High Strength Steel Market 2020 Trends, Market Share, Industry Size, Opportunities, Analysis and Forecast by 2028

This detailed market study focuses on the data obtained from various primary and secondary sources and is analyzed using different tools. It helps in gaining insights about the potential of the market for growth which can facilitate the investors in identifying scope and opportunities. The analysis also provides details of each segment in the global High Strength Steel Market.

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According to the report, increasing demand from aerospace & defense and construction for various applications is expected to drive the market growth of the high strength steel market during the forecast period. Increasing the consumption of high-strength steel in the automotive and construction industries to increase vehicle fuel efficiency and ensure high strength and enhanced building safety features is driving the growth of the worldwide high-strength steel industry.

What are High Strength Steels?

High resistance steels are a large group of metal alloys made of carbon-mixed iron. High-resistance steels are defined as steels with 200 ksi of base yield. Such steels are heat-treated to yield strengths that reach 300 ksi. High strength steel having higher weldability and yield strengths such as property increase the demand from the end-use industry.

With an emphasis on both organic and inorganic growth strategies, there have been several primary developments done by major companies like Arcelor Mittal, Tata Steels Ltd, JSW Steels, AK Steel, Carpenter Technology, Commercial Metals Company, Nucor, Steel Dynamics.

Segmentation for better understanding of this market and its growth prospects:

The study provides a perspective on the market for high strength steel by segmenting it based on type, end-use industry, and region. Major types include Bake Hardenable, Dual-Phase Steel, High Strength Low Alloy, Transformation Induced Plasticity, and Others.

The segment of high strength low alloy type is expected to lead the market in high strength steel during the forecast period. The growth of this market segment can be attributed to the increased demand from the automotive industry for high strength low alloy steels. Due to their superior mechanical properties such as high corrosion resistance, increased formability, and excellent weldability, high strength low alloy steels are preferably used in various End-use industries.

The automotive segment expected the largest growth due to increase in global automobile production. The use of high-strength steels for the manufacture of car body panels leads to an increase in their fuel efficiency by raising their weight by about 60%. This, in turn, adds to the increasing demand from the automotive industry for high-resistance steel. Also, it expected that the growth of the high-resistance steel market during the forecast period is the increasing demand for electric and hybrid vehicles across the globe.
This report provides:

1) An overview of the Global High Strength Steel Market globally and related technologies.

2) Analysis of global market trends, estimates of each year and annual compound growth rate projections (CAGRs).

3) Identification of new market opportunities and targeted promotional plans for Global High Strength Steel Market.

4) Discussion of R&D and demand for new products and new applications

5) Comprehensive company profiles of key industry players.

The researchers have studied the market in-depth and have come up with major segments like product type, application, and region.

Based on their market share, growth prospects, and CAGR, each and every segment and its sub-segments are studied. Each market segment offers in-depth information on market outlook, both qualitative and quantitative.

Regional segmentation and analysis to understand growth patterns:
The market has been segmented in major regions to understand the global development and demand patterns of this market.
The Asia Pacific region is the world's largest user of high-strength steels, and that trend is also projected to continue over the forecast period. The growth of the high strength steel market in the Asia Pacific can be attributed, to the economic growth of emerging economies such as China, India, and Taiwan.

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Increasing production of the Asia Pacific manufacturing sector to meet domestic requirements for high-quality products and increasing regional exports are factors that lead to increased demand for high-strength steels from the region. Due to diversified demand from end-use industries and a competitive scenario, North America and Western Europe are major regions for the high-strength steel market.

These markets were competitive in terms of new innovations in goods and related activities. The Middle East promises a strong market potential with demand from countries such as the UAE, Saudi Arabia, Qatar and others seeking to diversify the economic outlook.

It is also projected that Eastern Europe consisting of Russia and Turkey is one of the key markets with demand from automotive, manufacturing, aerospace & defense.

Some of the key Impact Factors:
o Growing construction activities in the Asia Pacific region
o Rising demand from the automotive sector

Market Segmentation:
By Type:
Bake Hardenable
Dual-Phase
High Strength Low Alloy
Transformation Induced Plasticity (TRIP)
Others

By Manufacturing Process:
Hot Rolled
Cold Rolled

By End-Use Industry:
Automotive
Construction
Aerospace & Defence
Mining Equipment
Marine
Others

By Region:
North America
By Country (US, Canada, Mexico)
By Type
By Manufacturing Process
By End-Use Industry

Western Europe
By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
By Type
By Manufacturing Process
By End-Use Industry

Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Type
By Manufacturing Process
By End-Use Industry

Asia Pacific
By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
By Type
By Manufacturing Process
By End-Use Industry

Middle East
By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
By Type
By Manufacturing Process
By End-Use Industry

Rest of the World
By Region (South America, Africa)
By Type
By Manufacturing Process
By End-Use Industry

Reasons to buy this report:

Market size estimation of high strength steel market on a regional and global basis
The unique research design for market size estimation and forecasts
Profiling of the major companies operating in the market with key developments
Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet the specific requirements:
By segment
By sub-segment
By region/ country

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This release was published on openPR.