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High Strength Steel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

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Steel is critical, as there is no other material with same unique combination of strength, formability (malleability and ductility) and versatility. Steel plays critical role in virtually every phase of our lives. The rails, roads, vehicles that make up our transportation chain use steel. High strength steel provides strong framework and connections in the building constructions. They are used to deliver food and water supply and also industrial product deliveries. It is a basic component that generates and transmits energy.

High strength steel is primarily used for structural applications (structural steels) as well as in automobile industry. It is difficult to attain complex shapes, a requirement in these industries, using mild steel. Thus, high strength steel is used for complex shapes that are met along with durable and robust design parameters. It can be developed even with or without addition of microalloying elements such as Va, Ni, Co, Mb, and Ti.

Market Dynamics and Trends

High strength steel and its alloys are expected inevitably to gain demand in the future and their markets to increase exponentially. Steel is the only commercial product in usable metals which meets higher environmental standards. High strength steel can be endlessly recycled without loss in its strength, durability, or any of its other distinctive properties. Today and in the future, high strength steel is expected to succeed in meeting challenges of climate change, population growth, water distribution, product carriages and energy by reducing carbon footprint.

Major drivers of high strength steel are its significant high rate of consumption in automotive and construction industries, meeting stringent environmental standards. However, it has its limitation with its restraining factors such as its high cost of production, low safety factor in its preparation, and high technological constraints.
New generation high strength steel is likely to provide necessary requirements and trend of the future demands of implementing durable and light weight designs plus the volumes.  

Market Segmentation

COR-TEN weathering steels, with its high corrosion resistance, are used extensively in automobile, construction, and heavy equipment manufacturing industries.
It is used in heavy construction especially structures and bridges based on its high rolling and continuous product line. It has low carbon content, formability and easily hardened steels used in transportation and automotive industry to a high extent. It is an intrinsic part used in manufacturing alloy steel such as niobium, vanadium, and titanium used in power generation and nuclear reactors.

The high strength steel market can be divided into sectors such as building and infrastructure, automobile industry, transportation industry, energy, food and water, and tools and machineries. It can be further classified into electro-galvanized steel, hot-dip galvanized steel, and hot-dip galv-annealed steel.

Based on manufacturing Process the application lies preparation of High end Automobile body structures, reinforcement and brackets where high strength is required for optimum part performance, 

Region-wise Outlook

Asia-Pacific is the market leader in terms of high strength steel consumption and production, followed by Europe. Majority of the Asia Pacific regions are developing and there is a high requirement of high strength steel. Developed countries such as the U.S. in North America and other parts in Europe are rather saturated markets for high strength steel.

Key Players

Key players globally operating in the market are Arcelor-Mittal, China Steel Corporation, Hyundai Steel Company, Tata Steel, and Gerdau S. A.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market    
     

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

 


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