by Alloy strips are thin, flat pieces of metal alloys that provide high flexibility and corrosion resistance for various industrial applications. They are widely used in transportation, infrastructure, packaging, and more. Alloy strips offer excellent resistance to corrosion, heat and abrasion, thus extending the lifespan of products. The high flexibility allows alloy strips to be easily formed and installed. They can withstand exposure to harsh environments and reduce maintenance needs.
The global Alloy Strips Market is estimated to be valued at US$ 28.04 billion in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the alloy strips market is the increasing demand for stainless steel alloy strips. Stainless steel alloy strips offer excellent corrosion resistance and are widely used in architecture, building & construction and industrial equipment manufacturing. Their luster and shine also make them suitable for enhancing the aesthetics of various infrastructure and construction projects. Furthermore, increasing investments in infrastructure development across developing economies is propelling the demand for stainless steel alloy strips. Governments are focusing on upgrading transportation networks, utilities, and other public infrastructure which is estimated to drive the alloy strips market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the alloy strips market requires high initial capital investments and R&D capabilities. There are also well-established players dominating the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Buyers can switch to alternative products like steel and plastic strips easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many raw material suppliers, suppliers of specialty materials wield more power.
Threat of new substitutes: The threat of substitutes is moderate to high. Alternative materials like steel and plastics can be used instead of alloy strips in some non-specialized applications.
Competitive rivalry: The competitive rivalry is high due to many established global players competing on pricing and product innovations.
Key Takeaways
The Global Alloy Strips Market Size is expected to witness high growth. Regionally, North America dominates the alloy strips market currently owing to high demand from construction and automotive sectors in the US and Canada. Asia Pacific is expected to be the fastest growing market in the forecast period led by countries like China and India experiencing rapid industrialization.
Key players operating in the alloy strips market are SOLMAX (Canada), NAUE GmbH & Co. KG (Germany), Officine Maccaferri Spa( Italy), Berry Global Inc ( US), and Agru America, Inc ( US). The key players are focusing on new product launches, mergers, acquisitions and partnerships to gain majority market share.
The global alloy strips market size for 2023 is US$ 28.04 Bn. Driven by growth in end use industries and rising infrastructure development projects globally, the market is projected to reach US$ 47.53 Bn by 2030, rising at a CAGR of 6.7% during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
