Technavio analyzes that the Amorphous Steels Market is expected to grow at a CAGR of 5.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 184.23 thousand.There are various factors that contribute to the growth of the market. Amorphous steels, known for their unique properties such as high strength, excellent magnetic properties, and excellent corrosion resistance, are gaining significant attention in various industries. The supportive regulatory environment is fostering the growth of the amorphous steels market. Regulatory bodies are encouraging the adoption of these steels due to their environmental benefits and improved performance characteristics. This favorable regulatory landscape is expected to boost the demand for amorphous steels in the coming years.
The amorphous ribbon segment of the global amorphous steels market is experiencing significant growth due to continuous technological advancements and increased production capacities. Qingdao Yunlu Advanced Materials Co., Ltd., a leading player in this field, has strengthened its market position with the completion of a 100,000-ton production line in 2022. In April 2024, the company announced the addition of two new amorphous ribbon production lines, increasing its capacity to 120,000 tons. This expansion enhances Qingdao Yunlu's competitiveness and ability to meet the growing demand for amorphous materials in various industries, including transformers, body armor, meteor resistant casings, and cold spray applications, by leveraging its superior technology and innovative approach.
Know which region is leading the market growth by requesting a sample report
Amorphous Steels Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
Find out what is trending in the market by accessing the free PDF report
Amorphous steels, comprised of alloys including iron, boron, silicon, carbon, and cobalt, exhibit superior magnetic properties, making them ideal for applications in distribution transformers, electric reactors, and high frequency transformers. Pulse power applications benefit from their wear and corrosion resistance. In the realm of technology advancement, amorphous steels find use in generators, motors, electrical equipment, automobiles, and energy storage systems. Their high energy efficiency, mechanical strength, and role in electrification contribute to reducing electricity consumption and promoting sustainable energy usage.
The amorphous steels market is a segment of the larger steel industry, focusing on the production of this unique alloy type. Amorphous steels exhibit exceptional magnetic properties, making them valuable in various industries such as power generation and electrical engineering. Key applications include distribution transformers, electric reactors, and high-frequency transformers. The parent market, encompassing steel production for diverse industrial applications, is projected to expand due to the growing demand for steel, particularly in China where stimulus measures have bolstered construction activity. Technavio's global metals and mining market analysis includes steel producers, iron ore mining, and related industries, with the steel sector driving growth through increased demand for amorphous steels in advanced technologies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted