High Strength Steel Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMM352 | Last Updated On: Jul 14 2022 | Available Formats

> Global High Strength Steel Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global High Strength Steel Market is segmented By Type (High Strength Low Alloys (HSLA), Advanced High Strength (Dual Phase (DP), Transformation Induced Plasticity (TRIP)), Ultra High Strength), By Application (Automotive, Construction, Aerospace, Defense, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global High Strength Steel is expected to grow at a CAGR  during the forecast period (2022-2029).

  • Increasing demand for High Strength Steel in Automotive and Aerospace sector due to its improved mechanical properties and better resistance to corrosion has proved to be the primary drivers of the market.
  • Estimated Worldwide Demand for Steel, 2016 – 2018, in million metric tons
  • Components made of High Strength Steel are lightweight, highly resistant to corrosion, and have improved yield strength in comparison to other metallic alloys.
  • Thus, it finds growing use in automotive and construction fields as the improved mechanical properties provide better structural support and ensure the longevity of products. This acts as drivers to the market growth.
  • Environmental impact of Steel production is a major aspect of concern due to increasing greenhouse gases emissions. Product components also have to fulfill the stringent safety regulations put forth by regulatory authorities.

Segmentation Analysis

  • Based on Type, the market is segmented into High Strength Low Alloys, Advanced High Strength Steel, and Ultra-High Strength Steel.
  • High Strength Low Alloys lead the market share by type due to their better toughness and strength-to-weight ratio owing to low carbon content. As such, High Strength Steel Alloys are used in applications which are designed to handle large amounts of stress.
  • The Advanced High Strength Steel is further segmented into Dual-Phase and Transformation Induced Plasticity, based on their yield strength and uses.
  • The market is further categorized based on Application, which includes Automotive, Construction, Aerospace, Defense, and Others.
  • The report segments the geographies by region, which include Asia Pacific, North America, South America, Europe, and RoW.

Geographical Share

  • Geographically, Asia Pacific is the largest consumer market of High Strength Steel driven by high demand in emerging economies of countries like China, India, and Japan.
  • The high growth rate of structural construction and industrial machinery will ensure that the region remains a leading player in the forecast period.
  • It is followed by Europe as the region witnesses a rise in the use of High Strength Steel in the Automotive industry.

High Strength Steel Manufacturers

  • The report profiles the following companies, which includes United States Steel Corporation, Voestalpine, Nippon Steel & Sumitomo Metal Corporation, ArcelorMittal, Tata Steel, SSAB, POSCO, Ansteel Group Corporation, Baosteel Group Corporation, and AK Steel.

Report Scope

  • DataM analyses the complete scenario of the Global High Strength Steel market, market segmentation, geography analysis, companies, trends and opportunities in the market.
  • The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.

By Type

  • High Strength Low Alloy Steel
  • Advanced High Strength Steel
  • Ultra-High Strength Steel

By Application

  • Automotive
  • Construction
  • Aerospace
  • Defense
  • Others

By Region

  • Asia Pacific
  • Europe
  • North America
  • South America
  • Rest of the World

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