High Strength Steel Market 2021 Introducing New Industry Dynamics and Growth Overview and Forecast to 2026

High Strength Steel is fast emerging as a sustainable affordable, material in the automotive and construction industry. It is increasingly being adopted by builders and construction companies for improving the safety features of buildings and construction projects. Growth of the construction industry in the residential and commercial sector, primarily in the Asia Pacific, to meet the demand for housing from a rapidly growing population and has also led to a favorable market for modular construction. Also, new trends in the construction industry such as Lean Construction, Building Information Modelling (BIM), and Green Buildings have increased the role of prefabrication and modularization in construction further driving growth in the demand for high strength steel market.

According to Research CMFE, “The High Strength Steel market is projected to grow at a CAGR of 8.1% to reach USD 48.3 billion by 2026 from USD 28 billion in 2019.”

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The automotive industry is increasingly adopting High Strength Steel for light-weighting, improving the safety of vehicles, improving fuel efficiency, and as a sustainable alternative to plastics and aluminum. High strength steel is also increasingly being preferred by automotive companies for cost reduction as it is cheaper than carbon fiber and aluminum. New innovations in steel manufacturing like electric arc furnaces have also contributed to the growth of the High Strength Steel market.

The research report analyses the ecosystem of High Strength Steel and categorizes the High Strength Steel Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.

By Type
• High Strength Low Alloy
• Dual-Phase,
• Bake Hard enable
• Carbon Manganese

By Application
• Automotive
• Building & Construction
• Mechanical & Heavy Equipment
• Rail, Aviation & Marine
• Others

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Snapshot of Drivers, Restraints, Opportunities, and Challenges of High Strength Steel Market:
Drivers:
• Growing demand from the automotive and construction industries
• Growing demand for lightweight and high strength materials
• Cost-effective

Restraints:
• The increasing cost of raw materials

Opportunities:
• Demand from emerging economies

Challenges:
• Evolution of Advanced High Strength Steel and Ultra High Strength Steel Grades

Company Profiles and Competitive Intelligence Covered in High Strength Steel Market Report are:
• Bohler-Uddeholm Corp.
• ArcelorMittal S.A.
• United States Steel Corporation
• Voestalpine AG
• ThyssenKrupp AG
• PAO Severstal
• Gerdau S.A.
• Hyundai Steel Company
• Ansteel Group Corporation
• POSCO Co., Ltd
• Nucor Corporation
• SSAB
• AK Steel Holding Corporation
• Tata Steel
• China Baowu Steel Group
• China Steel Corporation
• JFE Steel Corporation
• JSW Steel
• Novolipetsk Steel (NLMK

The Asia Pacific is expected to be the largest segment in the forecast period.

The Asia Pacific was the largest segment of the overall High Strength Steel market. While North America is expected to be the second-largest market. The North America region is also projected to witness a higher demand for High Strength Steel in the coming years on account of the increasing adoption of High Strength Steel in various end-user industries. The demand in the Asia Pacific region is primarily driven on account of the presence of steel manufacturing facilities coupled with the demand from end-user industries such as automotive and construction. The construction industry in the Asia Pacific region is also growing on account of rising urbanization, rising disposable income, and government initiatives. Key High Strength Steel markets in Asia- Pacific include China, Japan, India, South Korea, Thailand, and Indonesia.

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