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.
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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.
The global heat resisting steel market is segmented on the basis of product type, end-use industry, and region. The library automation service system market was valued at US$ XXX.X million in 2016, and is expected to reach US$ X.X billion at a CAGR of XX.X% over the forecast period.
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.
Some major market players in the global heat resistant steels market include Posco, Nippon Steel, Sumitomo Metal, Masteel, Pacific Alloy, Halvorsen, JFE Steel, Baosteel, and SBA Steel lcc.
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