High Strength Steel Market Global Analysis, Trends, Application Analysis and Forecast To 2024
High strength steel is majorly used for structural applications and is also known as structural steels. It can be produced using or without using small amount of micro alloying elements. The tensile strength and hardness of this steel requires high wear resistance and chipping resistance tooling materials. The tempered and quenched steel are combined to form high strength and tough steel that are used in variety of applications in different industries. The global high strength steel is witnessing a good growth in the market, owing to its properties. Some of the quality of this steel includes high strength, high versatility, and formability. This type of steel is typically used in applications where high durability is required.
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Based on end-user, the high strength steel market is classified into automotive, construction, aviation and marine, mining, and others. Among all these, automotive industry is the largest consumer of this type of steel and also anticipated to hold the largest share in the high strength steel market in the coming years as well, owing to its increasing demand in the automotive industry. This type of steel is extensively used in the automotive body structure wherein good durability is required. General application of this steel in automotive industry includes rocker-panels and reinforcements, cross-car beams and members, pillar inners and reinforcements.
Increasing production of automobiles, and superior properties are the major factors driving the high strength steel market growth. The automobile industry is expanding rapidly, which is driving the automobile production across the world. As automobile industry is among the largest consumer of this steel, the demand is increasing due to the increasing automobile production. The demand in the automotive industry is derived by the advantages it offers such as better performance, weight reduction, cost-effectiveness, and others. Along with that, the superior physical properties of this steel such as ductility, high formability, and others are making it popular in the industry.
The value chain of the steel industry consists of multiple steps including sourcing of raw materials, production of steel, transportation, sales, end use, and recycling. The use of the this type of steel has enabled the customers to manufacture products that use less material, reduce cost, are stronger, lighter, and more durable, thus providing more competitive products.
Globally, Asia-Pacific is the largest producer and consumer of steel in the world and thus dominating the high strength steel market. Developing countries such as China, India, Taiwan, and others are contributing significantly towards the increasing demand of this type of steel due to the expanding automobile industry and rapid industrialization. European market is expected to witness the fastest growth in the coming years, which will provide lucrative growth opportunities to the industry players.
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Wuhan Iron and Steel Corporation, Tata Steels Limited, United States Steel Corporation, China Steel Corporation, SSAB, Novolipetsk Steel, Shandong Iron and Steel Group, JFE Steel Corporation, Hebei Puyong Steel Group, Baosteel Group Cororation, JSW Steel, and Metinvest Holding LLC are some of the major players operating in the high strength steel market.
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