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
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/high-strength-steel-market/request/rs1
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.
For
more info visit @ https://www.grandviewresearch.com
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