India Quenched And Tempered Steel Market Size, Share, Price, Trends, Growth, Analysis, Report And Forecast 2023-2028
India Quenched And Tempered Steel Market Size, Share, Price, Trends, Report And Forecast 2023-2028
SHERIDAN, WYOMING, UNITED STATES, August 7, 2023/EINPresswire.com/ — According to the report by Expert Market Research (EMR), the India Quenched and Tempered Steel Market Share is projected to grow at a CAGR of 3.1% between 2023 and 2028. Aided by the increasing infrastructural development and heightened automotive production, the market is expected to grow significantly by 2028.
Quenched and tempered steel is a high-strength, wear-resistant steel that has undergone a heat treatment process known as quenching and tempering. This process enhances the steel’s mechanical properties, such as hardness, strength, and ductility, making it an essential material in various products, including automobile parts, machinery, and construction equipment.
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The increasing consumer preference for high-strength steel products is driving the India quenched and tempered steel market growth. With the growing awareness of the performance benefits associated with the use of high-strength steels, there has been a significant shift towards quenched and tempered steel products. Additionally, the rising trend of infrastructure development and rapid industrialisation has further contributed to the increasing popularity of quenched and tempered steel, as it is a common material in the construction of buildings, bridges, and various types of machinery.
The expanding applications of quenched and tempered steel in various industries also play a significant role in propelling the India quenched and tempered steel market development. In the automotive industry, quenched and tempered steel is used to produce parts that are resistant to wear and tear, thus extending the lifespan of vehicles.
The construction industry utilises quenched and tempered steel for its high strength and durability, which are crucial in the building of robust and long-lasting structures. Moreover, quenched and tempered steel’s high resistance to wear makes it an essential component in the manufacturing of machinery used in various sectors, including mining, agriculture, and transportation, thus increasing the India quenched and tempered steel market demand.
Further, the growing demand for high-quality steel in the manufacturing and construction sectors has led to an increased focus on quenched and tempered steel as a viable material. With the rise of modern construction techniques and the increasing popularity of high-performance machinery, quenched and tempered steel has emerged as a critical component in the production of various products, thereby boosting the India quenched and tempered steel market expansion.
India Quenched and Tempered Steel Market Segmentation
The market can be divided based on grade, thickness and width, usage, application, and region.
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Market Breakup by Grade
Grade 80
Grade 400
Grade 500
Others
Market Breakup by Thickness and Width
Thickness: 3 mm – 300 mm
Width: 1000 mm – 4500 mm
Market Breakup by Usage
Structural
Pressure Vessels
Market Breakup by Application
Automotive
Shipbuilding
General Engineering and Construction
Chemical and Petrochemical
Mining
Aerospace
Pulp and Paper
Power Plants (Thermal and Renewable)
Defence
Nuclear
Others
Market Breakup by Region
North India
East India
West India
South India
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the India quenched and tempered steel companies. Some of the major key players explored in the report by Expert Market Research are as follows:
Essar Steel Ltd (Arcelor-Nippon Steel JV)
SSAB AB
JFE Steel Corporation
Nippon Steel and Sumitomo Metal Corporation
ThyssenKrupp AG
Wuhan Iron & Steel Group
Anshan Iron & Steel Group
Jiangsu Shagang Group
Posco
Baosteel Group Co Ltd
Bisalloy Steel Group
Nanjing Iron & Steel Company Ltd
Others
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