High Strength Steel Market to Reach USD 50.02 Billion at a CAGR of 7.3% by 2027 – Says Reports and Data
The growing demand for high strength steel in the automotive industry is one of the significant factors influencing market growth.
This report on the High Strength Steel market offers an extensive analysis of the trends to estimate its growth in the near future. It provides historical investigation and evaluates the trends observed in the data gathered to speculate the development in its size, share, demand, total earnings, and revenue. It considers the years 2016 and 2017 to collect historical data while considering 2018 as the base year to draw a forecast for the years 2019 to 2027. This assessment indicates a stable CAGR in the predicted duration and discusses those sectors that might boost the development of the industry.
The High Strength Steel Market is projected to register a CAGR of 7.3% in terms of value, from USD 28.28 billion in 2019 to reach USD 50.02 Billion by 2027. Increasing demand from the automotive and the structural engineering sectors, which are the significant consumers of the product, is likely to stimulate the demand for the high strength steel market in the future. Moreover, the key applications of high-strength steel in the oil & gas sector are anticipated to boost the growth of the high strength steel market in the upcoming years.
The Asia Pacific region contributed to the largest share of the high strength steel market in 2019 and is expected to grow at a rapid rate of 7.9% in the forecast period. The dominance of the region is owing to the increased demand from the automotive and construction industries in countries such as China and India. Europe is expected to grow at a rate of 6.9% in the period 2019-2027, due to the widespread deployment of the product in the manufacturing of lightweight vehicular body parts. In the region, Germany held the largest share of the high strength steel market owing to the presence of various automobile components and automobile producers.
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The report also provides key insights into the factors and aspects that are likely to influence the growth of the industry. Along with the prominent drivers and restraints, the report considers the pandemic of COVID-19 as a key influencing factor. The report assesses the comprehensive impact of the pandemic on the High Strength Steel market. It also offers insights into how the crucial segments of the market have been affected by the pandemic. The report assesses comprehensive data to generate a total impact analysis of the pandemic and offers a futuristic outlook to offer a general idea of the current market scenario and economic landscape.
The report covers extensive profiling of the Emerging Manufacturers, including:
- Arcelor Mittal S.A.
- United States Steel Corporation
- Baosteel Group Corporation
- TATA Steel, SSAB AB
- Nippon Steel & Sumitomo Steel Corporation
- Steel Authority of India Limited
- Anang Steel Company Limited
- Nucor Corporation, and JSW Steel
- among others.
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The High Strength Steel market is further segmented on the basis of product types offered by the market and the application spectrum.
Product Type Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- High-Strength Low-Alloy (HSLA) Steel
- Transformation-Inducted Plasticity (TRIP) Steel
- Bake Hardenable (BH) Steel
- Dual-Phase (DP) Steel
- Carbon Manganese Steel
Application Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Body & Closures
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Key Regions Assessed in the Report Include:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The High Strength Steel report is formulated through extensive primary and secondary research and further validated through industry experts and professionals. The data has been accrued through authentic sources, including interviews, documents, databases, and other sources to offer accurate insights into the industry to offer beneficial data to the readers and companies.
Key questions covered in the global High Strength Steel market report:
What is the expected market size of the global High Strength Steel market during the forecast period?
What factors are expected to hamper global High Strength Steel market growth over the forecast period?
What key factors are expected to drive global revenue growth between Forecast Period?
Which application segment is expected to dominate other application segments over the forecast period?
Which region is expected to dominate in terms of revenue during the forecast period?
What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
Which leading players are operating in the global High Strength Steel market?
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