High Strength Steel Market Surge Valuation Of 27.9 Billion Units By 2025: Grand View Research, Inc.
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 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 on 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 weight of vehicles using high
strength steel has enable them to achieve these safety requirements. Ideal
weldability, formability, and joinability of high strength steel has resulted
in a fast-paced penetration of the material in automotive industry. The factors
that have driven the use of high strength steel in automotive includes 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, increase
in disposable incomes and 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 fork lift
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.
Full
Research Report On Global High Strength Steel Market By Grand View
Research:
www.grandviewresearch.com/industry-analysis/high-strength-steel-market
www.grandviewresearch.com/industry-analysis/high-strength-steel-market
Further
key findings from the report suggest:
- 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.
Browse
More Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/advanced-materials
www.grandviewresearch.com/industry/advanced-materials
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
Inducted 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
- U.S
- Europe
- U.K.
- Germany
- Asia
Pacific
- China
- India
- Central
& South America
- Brazil
- Middle
East & Africa
- Saudi
Arabia
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-high-strength-steel-market
www.grandviewresearch.com/press-release/global-high-strength-steel-market
About
Grand View Research
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, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For More
Information: www.grandviewresearch.com
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