Global Heat Resistant Steels Market: Global Industry, Size, Share, Growth, Trends, and Forecast to 2027

MarketResearch.biz, in its upcoming report titled, “Global Heat Resistant Steels Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2018-2027”, offers in-depth insights, revenue details, and other vital information regarding the global heat resisting steel market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report also offers insightful and detailed information regarding the various key players operating in the global heat resisting steel market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global heat resisting steel market is segmented on the basis of product type, application, and region. The global heat resisting steel market was valued at US$ XXX.X million in 2016, and is expected to reach US$ X.X billion over the forecast period at a CAGR of XX.X%.

Steel is an alloy of carbon and iron, and comprises other elements as well. Heat resistant steel entails steel in which the properties and characteristics do not fail when the material is exposed to temperature exceeding 500° C. Heat resistant steels are ideally produced using a mixture of different alloying elements. The two most common elements used in heat resistant steels are chromium and nickel. Characteristic of heat resistance at high temperatures ensures longer life than other conventional steels, which is a major factor driving adoption and preference, and overall growth of the global heat resistant steels market to a significant extent.

Another major factor driving market growth is rising demand from the manufacturing and automobile industries. Rapid urbanization and ongoing development in developed and developing countries for infrastructure initiatives and advancements, and rising demand from construction and petrochemical industries is fueling demand for heat resistant steels. In addition, demand from the aerospace industry for better and more durable materials for application in jets and cargo airplanes is expected to further fuel market growth, and the trend is expected to continue over the forecast period.

Some major factors hampering growth of the global heat resistant steels market is high production and maintenance cost of these materials and products these materials are used in. However, newer and more advanced technologies are expected to create new opportunities for players in the global heat resistant steels market.

North America dominates the global heat resistant steels market and accounts for XX% revenue share contribution. The market in Europe is expected to witness highest growth and register a CAGR of XX% during the forecast period. The market in Asia Pacific is expected to register a comparatively high CAGR of XX% in terms of revenue during the forecast period. This growth is attributed to rising demand for different forms of heat resistant steels, especially from aerospace and automobile industries. The market in the Middle East & Africa accounted for revenue of US$ XX million in 2016, and is projected to be valued at US$ XX million in 2026.

Global Heat Resistant Steels Market Segmentation:

Global heat resisting steel market segmentation on basis of product:

• Chromium-nickel
• Chromium-nickel-nitrogen
• Chromium-manganese-nickel-nitrogen
• Iron-manganese-aluminium

Global heat resisting steel market segmentation on basis of application:

• Aerospace
• Power plant
• Manufacturing unit
• Automobile

Global heat resisting steel market segmentation on basis of region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa