High Strength Steel Market Report Overview, Industry Top Manufacturers, Size, Growth 2022 – 2030
Research Reports
Dec 19, 2022
High Strength Steel Market is projected to be worth USD 75.86 Billion by 2030, registering a CAGR of 8.8% during the forecast period (2022 – 2030), The market was valued at USD 35.51 billion in 2021.
High strength steel is the new generation steel which possesses remarkable strength & ductility. In order to maintain the steel strength, they are being alloyed with various elements like Copper, vanadium and titanium. These elements have been largely used in automobile applications. Due to the presence of various features like lightweight & mechanical properties like high toughness, and excellent formability.
Due to the outbreak of Covid-19, the performance of the High Strength Steel Market has been largely disrupted. This is due to the disturbance in the Availability of raw materials & Supply chain which ultimately reduced the demand from the automotive & construction industries. But, the construction of medical facilities like hospitals and quarantine centers gave hope to the High Strength Steel Market.
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Regional analysis
On the basis of geographical analysis, the High Strength Steel Market has been analyzed into five major regions namely, North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Out of this, the market would be largely dominated by the Asia-Pacific. This is due to the rapid growth in industrialization and constructional activities. Also, due to an increase in the population & the demand in the automotive industry, China has become the largest consumer of the High strength steel
Another region, which is expected to dominate the market is North America. For the reason being, an increase in the innovation technology for the production of superior quality high strength steel products specially for the automotive applications. Europe is also projected to account for a good market share, due to the large use of High strength steel for the manufacturing of various lightweight Automotive body parts.
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|
Report Attribute/Metric |
Details |
|
Market Size |
2030: USD 75.86 Billion |
|
CAGR |
8.8% (2022-2030) |
|
Base Year |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Data |
2019 & 2020 |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
by Product Type, End-Use Industry |
|
Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
|
Key Vendors |
Arcelor Mittal (Luxembourg), United States Steel Corporation (US), Voestalpine AG (Austria), SSAB (Sweden), Shandong Steel Group (China), AK Steel Corporation (US), SAIL (India), Nippon Steel and Sumitomo Metal Corporation (Japan), POSCO (South Korea), Wuhan Iron and Steel Corporation (China), Hyundai Steel Company(South Korea), and China Antsteel Group Corporation Limited (China) |
Market Segmentation
For the succession of the High strength steel market, the market has been Segmented by Product Type & by End-use. On the basis of Type, the market has been splitted into High Strength Low Alloy Steel, Dual Phase Steel, Hardenable Bake Steel & Carbon Manganese Steel. Based on the End-User, it’s been divided into Automotive, Construction, Hoisting & Mining Equipment, Marine & Aviation.
Key players
The key companies of the High strength steel market have acquired a strong regional presence, distribution channels & various product offerings by adopting strategies like acquisition and joint ventures. Some of the name of the key players are ArcelorMittal (Luxembourg), United States Steel Corporation (US), Voestalpine AG (Austria), SSAB (Sweden), Shandong Steel Group (China), AK Steel Corporation (US), SAIL (India), Nippon Steel and Sumitomo Metal Corporation (Japan), POSCO (South Korea), Wuhan Iron and Steel Corporation (China), Hyundai Steel Company(South Korea) & China Antsteel Group Corporation Limited (China).
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