The global High Strength Steel Market size is projected to reach USD 27.9 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.9% during the forecast period. Increasing demand from construction and automotive industries is the chief factor driving market growth.
Some of the major competitors in the market are carrying out active R&D investments in the high strength steel field to improve product scope and stay competitive in the industry. Key players are emphasizing on manufacturing high strength steel that is durable and has a wide application scope. Competition among manufacturers is intense as they have similar product portfolios and cater to similar end-use industries.
The governments in developed and developing economies have imposed stringent regulations on automotive manufacturers to meet crash safety requirements. Reduction in weight of vehicles using high strength steel has enable them to achieve these safety requirements. Ideal weldability, formability, and joinability of high strength steel has resulted in a fast-paced penetration of the material in automotive industry. The factors that have driven the use of high strength steel in automotive includes safety, fuel efficiency, durability, and environmental concerns.
Asia Pacific was the largest market for high strength steel in 2016, and this trend is expected to continue over the forecast period. Growth of construction and automotive industries in India and China is expected to drive product demand in the region. In addition, increase in disposable incomes and rising demand for passenger cars, apartments, and houses are expected to positively impact product demand.
High strength steel is used to manufacture construction and earth moving equipment, quarrying equipment, and fork lift trucks. Various grades of high strength steel are used in truck beds, hoppers, buckets, chutes, crushers, and conveyor troughs. Other applications of high strength steel include use in trash truck bottoms, concrete mixer drums, bucket lips, dump trailers, and street sweepers.
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Further key findings from the report suggest:
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Grand View Research has segmented the global high strength steel market on the basis of grade, application, and region.
High Strength Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
High Strength Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
High Strength Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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