Alloy Steel Global Market Report 2026

Alloy steel is a type of steel produced by combining iron with various elements to improve its properties and performance. It provides enhanced characteristics compared to standard carbon steel, making it suitable for a wide range of applications across different industries. The ability to modify its properties through different alloying elements enables manufacturers to create steel that meets specific performance needs.

The primary types of alloy steels are high alloy steel and low alloy steel. High-alloy steel contains a significant proportion of alloying elements, typically more than 5%, which enhance properties such as toughness, corrosion resistance, and hardness. These elements include nickel, chromium, molybdenum, vanadium, and tungsten. Various processing methods, such as hot rolling, cold rolling, forging, and extrusion, are employed by end-users in sectors including construction, automotive, mining, aerospace and defense, energy and power, and electrical and electronics.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs have influenced the alloy steel market by increasing costs for imported alloying elements and finished steel products, leading to higher production expenses across construction, automotive, and industrial segments. These impacts are most pronounced in regions such as Asia-Pacific, Europe, and North America that rely on cross-border steel trade. However, tariffs have also encouraged domestic steel production, local sourcing of alloy steel grades, and capacity expansion, supporting regional manufacturers and strengthening supply chain resilience.

The alloy steel market research report is one of a series of new reports from The Business Research Company that provides alloy steel market statistics, including alloy steel industry global market size, regional shares, competitors with a alloy steel market share, detailed alloy steel market segments, market trends and opportunities, and any further data you may need to thrive in the alloy steel industry. This alloy steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The alloy steel market size has grown steadily in recent years. It will grow from $156.64 billion in 2025 to $160.7 billion in 2026 at a compound annual growth rate (CAGR) of 2.6%. The growth in the historic period can be attributed to growth in construction and infrastructure development, rising automotive manufacturing volumes, increased demand from mining and heavy industries, long-standing use of alloy steel in machinery and tools, availability of alloying elements and steelmaking capacity.

The alloy steel market size is expected to see steady growth in the next few years. It will grow to $180.62 billion in 2030 at a compound annual growth rate (CAGR) of 3.0%. The growth in the forecast period can be attributed to rising demand for energy and power infrastructure, increasing adoption of electric and hybrid vehicles, growth in aerospace and defense manufacturing, expansion of renewable energy projects, advancements in steel processing and alloying technologies. Major trends in the forecast period include increasing demand for high-strength and durable steel grades, growing use of customized alloy compositions for specific applications, rising adoption of alloy steel in heavy-duty industrial equipment, expansion of alloy steel usage in automotive lightweighting, increasing focus on wear resistance and extended service life.

The increasing demand for electric vehicles is projected to drive the growth of the alloy steel market in the coming years. This rising demand is primarily attributed to the environmental benefits of electric vehicles, their role in sustainable transportation, lower fuel costs, reduced noise pollution, and the availability of smart charging solutions. Alloy steel plays a vital role in electric vehicles by offering superior strength, durability, and lightweight characteristics, which enhance overall performance, efficiency, and safety, catering to the advanced requirements of modern EV designs. For example, a report from the U.S. Energy Information Administration (EIA) published in January 2024 indicated that combined sales of hybrid vehicles, plug-in hybrids, and battery electric vehicles (BEVs) represented 16.3% of total new light-duty vehicle (LDV) sales in the United States in 2023, a rise from 12.9% in 2022. Consequently, the growing demand for electric vehicles is stimulating the alloy steel market.

Key companies in the alloy steel market are concentrating on developing innovative products, such as high-strength alloy steel grades, to enhance durability, improve performance under extreme conditions, and meet the escalating industry demand. These high-strength alloy steel grades are specifically engineered to deliver exceptional tensile strength and toughness, making them suitable for the aerospace industry's rigorous requirements. For instance, in August 2023, Jindal Stainless Ltd., an Indian company, created a specialized high-strength alloy steel grade. This grade, developed over three years using advanced refining processes, was supplied to the Indian Space Research Organization (ISRO) and typically sourced from various countries. The heat-resistant material provides protection for motors against shocks and high temperatures, showcasing the alloy steel grade's reliability and suitability for critical space missions, even under extreme thermal conditions.

In October 2023, Shyam Metalics and Energy Ltd., an India-based steel company, acquired Mittal Corp. Limited for ₹351 crore ($4.3 million). This acquisition will allow Shyam Metalics to expand its product portfolio to include stainless steel and specialized products, thereby strengthening its presence in the industry. This move aligns with Shyam Metalics' growth strategy and its commitment to becoming a leading player in the Indian steel market. Mittal Corp. Limited is an Indian manufacturer of stainless steel products, including alloy steel.

Major companies operating in the alloy steel market report are ArcelorMittal SA, Pohang Iron and Steel Company, Nippon Steel Corporation, Thyssenkrupp AG, JFE Holdings Inc., Tata Steel Ltd, Hyundai Steel Co. Ltd, Voestalpine AG, SSAB AB, Sandvik AB, Steel Authority of India Limited, Allegheny Technologies Incorporated, Mukand Ltd, Kalyani Steels Ltd, Jindal Steel and Power Limited, Shyam Metalics & Energy Ltd, TimkenSteel Corporation, Carpenter Technology Corporation, Gerdau S.A., Baoshan Iron & Steel Co. Ltd, POSCO International Steel, NLMK Group

Asia-Pacific was the largest region in the alloy steel market in 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the alloy steel market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the alloy steel market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The alloy steel market consists of sales of spring steel, chromoly steel, maraging steel, and weathering steel. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Alloy Steel Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses alloy steel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 16 geographies.
• Assess the impact of key macro factors such as geopolitical conflicts, trade policies and tariffs, inflation and interest rate fluctuations, and evolving regulatory landscapes.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on end user analysis.
• Benchmark performance against key competitors based on market share, innovation, and brand strength.
• Evaluate the total addressable market (TAM) and market attractiveness scoring to measure market potential.
• Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
• Report will be updated with the latest data and delivered to you within 2-3 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for alloy steel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The alloy steel market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Product: High Alloy Steel; Low Alloy Steel
• 2) By Elements: Nickel; Chromium; Molybdenum; Vanadium; Tungsten
• 3) By Process: Hot Rolled; Cold Rolled; Forged
• 4) By End-User: Building And Construction; Automotive; Mining; Aerospace And Defense; Energy And Power; Other End Users
• Subsegments:
• 1) By High Alloy Steel: Stainless Steel; Tool Steel; High-Speed Steel
• 2) By Low Alloy Steel: Manganese Steel; Chromium-Molybdenum Steel
• Companies Mentioned: ArcelorMittal SA; Pohang Iron and Steel Company; Nippon Steel Corporation; Thyssenkrupp AG; JFE Holdings Inc.; Tata Steel Ltd; Hyundai Steel Co. Ltd; Voestalpine AG; SSAB AB; Sandvik AB; Steel Authority of India Limited; Allegheny Technologies Incorporated; Mukand Ltd; Kalyani Steels Ltd; Jindal Steel and Power Limited; Shyam Metalics & Energy Ltd; TimkenSteel Corporation; Carpenter Technology Corporation; Gerdau S.A.; Baoshan Iron & Steel Co. Ltd; POSCO International Steel; NLMK Group
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: Word, PDF or Interactive Report
• + Excel Dashboard
• Added Benefits
• Bi-Annual Data Update
• Customisation
• Expert Consultant Support

Added Benefits available all on all list-price licence purchases, to be claimed at time of purchase. Customisations within report scope and limited to 20% of content and consultant support time limited to 8 hours.