The global high strength steel is witnessing good growth in the market, owing to its properties. Some of the quality of this steel includes high strength, high versatility, and formability. This type of steel is typically used in applications where high durability is required.

On the basis of type, the high strength steel market is segmented into high strength low alloy, dual phase, and others.

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Based on end-user, the high strength steel market is classified into automotive, construction, aviation and marine, mining, and others.

Increasing the production of automobiles and superior properties are the major factors driving the high strength steel market growth. The automobile industry is expanding rapidly, which is driving the automobile production across the world. As the automobile industry is among the largest consumer of this steel, the demand is increasing due to the increasing automobile production. The demand in the automotive industry is derived by the advantages it offers such as better performance, weight reduction, cost-effectiveness, and others.

Wuhan Iron and Steel Corporation, Tata Steels Limited, United States Steel Corporation, China Steel Corporation, SSAB, Novolipetsk Steel, Shandong Iron and Steel Group, JFE Steel Corporation, Hebei Puyong Steel Group, Baosteel Group Corporation, JSW Steel, and Metinvest Holding LLC are some of the major players operating in the high strength steel market.

Source: VynZ Research