Global SBQ (Special Bar Quality) Steel Market Size Set to Surpass USD 15.3 Bn by 2030 Growing with a CAGR of 7.6%

New York, NY, July 29, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “SBQ (Special Bar Quality) Steel Market By Type (Round, Hexagon, And Square), By Application (Automotive, Construction, Transportation, And Energy), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global SBQ (Special Bar Quality) Steel Market size & share in terms of revenue was valued at USD 11.2 billion in 2022 and it is expected to surpass around USD 15.3 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7.6% during the forecast period 2023 to 2030.”

What is/are SBQ (Special Bar Quality) Steel? How big is the SBQ (Special Bar Quality) Steel Industry?

SBQ (Special Bar Quality) Steel Report Coverage & Overview:

Special bar quality steel refers to a category of long steel items that are designed specifically for demanding applications such as crankshafts, gears, bearings, and drill string parts. These products have been developed specifically for demanding and high-stress applications. This particular form of steel is distinguished from a wide range of other steel grades by the fact that it is typically utilized in high-speed machine applications. The demand for the product will also increase as a result of the widespread application of the product in high-stress applications, metallurgy, and other fields where high tensile strength is required. Additionally, producers of stainless steel bars and steel round bars offer a variety of specific bar-quality steels to their customers. It has been said that SBQ, which stands for "special bar quality," is utilized in the production of gears, bearings, and high-speed shafts.

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Global SBQ (Special Bar Quality) Steel Market: Growth Dynamics

The ever-increasing use of the product in high-pressure applications to adorn current trends in worldwide market

The expansion of the global market for SBQ (special bar quality) steel will be driven by the widespread application of the product in hot and cold forging, cold-drawing, and machining facilities, all of which are used in the production of automotive components. In addition to this, an increase in the product's tolerance levels for high-stress applications will be the primary driver of trends in the global market. It is possible that the expansion of the global market could be prompted by the enormous demand for bearings, drill-string components, and gears made of superior bar quality steel. The rapid growth of the market around the world will be fueled by the enormous demand for the product, which is used in the production of components that must have an excellent surface. The usage of a high-quality special bar steel in a substantial amount of heavy-duty trucks and light trucks will propel the commercial space.

The worldwide market landscape will be determined by how well the product is able to penetrate specific industries, such as agriculture, power, transportation, and industry. The low cost of operating electric vehicles, which has led to an increase in demand for these types of vehicles, has the potential to contribute to a rapid expansion of the market around the world. It is probable that the global expansion of the market will be shaped by the introduction of new products as well as strategic alliances. JSW Steel USA, a major leader in the steel production industry in the United States, joined forces with TrueNorth Collective in March 2023. TrueNorth Collective is a prominent player in the provision of end-to-end sustainability strategy consulting services. The move is being made in order to evaluate the effects that steel products have on the surrounding ecosystem. In addition, JSW Steel will be able to produce environmentally friendly steel products with the assistance of this project, which will lead to an increase in both the demand for and the sale of special bar quality steel goods.

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Report Scope

SBQ (Special Bar Quality) Steel Market: Segmentation Analysis

The global SBQ (special bar quality) steel market is sectored into type, application, and region.

In type terms, The global market for special bar quality steel may be broken down into three distinct categories: round, hexagonal, and square. In addition to this, it is anticipated that the round category, which held over two-thirds of the global market share in 2022, will post the greatest CAGR during the course of the timeframe under consideration. It is possible that the increase in demand for round-shaped special bar quality steel in a variety of end-use industries will be the driving force behind the expansion of the market in the years to come.

On the basis of the application, The global industry that produces steel with a specific bar quality can be broken down into the following subsectors: construction, energy, automotive, and transportation. In addition, the building sector, which had already captured a substantial portion of the international market by the year 2022, is anticipated to take the lead in the application field during the next ten years. The significant increase in demand during the anticipated timeframe may be attributable to the widespread application of the product in the building of beams, bridges, and dams in different parts of the world.

The global SBQ (Special Bar Quality) Steel market is segmented as follows:

By Type

• Round
• Hexagon
• Square

By Application

• Automotive
• Construction
• Transportation
• Energy

Browse the full “SBQ (Special Bar Quality) Steel Market By Type (Round, Hexagon, And Square), By Application (Automotive, Construction, Transportation, And Energy), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/sbq-special-bar-quality-steel-market

Competitive Landscape

Some of the main competitors dominating the global SBQ (Special Bar Quality) Steel market include - 

• 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
• Steel Dynamics Inc

 Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global SBQ (special bar quality) steel market is projected to expand annually at the annual growth rate of around 7.6% over the forecast timespan (2023-2030)
• In terms of revenue, the global SBQ (special bar quality) steel market size was evaluated at nearly $11.2 billion in 2022 and is expected to reach $15.3 billion by 2030.
• The global special bar quality market is anticipated to record massive growth over the forecast period owing to the large-scale use of the product in hot & cold forging, cold-drawing, and machining units for producing automotive components.
• In terms of type, the round segment is slated to register the fastest CAGR over the analysis period.
• On the basis of application, the construction segment is slated to dominate the segmental surge over the forecast period.
• Region-wise, the Asia-Pacific SBQ (special bar quality) steel market is projected to register the highest CAGR during the assessment timeline.

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Key questions answered in this report:

• What is the market size and growth rate forecast for SBQ (Special Bar Quality) Steel industry?
• What are the main driving factors propelling the SBQ (Special Bar Quality) Steel Market forward?
• What are the leading companies in the SBQ (Special Bar Quality) Steel Industry?
• What segments does the SBQ (Special Bar Quality) Steel Market cover?
• How can I receive a free copy of the SBQ (Special Bar Quality) Steel Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Application, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Dominance:

In the years 2023-2030, North America is going to dominate markets around the world.

It is projected that North America would record profitable growth during the course of the analysis timeline. In 2022, North America was responsible for more than 45% of the global revenue generated by the SBQ (special bar quality) steel market. It is possible that a growth in production and demand for special bar-quality steel in the automotive, transport, energy, and construction sectors in countries such as the United States and Canada could contribute to the expansion of the market in that region during the course of the assessment period. In addition to this, an increase in the amount of money that will be invested in the production of steel by both private players and the government will broaden the scope of product demand in the region.

In addition, it is anticipated that the SBQ (special bar quality) steel industry in the Asia-Pacific area will record the greatest CAGR throughout the evaluation period. SBQ stands for "special bar quality." An increase in the total population of the world, which in turn leads to an increase in the number of residential constructions carried out in the subcontinent, is one of the important elements that are expected to define industrial growth in the region. In addition to this, government initiatives such as the Pradhan Mantri Awas Yojna in nations with high population densities like India have contributed to the expansion of the business in the area. The expansion of the size of the regional market is going to be facilitated by the existence of significant players in countries such as Thailand, India, China, Malaysia, and Japan.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

SBQ (Special Bar Quality) Steel Market: Opportunities

High penetration of products in the construction & automotive sectors can open new growth facets for the global market

The global market for SBQ (special bar quality) steel has been given new opportunities for growth as a result of the implementation of steel solutions that are based on the revolution brought about by Industry 4.0. In addition to this, the requirement to lower overall power consumption in the sector has resulted in the widespread use of the product across a wide variety of end-use industries. The global market will experience new levels of expansion as a result of the expanding use of the product in the construction industry for the preparation of beams and columns, as well as the use of the product in the construction of bridges and culverts. The high tensile strength of the material has contributed to its increased acceptability across the world, which has opened up new expansion opportunities for the market overall.

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