Demand from Automotive Industry and Energy Industry are the major drivers for the Global Special Bar Quality Steel industry.
CASTLETON, CALIFORNIA, UNITED STATES, August 3, 2023/EINPresswire.com/ — The global Special Bar Quality Steel market is expected to grow at a significant pace, QY Research latest research report, titled “Global Special Bar Quality Steel Market Insights, Forecast to 2028”. offers a unique point of view about the global market. Analysts believe that the changing consumption patterns are expected to have a great influence on the overall market. For a brief overview of the global Special Bar Quality Steel market, the research report provides an executive summary.
SBQ (Special Bar Quality) Steel report published by QYResearch reveals that COVID-19 and Russia-Ukraine War impacted the market dually in 2022. Global SBQ (Special Bar Quality) Steel market is projected to reach US$ 34180 million in 2029, increasing from US$ 27110 million in 2022, with the CAGR of 3.3% during the period of 2023 to 2029.
The key players of SBQ (special bar quality) Steel include CITIC, Nucor Corporation, ICH, etc. The top 2 players account for approximately 37% of the total market. Asia & Far East Asia is the largest market accounting for about 45%, followed by North America and Europe. In terms of type, rounds is the largest segment, with a share about 60%. And in terms of application, the largest application is automotive industry, followed by transportation industry.
The demand for SBQ steel is typically driven by the growth of end-user industries, such as automotive and manufacturing. The automotive sector, in particular, is a significant consumer of SBQ steel due to the need for strong and lightweight materials to improve fuel efficiency and safety in vehicles.
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Key Players Mentioned in the Global Special Bar Quality Steel Market Research Report:
Sanyo Special Steel
Weifang Special Steel
Dongbei Special Steel
Steel Dynamics Inc
Global Special Bar Quality Steel Market by Type:
Global Special Bar Quality Steel Market by Application:
However, please note that the steel market, like all commodity markets, is subject to changes influenced by economic conditions, geopolitical factors, technological advancements, and global demand trends. Since my information is up to September 2021, I recommend checking more recent and reliable sources to get the latest updates on the Special Bar Quality Steel market and its current status in 2023.
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