Global High Strength Steel Market – Growth, Trends, And Forecast (2020 – 2025)
The report presents an in-depth assessment of the Global High Strength Steel including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Global High Strength Steel investments from 2020 till 2025.
The high strength steel market is expected to register a CAGR of more than 7.5% during the forecast period.
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The Global High Strength Steel market is highly competitive and consists of a number of major players. Companies, like ArcelorMittal, China Steel Corporation, CITIC-Heavy Industries Co. Ltd, JSW Steel, Nippon Steel Corporation, Nucor Corporation, POSCO, SSAB, Steel Authority of India Limited (SAIL), Tata Steels Ltd, United States Steel Corporation, Voestalpine AG among others.
Some of the prominent trends that the market is rapidly increasing demand from the construction industry.
– High costs of production and high technological constraints are likely to hinder the market’s growth.
– Industrial and infrastructural development in Asia-Pacific is expected to act as an opportunity for the market.
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Key Market Trends:
Increasing Applications in the Automotive Industry
– High strength steels have a wide range of applications in the automotive sector, to reduce the overall weight of the vehicle and increase the stiffness and energy absorption in some areas.
– High strength steels possess various properties that enhance their demand in the automotive sector: Mechanical properties, thickness and width capabilities among others.
– In general, the strength of a steel in the automotive sector is controlled by its microstructure, which differs according to its chemical composition, its thermal history, and the deformation processes it undergoes during its production schedule.
– High strength steel provides several advantages over conventional steels, especially when weight is considered an important factor for fuel efficiency in the automotive sector. Their mechanical properties, weldability, fatigue, static strength, cathodic protection, and hydrogen embrittlement performance are proving to be a boon for the automobile industry.
– Recently, the global automotive production declined by 1.1% over the previous year. Additionally, the automotive demand in Asian countries, like India, Japan, and the Southeast Asian countries, is likely to witness growth in the coming years.
– In the North American region, the United States has the largest automotive industry. Automotive is the largest manufacturing sector of the country and accounts for around 3% of the country’s GDP. It is also the country’s biggest exporting industry, which had exported around USD 692 billion worth of vehicles and parts in the previous years. In 2018, the automotive production of the United States witnessed a growth rate of 1.1% over the previous year.
– Increasing usage of high strength steel for better fuel efficiency and light weight vehicles will boost the market growth in the automotive industry.
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The key insights of the High Strength Steel Market report:
- The report provides key statistics on the market status of the High Strength Steel market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
- The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
- The High Strength Steel market report presents the company profile, product specifications, capacity, production value, and 2015-2020 market shares for key vendors.
- The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
- The report estimates 2020-2025 market development trends of High Strength Steel Market.
- Analysis of upstream raw materials, downstream demand and current market dynamics is also carried out
- The report makes some important proposals for a new project of High Strength Steel Industry before evaluating its feasibility.
Finally, High Strength Steel Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and market development rate and figure and so on. High Strength Steel industry report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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