High Strength Steel Market to witness market growth at a rate of 7.9%,Key Trends

The high strength steel market is expected to witness market growth at a rate of 7.9% in the forecast period of 2021 to 2028. Data Bridge Market Research report on high strength steel market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market's growth. The increase in demand for the product for various industrial applications is escalating the growth of high strength steel market.

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High Strength Steel refers to the type of steel that has yield strength ranging between 210-550 MPa and a tensile strength 270 to 700MPa. These are known to be high yield due to strengthening mechanisms that are especially employed on the steel for achieving better strength, toughness, fatigue and ductility. High strength steel is generally utilized in a wide variety of applications.

The increase in demand from the construction and automotive industries across the globe acts as one of the major factors driving the growth of high strength steel market. The high adoption of effective characteristics of high strength steels, and use for structural applications and are therefore also known as structural steels accelerate the market growth. The availability of a variety of grades of specialty steel with broad applications in various sectors, and use in various application industries, including construction, aviation and marine, automotive, wind energy, electrical equipment, mining equipment, and pipes further influence the market. Additionally, presence of various compliances, growth in awareness, expansion of various end use industries and increase in levels of air pollution caused by greenhouse gas emissions positively affect the high strength steel market. Furthermore, consumption of high strength steels in emerging economies extends profitable opportunities to the market players in the forecast period of 2021 to 2028.

On the other hand, high production costs of high strength steels due to increased prices of raw materials is expected to obstruct the market growth. Advancements in the grades of advanced high strength steel sand ultra-high strength steels are projected to challenge the high strength steel market in the forecast period of 2021 to 2028.

Key Players Analysis:

The major players covered in the high strength steel market report are POSCO, Arcelormittal S.A., Nippon Steel & Sumitomo Metal Corporation, HBIS Group, HYUNDAI STEEL, AK Steel Corporation, Voestalpine AG, SSAB AG, Angang Steel Company Limited, Shanghai Baosteel Chemical Co., Ltd. (A Subsidiary Of Baosteel Co., Ltd), Shougang.Com, Thyssenkrupp AG, Shandong Iron And Steel Group Co., Ltd., BENXI STEEL GROUP, JFE Steel Corporation, United States Steel, SAIL, JSW Steel Limited, Tata Steel, and NUCOR, among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Global High Strength Steel Market Scope and Market Size

The high strength steel market is segmented on the basis of grade, product type and end user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target markets. 

On the basis of grade, the high strength steel market is segmented into high strength low alloy, dual phase, transformation inducted plasticity, bake hard enable, rephosphorised steel and interstitial free.

On the basis of product type, the high strength steel market is segmented into cold rolled, hot rolled, metallic coated and direct rolled.

On the basis of end user, the high strength steel market is segmented into automotive, construction, heavy machinery, ship building, aerospace, energy & power, packaging, and consumer goods.

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