High Strength Steel Market Size and Forecast to 2025


Posted December 13, 2019 by healthcaresector

High strength steel market: The global market is anticipated to exhibit a CAGR of over 7.5% during the forecast period, 2017-2023 :

 
Market Overview:

The high strength steels are widely used in various ends sue industries such as automobiles, building & construction, and military & defense. The advantages such as high tensile strength, ductility, corrosion resistance makes them suitable for application such as automobile and building & construction.

The global high strength steel market is spanned across five regions of the world namely Asia Pacific, Latin America, Europe, North America, and the Middle East & Africa. Among these, Asia Pacific accounted to be the major share of the global market and is projected show the same trend during the assessed years. The growing investment in infrastructural development, especially in China, is expected to boost the market demand. Moreover, the growing defense budget is also expected to add to the market growth.

The North American market is expected to grow at a steady CAGR due to extensive consumption of high strength steel coupled with the increasing adoption rate. The U.S. and Canada have achieved a significant place in the market. The presence of major automobile manufacturers coupled with the growing investment in infrastructure is expected to boost the market growth. The major investment schemes by the government such as The New Building Canada Fund and the North-south development schemes are likely to further augment the growth.

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A moderate development is achieved in the European market due to the growing adoption of the product. The developed automobile sector along with the implementation of Euro 6 and Euro 7 emission guideline is expected to boost the market growth. Moreover, the growing application of high strength steel in the military & defense sector is also expected to augment the market growth.

Segmentation

The global high strength steel market is segmented into product type and end-user industry. On the basis of the type, the market is segregated into high strength low alloy steel, dual phase steel, hardenable brake steel, carbon manganese steel, and others. On the basis of the end-user industry, the global market can be further bifurcated into automotive, building & construction, mining & other equipment, aviation, marine, military & defense, and others.

Key Players

Some of the prominent players operating in the global high strength steel market are Arcelor Mittal (Luxembourg), United States Steel Corporation (U.S.), Voestalpine AG (Austria), SSAB (Sweden), Shandong Steel Group (China), SAIL (India), Tata Steels (India), Nippon Steel and Sumitomo Metal Corporation (Japan), POSCO (South Korea), Wuhan Iron and Steel Corporation (China), Tata Steels Limited (India), and Nippon Steel & Sumitomo Metal Corporation (Japan).

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Issued By marketresearchfuture
Country India
Categories Industry
Tags high strength steel market share , high strength steel market size
Last Updated December 13, 2019