Maraging Steel Market Size, Share & Industry Analysis, By Type (Grade 200, Grade 250, Grade 300, Grade 350), By Application (Aerospace, Hydrospace, Tooling, Others) and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
The maraging steel is the carbon-free iron-nickel alloys with the addition of molybdenum, cobalt, aluminium, and titanium, in a very low amount. In the manufacturing process of maraging steel, the steel is heated in the austenite phase region at about 850 °C, and then slowly cooled in the air, which further form a martensitic microstructure. The maraging offers superior strength, corrosion resistance, fracture toughness, good ductility, excellent weldability, decent formability, and satisfactory semi-hard magnetic properties. These properties surge the demand for maraging steel in the aircraft,hydrospace, and tooling applications.
The rising demand for maraging steel in the aerospace industry will propel the market growth. In the aerospace industry, the maraging steels are used in the helicopter undercarriages, landing gear, rocket motor cases, and slat tracks. The rare combination of toughness and high strength makes the maraging steel an ideal choice for safety-critical aircraft structures,as it provides damage tolerance and high strength. It also offers corrosion resistance, fracture toughness, good ductility, and excellent weldability. Hence, these positive factors will surge the demand for maraging steel from aerospace industry.
Key Market Driver -
Rising demand for maraging steel in the aerospace industryto drive the market growth
Key Market Restraint -
High price of maraging steelto restrict the market growth
However, the high alloy content, especially the cobalt addition makes maraging steel expensive. Which makes it is unaffordablefor some consumers, and is anticipated to restrain the market growth during the forecast period.
Market Segmentation:
Based ontype, the maraging steelmarketis segmented into grade 200, grade 250, grade 300, and grade 350. Based on application, the market is segmented into aerospace, hydrospace, tooling, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Players Covered:
The key players in the maraging steelmarket includesMW Industries, Inc., MST Steel Inc., Forged Metals, Dierk Raabe, Smiths Metal Centres Limited, ANDRITZ, American Elements, NANOSTEEL,Chamunda Industries, VILLARES METALS S.A., QuesTek Innovations LLC, and Smiths High Performance.
Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenarios
- Porters Five Forces Analysis
Regional Analysis:
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North America is anticipated to witness significant growth, in which the US, is the leading country. The growth is due to the rising demand for maraging steel in the aerospace industry. In Europe, the growth is attributed to the increasing demand for maraging steel in the hydrospace application. In the Asia Pacific, China, India, and Japan are the leading contributors, owing to the rising adoption of grade 200 and grade 250 in the aircraft application. Additionally, rising research and innovations in aerospace and hydrospace industries will increase the demand for maraging steel in this region. The Middle East & Africa and Latin America are anticipated to witness significant growth, owing to rising product demand fromthe tooling application.
Segmentation
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Maraging Steel Market Developments
- In February 2018, LGC ARMI announced the launch of 7 new products, which consist of 5 steel alloy grades. It includes AISI grade A706-80 rebar (IARM 381A), 2 lots of grade A706-60 rebar (IARM 380A and 380B), AISI grade H-11 low alloy steel (IARM 255B), two lots of grade AISI 8740 low alloy steel (IARM 252E and 252F), and alloy C-300 maraging steel (IARM 99D). These new products will help the company to meet the rising demand of the consumers from aerospace industry.
- In June 2017, NANOSTEEL announced the launch of BLDRmetal L-40, a high hardness alloy. The product offers high hardness, ductility,and superior performance to M300 maraging steel. This launch will further help the company to expand its product portfolio
- Ongoing
- 2023
- 2019-2022
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