Alloy steel market seen reaching $181 billion by 2030

By AI, Created 2:36 PM UTC, May 21, 2026, /AGP/ – The Business Research Company projects the global alloy steel market will reach $181 billion by 2030, led by Asia-Pacific and China. Low alloy steel is expected to remain the largest segment as demand rises from construction, automotive, energy and industrial machinery.

Why it matters: - The alloy steel market is projected to reach $181 billion by 2030, making it a meaningful slice of the broader iron and steel mills and ferroalloy market. - Alloy steel is expected to account for about 14% of the parent market and nearly 2% of the global metal and mineral industry by 2030. - The forecast points to continued demand for stronger, more durable materials in infrastructure, mobility and heavy industry.

What happened: - The Business Research Company released a forecast for the global alloy steel market through 2030. - The market is expected to grow at a 3% CAGR from 2025 to 2030. - Asia-Pacific is expected to be the largest region in 2030, valued at $82 billion. - China is expected to be the largest country in the market in 2030, valued at $49 billion. - A free sample report and the full market report are available from the publisher.

The details: - Asia-Pacific is forecast to rise from $69 billion in 2025 to $82 billion in 2030, a 3% CAGR. - Growth in Asia-Pacific is tied to industrialization, infrastructure development, demand from automotive, construction and heavy machinery, low-cost labor and raw materials, and government support for domestic steel production in China, India and Japan. - China’s market is projected to grow from $41 billion in 2025 to $49 billion in 2030, a 4% CAGR. - China’s growth is linked to its integrated steel value chain, export scale, advanced alloy grades, plant modernization and tighter energy efficiency and emissions controls. - By product, low alloy steel is expected to be the largest segment, with 62% of the market or $113 billion in 2030. - Low alloy steel’s demand is supported by use in construction, infrastructure, automotive and machinery manufacturing, plus its lower cost and stronger mechanical properties relative to high alloy steel. - The market is also segmented by elements into nickel, chromium, molybdenum, vanadium and tungsten. - The market is segmented by process into hot rolled, cold rolled and forged. - The market is segmented by end user into building and construction, automotive, mining, aerospace and defense, energy and power, and other users.

Between the lines: - The forecast suggests alloy steel growth will be broad-based, but not evenly distributed. - Automotive and transportation demand is expected to add 2.4% annual growth as vehicle production, electric vehicles and safety requirements increase the need for high-performance parts. - Infrastructure and construction activity is projected to add about 2.0% annual growth as governments fund bridges, railways, buildings and industrial projects. - Energy and industrial machinery demand is projected to add about 1.5% annual growth as pipelines, turbines, pressure vessels and renewable energy projects expand. - The biggest opportunity appears to be in high alloy steel and low alloy steel, which together are projected to add more than $25 billion in market value by 2030. - The Business Research Company estimates high alloy steel will grow by $10 billion and low alloy steel by $15 billion from 2025 to 2030.

What’s next: - Demand trends in Asia-Pacific and China will likely remain central to the market’s overall trajectory. - Construction, transportation electrification and industrial investment are the main demand drivers to watch through 2030. - The market’s mix may continue shifting toward applications that require corrosion resistance, durability and high strength.

The bottom line: - Alloy steel is set for steady, long-term growth, with low alloy steel and Asia-Pacific leading the market into 2030.