The global high
strength steel market size is projected to reach USD 27.9 billion
by 2025, according to a new report by Grand View Research, Inc., exhibiting a
CAGR of 6.9% during the forecast period. Increasing demand from construction
and automotive industries is the chief factor driving market growth.
Some of the major competitors in the market are
carrying out active R&D investments in the high strength steel field to
improve product scope and stay competitive in the industry. Key players are
emphasizing on manufacturing high strength steel that is durable and has a wide
application scope. Competition among manufacturers is intense as they have
similar product portfolios and cater to similar end-use industries.
The governments in developed and developing economies
have imposed stringent regulations on automotive manufacturers to meet crash
safety requirements. Reduction in weight of vehicles using high strength steel
has enable them to achieve these safety requirements. Ideal weldability,
formability, and joinability of high strength steel has resulted in a
fast-paced penetration of the material in automotive industry. The factors that
have driven the use of high strength steel in automotive includes safety, fuel
efficiency, durability, and environmental concerns.
Asia Pacific was the largest market for high strength
steel in 2016, and this trend is expected to continue over the forecast period.
Growth of construction and automotive industries in India and China is expected
to drive product demand in the region. In addition, increase in disposable
incomes and rising demand for passenger cars, apartments, and houses are
expected to positively impact product demand.
High strength steel is used to manufacture
construction and earth moving equipment, quarrying equipment, and fork lift
trucks. Various grades of high strength steel are used in truck beds, hoppers,
buckets, chutes, crushers, and conveyor troughs. Other applications of high
strength steel include use in trash truck bottoms, concrete mixer drums, bucket
lips, dump trailers, and street sweepers.
Browse full research report on High Strength Steel Market: https://www.grandviewresearch.com/industry-analysis/high-strength-steel-market
Further
key findings from the report suggest:
- In terms of volume, the global demand for High Strength Low Alloy
(HSLs) steel is anticipated to reach 18,518.8 kilotons by 2025, at a CAGR
of 5.9% from 2017 to 2025
- In terms of revenue, the construction segment is projected to
ascend at a CAGR of 10.2% over the forecast period
- The automotive application segment dominated the market in terms of
revenue, with a market share of 86.3% in 2016
- The U.S. high strength steel market is anticipated to exceed
8,820.6 kilotons by 2025
- The market for high strength steel is highly competitive with the
presence of a number of multinational companies with massive product
portfolios
- Some of the key companies present in the market are ArcelorMittal
S.A., Tata Steel, United States Steel Corporation, Voestalpine AG, POSCO
Co., Ltd, SSAB, ThyssenKrupp AG, Ansteel Group Corporation, AK Steel
Corporation, and Nucor Corporation.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/advanced-materials
Grand
View Research has segmented the global high strength steel market on the basis
of grade, application, and region.
High
Strength Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 -
2025)
- High Strength
Low Alloy (HSLA)
- Dual Phase
(DP)
- Transformation
Inducted Plasticity (TRIP)
- Bake
Hardenable (BH)
- Martensitic
- Others
High
Strength Steel Application Outlook (Volume, Kilotons; Revenue, USD Million,
2014 - 2025)
- Automotive
- Construction
- Mining
Machinery
- Aviation
& Marine
- Others
High
Strength Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 -
2025)
- North America
- U.S
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Central &
South America
- Brazil
- Middle East
& Africa
- Saudi Arabia
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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