$13.73 Billion Growth in High-Strength Steel Market: By Application (Automotive, Construction, Aviation, and Others) and by Region | Global Forecast to 2025

Key high strength steel market Report Highlights:

  • Market Growth 2020-2025: $13.73 billion
  • Growth momentum and CAGR: acceleration to a CAGR of 9.86%
  • Annual growth (%): 9.04%
  • Contribution of the successful market: APAC at 47%
  • Main consumer countries: United States, India, China, Japan, and Germany

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Regional Market Analysis

  • 47% of the market growth will come from APAC during the forecast period. China, India and Japan are the major high-strength steel markets in Asia-Pacific.
  • The growth of the market in this region will be faster than the growth of the market in the European regions of North America and South America.
  • Rapid industrialization and increasing infrastructural developments will facilitate the growth of the high strength steel market in APAC region during the forecast period.

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Top Vendors and Vendor Strategies

  • ArcelorMittal SA, Essar Steel India Ltd., HBIS Group Co. Ltd., Hyundai Steel Co., JSW STEEL Ltd., Nippon Steel Corp., Nucor Corp., POSCO, Tata Steel Ltd. and United States Steel Corp. of the major suppliers in the high-strength steel market.
  • The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
  • ArcelorMittal SA offers a wide range of high strength steels such as Ultra 690 QL QL1, Ultra 890, Ultra 960 among others under the Amstrong brand.
  • Essar Steel India Ltd. offers high strength steel for consumer sectors such as automotive, appliance, construction, engineering and shipbuilding.
  • HBIS Group Co. Ltd. offers high strength steels widely used in automotive, appliance, pipeline, bridge, mechanical manufacturing, storage and other fields.

Download our free sample report to get a brief understanding of various other vendors and vendor strategies.

Key Market Drivers

Our analysts have detailed insights into the major market drivers and their impact on the High Strength Steel market.

  • Growing demand for high quality automotive components:
    • Growing demand for high quality automotive components is one of the major drivers of market growth. Due to the performance of high strength steels compared to low and low strength steel, automobile manufacturers mainly prefer high strength steel over mild strength steel for the manufacture of vehicle components which find applications for interior beams, chassis, bumpers, cross members and seats. . With the increasing growth of the automotive industry, this demand for high quality component manufacturing will significantly fuel the growth of the high strength steel market.

Know some other market drivers, trends and challenges.

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High Strength Steel Market Scope

Report cover

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth momentum and CAGR

Accelerate at a CAGR of 9.86%

Market Growth 2021-2025

$13.73 billion

Market structure

Fragmented

Annual growth (%)

9.04

Regional analysis

APAC, North America, Europe, South America and MEA

Successful market contribution

Asia-Pacific at 47%

Main consumer countries

China, USA, India, Japan and Germany

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

ArcelorMittal SA, Essar Steel India Ltd., HBIS Group Co. Ltd., Hyundai Steel Co., JSW STEEL Ltd., Nippon Steel Corp., Nucor Corp., POSCO, Tata Steel Ltd. and United States Steel Corp.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, Impact of COVID-19 and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period,

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

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