Growing Demand for High Strength Steel Market at 7.2% of CAGR Through 2026 | Know the Impact Analysis of Corona-virus/COVID19

The Global High Strength Steel Market was valued at USD 23.8 billion in 2018 and is expected to reach USD 41.2 billion in 2026, growing at a CAGR of 7.2% by 2027.
The ripple effect of Coronavirus-COVID19 on the High Strength Steel Market needs to become part of strategy discussions to emerge strong. The Analyst team is meticulously tracking the impact and relevance to all the sectors in the High Strength Steel Market. Key data sets include Revenue Impact analysis, Disruptions and New opportunities in the Supply Chain, Revised Vendor Landscape Mix, New opportunities mapping, and more.

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High strength steels are primarily used for structural applications and are therefore also known as structural steels. They can be manufactured with or without the addition of a small number of micro-alloy components. It has a very high yield strength of 210-550 MPa. High strength steel is used in a variety of applications, most prominently automotive, heavy machinery, energy and power, shipbuilding, aerospace, packaging, and consumer goods.

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Market Segmentation:
Following Top Key players are profiled in this Market Study:
Voestalpine AG (Austria), POSCO Group (South Korea), ArcelorMittal S.A. (Luxembourg), SSAB AB (Sweden), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), Steel Authority of India Limited (India), United States Steel Corporation (US), Baosteel Group Corporation (China), and Severstal JSC (Russia), among others

By End-use Industry: Automotive, Construction, Yellow Goods & Mining Equipment, Aviation & Marine, Others

The high strength low alloy (HSLA) segment expected to grow at the fastest rate of 9.5% CAGR during the forecast period.
Based on type, the global high strength steel market has been segmented into high strength low alloy (HSLA), dual phase (DP), bake hard enable (BH), carbon manganese (CMn), and others. The high strength low alloy (HSLA) segment is expected to grow at the fastest rate of 9.5% CAGR during the forecast period. The growth of this segment can be attributed to the growing demand for high strength low alloy steel from the automotive industry. High strength low alloy steels are the most commonly used steels in multiple end-use industries.

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Regional Analysis:
North America
Europe
Asia Pacific
LATAM
Middle East Africa

Region Analysis:
Asia-Pacific accounted for nearly 35% share of the global high strength steel market in 2018 and is expected to dominate the market throughout the forecast period followed by North America and Europe. The growth of the high strength steel market in Asia-Pacific can be attributed to the economic growth of emerging economies such as China, India, and Taiwan, among others. The rising construction industry, combined with an increasing population and strong economic conditions, is driving this regional market .

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