New York City, NY: July 24, 2019 – Published via (Wired Release) – High strength steel is low carbon steel produced from a little quantity of copper, nickel, niobium, nitrogen, vanadium, chromium, molybdenum, titanium, calcium, rare earth elements, or zirconium. Copper, titanium, vanadium, and niobium is usually used to provide high strength to this material.
The first five-year cumulative revenue (2017–2021) is projected to be over US$ 167 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period. The global high strength steel market is estimated to value of over US$ 26 Bn in 2017, and is projected to register a CAGR of 8.7% in terms of value during forecast period 2017–2026.
Global High Strength Steel Market: Market Dynamics
High strength steel, along with its alloys, is expected to gain significant demand over the forecast period, owing to its environmental sustainability. Steel is the only commercial product among usable metals that meets higher environmental standards. High strength steel can be recycled infinite times without changing its properties such as strength, durability, or any of its distinctive properties.
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High strength steel is projected to continue to gain traction in applications wherein products are exposed to a range of climatic conditions, or high strength is essential for end-products, for delivery of essential resources such as water distribution and oil pipelines, and low energy consumption as well as reduced carbon emission during manufacturing.
Increasing preference and usage of high strength steel in various applications, especially in emerging economies such as India, Taiwan, South Korea, etc., can create lucrative growth opportunities for manufacturers in the target market.
Global High Strength Steel Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global high strength steel market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global high strength steel market is estimated to expand at a CAGR of 8.7% during the forecast period.
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Global High Strength Steel Market: Segmental Snapshot
The market report has been segmented on the basis of product type, application, and region. The product type segment includes transformation inducted plasticity, dual phase, high strength low alloy steel, bake hardenable, and others. The application segment includes automotive, building & construction, mining machinery, aviation & marine, and others. The regions covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: The dual phase segment is expected to register highest CAGR of over 9% in the global market over the forecast period
By application: The automotive segment is expected to register highest CAGR of over 9.2% over the forecast period, and is also expected to dominate with highest revenue share in the global market over the forecast period
By region: The market in Asia Pacific is estimated to account for highest revenue share in the global high strength steel market in 2017, and is projected to register highest CAGR of over 9% between 2017 and 2026.
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Global High Strength Steel Market: Competitive Analysis
The research report on the global high strength steel market includes profiles of major companies such as United States Steel Corp, ArcelorMittal S.A, Nippon Steel & Sumitomo Metal Corp., Anshan Iron and Steel Group Corp., China Baowu Steel Group Corp., Ltd., Steel Authority of India Ltd., AK Steel Corp., Tata Steel Ltd., JFE Steel Corp, and China Steel Corp.
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