SBQ (Special Bar Quality) Steel Market Size, Share Report, Industry Analysis, Trends, Growth, 2030

SBQ (Special Bar Quality) Steel Industry Perspective:    

The global SBQ (special bar quality) steel market size was evaluated at $11.2 billion in 2022 and is slated to hit $15.3 billion by the end of 2030 with a CAGR of nearly 7.6% between 2023 and 2030.
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The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global market space. The special bar quality industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the special bar quality market report explores the investor and stakeholder space to help companies make data-driven decisions.

SBQ (Special Bar Quality) Steel Market: Overview

Special bar quality steel is a class of long steel products that are engineered for tough apps including gears, bearings, drill-string parts, and crankshafts. These products are developed for high-stress & challenging applications. This steel type is different from a variety of other steel grades and is used in high-speed machine applications. Furthermore, large-scale use of the product in high-stress applications, metallurgy, and applications requiring high tensile strength will boost product demand. Furthermore, special bar-quality steels are provided by stainless steel bars and steel round bar producers. Reportedly, SBQ (special bar quality) is utilized for manufacturing gears, bearings, and high-speed shafts.

Key Insights

• 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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SBQ (Special Bar Quality) Steel Market: Growth Factors

The growing use of the product in high-stress applications to embellish global market trends

Large-scale use of the product in hot & cold forging, cold-drawing, and machining units for producing automotive components will steer the growth of the global SBQ (special bar quality) steel market. Apart from this, a rise in the tolerance levels of the product for high-stress applications will drive global market trends. Humungous demand for special bar quality steel in bearings, drill-string components, and gears can prompt the expansion of the global market. Humungous demand for the product for producing components requiring a superior surface will scale up the expansion of the market across the globe. Immense use of special bar quality steel in heavy-duty trucks and light trucks will impel the business space.

A prominent penetration of the product in farming, power, transport, and industrial sectors will steer the global market landscape. The affordability of electric vehicles leading to their high demand can translate into rapid expansion of the market across the globe. New product launches and strategic partnerships are likely to shape the growth of the market globally. In March 2023, JSW Steel USA, a key steel producer in the U.S., joined hands with TrueNorth Collective, a key player offering end-to-end sustainability strategy consulting services. The move is aimed at determining the impact of steel products on the environment. Furthermore, the initiative will help JSW Steel in manufacturing eco-friendly steel products, thereby increasing the demand and sale of special bar quality steel products.

SBQ (Special Bar Quality) Steel Market: Restraints

Rise in product prices to impede the global industry expansion

Massive costs of raw materials used in producing the product can inhibit the expansion of the SBQ (special bar quality) steel industry across the globe. Furthermore, it melts at extreme temperatures and this feature of the product has decimated its demand in various construction and automotive manufacturing activities.

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

Implementation of the steel solutions based on the Industry 4.0 revolution has opened new vistas of growth for the SBQ (special bar quality) steel market globally. In addition to this, the need to reduce power consumption in the industry has led to massive use of the product in a spectrum of end-use industries. The growing use of the product in preparing beams and columns in the construction sector as well as its use in constructing bridges and culverts will craft a new dimension of growth for the global market. High tensile strength has boosted its acceptance across the globe and this has generated new growth avenues for the market globally.

SBQ (Special Bar Quality) Steel Market: Challenges

Strict government laws regulating the use of products made from carbon can be a challenging task for the global industry

Strict government legislation related to the use of products comprising carbon as its key components has proved to be a key challenge in the growth of the global SBQ (special bar quality) steel industry. Changing costs of the products across different regions along with heavy import & export duties levied by governments across the globe has increased the product prices, thereby posing a new hurdle in the expansion of the business across the globe.

SBQ (Special Bar Quality) Steel Market: Segmentation

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

In type terms, the global special bar quality steel market is segregated into round, hexagon, and square segments. In addition to this, the round segment, which gathered nearly two-thirds of the global market share in 2022, is predicted to record the highest CAGR in the forecast timespan. The growth of the segment in the upcoming years can be owing to the surge in the demand for round-shaped special bar quality steel in a slew of end-use sectors.

On the basis of the application, the special bar quality steel industry across the globe is sectored into automotive, transportation, construction, and energy segments. Furthermore, the construction segment, which gained a huge share of the global industry in 2022, is expected to lead the application sphere in the coming decade. The segmental surge in the forecast timespan can be subject to massive use of the product in the construction of beams and bridges as well as dams across the globe.

SBQ (Special Bar Quality) Steel Market: Report Scope

SBQ (Special Bar Quality) Steel Market: Regional Insights

North America to establish global market domination over 2023-2030

North America, which accounted for more than 45% of the global SBQ (special bar quality) steel market revenue in 2022, is anticipated to record lucrative growth over the analysis timeline. The market expansion in the region over the assessment period can be subject to an increase in production and demand for special bar-quality steel in the automotive, transport, energy, and construction sectors in the countries such as the U.S. and Canada. Apart from this, a rise in the allocation of funds for steel production by private players and government will enlarge the scope of product demand in the region.  

Furthermore, the SBQ (special bar quality) steel industry in the Asia-Pacific region is expected to register the highest CAGR in the assessment timeframe. The key factors that are likely to define industry growth in the region include a rise in the global population leading to an increase in the residential constructions in the sub-continent. Apart from this, schemes such as Pradhan Mantri Awas Yojna in densely populated countries such as India have promoted the growth of the industry in the region. The presence of major players in countries such as Thailand, India, China, Malaysia, and Japan will proliferate the size of the regional market growth.      

SBQ (Special Bar Quality) Steel Market: Competitive Space

The global SBQ (special bar quality) steel market profiles key players such as:

• 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

The global SBQ (special bar quality) steel market is segmented as follows:

By Type

• Round
• Hexagon
• Square

By Application

• Automotive
• Construction
• Transportation
• Energy

By Region

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