“Although there was trend of recovery seen after the COVID-19 impact. The Russia-Ukraine conflict is leading the global economy into recession in 2023 which will likely negatively impact Maraging steel sales in 2023.”
Top Impacting Factors
The growth of the maraging steel market is driven by the rise in demand from the aerospace & defense industry as the maraging steel are used in manufacturing of the various components of aircraft such as landing gear, helicopter undercarriages, slat tracks and rocket motor cases, which require high strength-to-weight ratios. Maraging steel also offers an unusual combination of high tensile strength and excellent fracture toughness which makes maraging steel an exemplary choice for safety-critical structure of aircraft thus contributing in increasing the adoption of maraging steel in defense and aerospace sector.
The growth of maraging steel market is driven by many factors such as growth in usage of maraging steel in tooling industry as it possesses marvelous mechanical properties such as high yield strength and UTS, beside from this higher fatigue strength, impact strength, compressive strength, toughness, ductility, wear resistance are some outstanding properties which makes it better choice for production of tooling product. Moreover, penetration of maraging steel as an effective substitute for steel and stainless steel due to, durability, hardness and corrosion resistant property which impacts positively on the maraging steel market.
There is high alloy content in maraging steel mainly addition of cobalt raises the cost of maraging steel hence is not affordable for many of customers. Thus, high cost of maraging steel is anticipated to hinder the market growth in forecast period. Moreover, the rising adoption of maraging steel in hydrospace industry attribute to boost the growth of the market in the forecast period.
The sales for maraging steel decreased in the year 2020, due to imposition of lockdown by the government of many countries. The COVID-19 pandemic has decreased production level due to presence of limited capacity of employee due to strict covid-19 rules. This has hampered the growth of the maraging steel market significantly during the pandemic.
The maraging steel market is segmented on the basis of grade, application, and region. By grade, it is divided into grade 200, grade 250, grade 300 and grade 350. By application, it is segregated into aerospace, hydrospace, tooling, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By grade: The maraging steel market is divided into grade 200, grade 250, grade 300, grade 350. The segment includes all the maraging steel products offered by the manufacturers such as Vascomax 250, 300, and C350, Maraging 200, C-200 and etc. Companies such as Magellan Metals, Nanosteels, American Elements and others provide a complete range of maraging steel products.
By application: The maraging steel market is categorized into aerospace, hydrospace, tooling, and others. The aerospace industry has a wide use of maraging steel which is used to manufacture various components such as landing gears, undercarriages and other hence dominates the market share segment.
By region: The maraging steel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America region dominates the market share for maraging steel market in the forecast period as the aerospace industry has the major application of the maraging steel in the North American region due to presence of the established manufacturer of the automobile industry in this region.
Asia-Pacific region claims to be the opportunistic region for the maraging steel market, due to extensive demand of maraging steel which gives high level of strength, hardness, and corrosion resistant properties. Hence there is rise in demand in countries such as China, India and others. The major players are striving to develop manufacturing units in these markets to improve production quantities as well as serve the Asian industries including aerospace and tooling.
Major global players in the maraging steel Market are strengthening their businesses and offerings in Asian region, realizing the extensive growth opportunities for industrial growth in the country. Moreover, the rapid industrial development of China has motivated maraging steel manufacturers to establish their production units in the country.
Competitive analysis and profiles of the major players in the maraging steel market such as, Magellan Metals, MW Industries Inc., MST Steel Inc., Forged Metals, Dierk Raabe, Smiths Metal Centres Limited, Andritz, AMERICAN ELEMENTS, NanoSteel, Chamunda Industries, Smiths High Performance are provided in this report. These players are focusing on expanding their production capacities, as well as developing new products, in order to stay ahead of the competition. Additionally, companies are also investing in research and development activities, to develop new and innovative products. Furthermore, strategic partnerships and collaborations are also being formed, in order to gain an edge over competitors.
Maraging Steel Market Report Highlights
Key Market Players
Forged Metals, Smiths Metal Centres Limited, MW Industries Inc., Smiths High Performance, AMERICAN ELEMENTS, Dierk Raabe, Chamunda Industries, MST Steel Inc., NanoSteel, Andritz