The global Free Machining Steel Market is estimated to be pegged at 6,914.6 KT in 2021, according to Free Machining Steel Market Report, by Type (Sulfur Free Cutting Steel, Lead Free Cutting Steel, Calcium Free Cutting Steel, Others (Rephosporized Free Cutting Steel)) by Application (Lathe Processing, Electronics Industry, Automotive and Others (Office Equipments, Household Appliances, etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global free machining steel market is expected to surpass 8,353.2 KT by 2030, exhibiting a CAGR of 2.1% during the forecast period (2022-2030). The global demand for free machining steel is rising due to its growing demand for automobiles and consumer electronics.
Increasing popularity of smart and technological devices has led to substantial increase in demand for the consumer electronics across the globe. New launches and innovative products are also fueling demand among consumers. Consumer spending is rising as a result of more disposable income and increasing standard of living. All of these factors have greatly benefited the consumer electronics industry. Key market players in the free machining steel market and consumer electronic manufacturing services are leading the road to meet the increased demand from the defense and aerospace industries by manufacturing cable systems, key communication PCBs, and security and control systems. Moreover electronics devices are highly penetrated products among a wide range of technical consumer goods in households. The increase in the consumer electronics sector is further increasing the demand for the free machining steel in across the globe.
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Browse 25 market data tables* and 20 figures* on "Free Machining Steel Market” - Global Forecast to 2030.
Key Trends and Analysis of the Global Free Machining Steel Market:
- Among regions, Europe accounted for the share of 14.5% in 2020 in the global free machining steel market. The demand for free machining steel in the automobile market is expected to be driven by rising electric mobility across major countries in the European region. In addition, growing government support in form of favorable initiatives and policies is expected to drive demand in the market. Moreover, the growing consumer inclination towards safety and comfort features in vehicles is accommodated by latest technologies like ADAS, etc. Increasing automobile industry in the Europe region is driving the market for the free machining steel in this region as free machining steel is the key material used in the manufacturing of the automobile.
Key Takeaways of the Free Machining Steel Market:
- Among application, lathe processing accounted for the highest market share of 54.2% in 2021, in the global free machining steel market. The machining process designed for precisely machining relatively hard materials. A lathe is a tool that rotates the workpiece on its axis to perform various operations such as cutting, sanding, knurling, drilling, or deformation, facing, turning, with tools that are applied to the workpiece to create an object with symmetry about an axis of rotation. They were originally designed to machine metals; however, with the advent of plastics and other materials, and with their inherent versatility, they are used in a wide range of applications, and a broad range of materials.
- Free machining steel products to be worked by cutting or other machining contains lead added as a component to enhance the machinability of the steel. Machining is a process of metal working to shape metal material to required form to required precision by cutting off and removing part of the material as chips, under precise control of the destructive phenomenon. Machining can finish the material efficiently and accurately and is therefore frequently used to produce important parts for automobiles, OA equipment components and other products. To steel for such machining applications, lead used to be added to enable the production of high-performance high-efficiency parts and to provide steel consumers with the compatibility of cost efficiency and high product precision.
- Major players operating in the global free machining steel market include Daido Steel, Hitachi Metals, Saarstahl AG, Akiyama Seiko, China BaoWu Steel Group Corporation Limited, Valin Group, Shougang Group, Kobe Steel, HBIS Group, Huaigang Special Steel, JFE Steel Corporation, POSCO
Global Free Machining Steel Market - Impact of Coronavirus (Covid-19) Pandemic
- The consequences of COVID-19 pandemic have led to the slowdown of free machining steel production, demand, and trade. Free machining steel is mainly used in the manufacturing of household appliances. For instance, according to a report by United Nations University in June 2021, Worldwide, sales of heavy electric appliances like refrigerators, washing machines, and ovens fell the hardest (6–8%) while small IT and telecommunications equipment decreased by only 1.4%. The automotive industry has been hit by a triple whammy: factory closures, supply chain disruption, and a collapse in demand. Just-in-time manufacturing processes have propagated the impact across the globe. The demand for free machining is rising after the covid-19 pandemic due to the stabilizing global market and rising demand for the free machining steel in the electronics industry for the production of IT equipment as the IT industry growing worldwide.