
