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 the 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 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 the weight of vehicles using high strength steel has enabled them
to achieve these safety requirements. Ideal weldability, formability, and
joinability of high strength steel have resulted in a fast-paced penetration of
the material in the automotive industry. The factors that have driven the use
of high strength steel in automotive include 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, an increase in disposable incomes and a 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 forklift 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.
Related Press Release@ High
Strength Steel Market Report
High Strength Steel Market Report Highlights
- 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.
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High Strength Steel Market Segmentation
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
Induced 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
- The U.S.
- Europe
- The U.K.
- Germany
- Asia Pacific
- China
- India
- Central
& South America
- Brazil
- Middle East
& Africa
- Saudi
Arabia
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
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