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Tempering in the process, which aids to strengthen and harden the steel material. Where, the material such as stainless steel, alloy steel, duplex stainless steel, and carbon steel is mainly used. The tempering of the steel is achieved by heating the quenched material to below the critical point, then allow it to cool in the air for the period of time. Additionally, the tempered steel bar provides combine strength, good bendability, high toughness, good weldability, abrasion-resistant, and wear-resistant properties. Due to these benefits, the product is mainly utilized in a wide range of applications which include passenger vehicle, SUV & truck, and commercial vehicle.
The rapidly growing automotive industry will aid to surge the product demand. The process of tempering in steel is used to achieve high ductility and toughness by decreasing hardness. This further makes the steel more effective when compared with normal steel. The rising adoption of smart cars, increasing adoption of lightweight steel for the manufacturing of vehicles, and rising the demand for passenger and commercial vehicles will aid to surge the product demand. Hence, the rising demand will contribute to fuel the tempered steel bars market growth during the forecast timeline.
However, the availability of substitutes including annealing and metal forging process restricts the adoption of the tempering process in various applications. Hence, this is anticipated to restrain the market growth.
Key Market Driver -
The rapid growth in the automotive industry to drive the market growth.
Key Market Restraint -
Availability of substitute process to restrict the market growth.
Based on application, the tempered steel bar market is segmented into passenger vehicle, SUV & truck, commercial vehicle, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the tempered steel bar market include Jayant Implex Pvt. Ltd., Eaton Steel Bar Company, IspatGuru, Gerdau S/A, KING STEEL CORPORATION, Atlaas Steels, Hindustan Ferro Alloy Industries Private Limited., Alro Steel, Shanghai Unite Steel Trading Co., Ltd., SSAB, Lucefin SPA, and W.W. Grainger, Inc.
Asia Pacific is anticipated to witness sustainable growth in the tempered steel bar market. The growth is due to the rising use of the product in passenger vehicles. The rapid growth in the automotive industry will propel the market growth in Europe, in which UK, Italy, Germany are the leading countries. In North America, growth is attributed to the increasing utilization of the product in the SUV & truck. The Middle East & Africa is anticipated to witness significant growth, owing to the adoption of the product in the commercial vehicle.
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