REPORT HIGHLIGHT
SBQ (Special Bar Quality) Steel Market size was valued at USD 11,407.9 Million in 2022, expanding at a CAGR of 7.7% from 2023 to 2030.
Steels designed for demanding and high-stress applications are referred to as special bar quality (SBQ) steels. As a result, these steels stand out among a variety of grades that are utilized in innovative procedures. As a result, SBQ steels have become the prerequisites for a variety of applications, including those characterized by high-speed machining, high stress, and high tensile strength among other refined technical and metallurgical characteristics. Manufacturers currently provide SBQ steels in the form of stainless steel bars, steel round bars, flats, tubes, and other items that are relevant to and in demand in the manufacturing industry. These are mostly employed in the creation of bearings, high-speed shafts, gears, and other crucial items that must be resistant to metal fatigue during long and continuous usage as moving components in machinery and automobiles.
SBQ (Special Bar Quality) Steel Market - Market Dynamics:
- The increasing automotive sector drives market expansion
- The increasing automotive sector is expected to drive market growth during the forecast period. The largest market for SBQ steel is the automobile industry. High-strength, lightweight components are becoming more and more in demand as the automobile industry develops to increase safety and fuel economy. Important automobile components including engine parts, axles, and transmission parts need to be made from SBQ steel. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2022, China's Motor Vehicle Production was reported to be 27,020,615.000 units. This is an increase over the prior figure of 26,121,712.000 units for December 2021. Thereby, driving the market growth.
SBQ (Special Bar Quality) Steel Market - Key Insights:
- As per the analysis shared by our research analyst, the global SBQ (Special Bar Quality) Steel market is estimated to grow annually at a CAGR of around 7.7% over the forecast period (2023-2030).
- The SBQ (Special Bar Quality) Steel industry is projected to grow at a significant rate due to the growing automotive and construction sectors.
- Based on the application, the construction segment is expected to grow at the highest rate over the forecast period.
- Based on region, the Asia Pacific is expected to hold the largest market share during the forecast period.
SBQ (Special Bar Quality) Steel Market- Segmentation Analysis:
- The Global SBQ (Special Bar Quality) Steel Market is segmented based on type, application, and Region.
- Based on the application, the global market is segmented into automotive, construction, transportation and energy. The construction segment is expected to grow at the highest rate over the forecast period owing to the growing construction industry. High-strength Construction and infrastructure projects that place a high priority on structural integrity and safety need the use of SBQ steel. Buildings, bridges, and other essential infrastructure parts are constructed with SBQ steel, particularly in areas that are prone to earthquakes. For instance, to upgrade the road infrastructure in Punjab, Haryana, and Rajasthan, the Indian government has planned to construct highways totaling 313 kilometres for Rs. 11,000 crores. The payment from the National Investment Fund (NIF) was estimated to be worth Rs. 20,000 crores (USD 2.61 billion) as of March 2022. Thus, driving the segment growth.
SBQ (Special Bar Quality) Steel Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to hold the largest market share over the forecast period. Increases in global population and residential buildings in the subcontinent are two major elements that will likely determine industrial growth in the area. In addition, programs like the Pradhan Mantri Awas Yojna in densely populated nations like India have encouraged the expansion of business in the area. Major players' presence in nations like Thailand, India, China, Malaysia, and Japan will expand the size of the regional market.
SBQ (Special Bar Quality) Steel Market- Competitive Landscape:
To remain competitive in the market the key players adopted various strategies including product launches, acquisitions, partnerships, agreements and others. The key players are 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.
Recent Developments:
In March 2023, a significant steel manufacturer in the United States, JSW Steel USA, teamed up with TrueNorth Collective, a significant player providing end-to-end sustainability strategy consulting services. The initiative aims to ascertain how steel-related goods affect the environment. The project will also assist JSW Steel in producing environmentally friendly steel products, which will boost demand for and sales of special bar-grade steel products.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL SBQ (SPECIAL BAR QUALITY) STEEL MARKET KEY PLAYERS
- Charter Steel
- Alton Steel
- Max Aicher
- Timken Steel
- Weifang Special Steel Iron and Steel Co. Ltd.
- CITIC ICH
- SeAH Besteel
- Gerdau SA
- JSW Steel
- Sidenor
- Valin Group
- Metalloinvest
- Tata Steel
- Steel Dynamics Inc
GLOBAL SBQ (SPECIAL BAR QUALITY) STEEL MARKET, BY TYPE
GLOBAL SBQ (SPECIAL BAR QUALITY) STEEL MARKET, BY APPLICATION
- Automotive
- Construction
- Transportation
- Energy
GLOBAL SBQ (SPECIAL BAR QUALITY) STEEL MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA