High-strength Steel Market is Likely to Boom with Robust Growth Rate 5.7% in the Projected Period 2019-2025
By QY Research 17 Oct 2019 Chemical & Materials
QYR Consulting has
released a new report carrying the title “High Strength Steel Market Report:
Company Analysis, History and Future Overview, Global Sales Trends by 2025.” As
per the research study provided in the report, the global high-strength steel market
is projected to rise at a moderate CAGR of 5.7% between 2019 and 2025. By the
end of 2025, the global market could earn more than US$45 Bn, increasing its
value from over US$25 Bn reached in 2018. According to market analysts, Asia
Pacific is expected to lead the global high-strength steel market in terms of
growth rate.
Segmental Analysis
Demand for High-strength
Steel to Increase Remarkably in Automotive Industry
The global high-strength
steel market is segmented into carbon-manganese steels, bake-hardenable steels,
dual-phase steels, and high-strength low-alloy steels based on type of product.
Among these, high-strength low-alloy steels are anticipated to show quicker
growth in the global market. On the basis of application, the global
high-strength steel market is segmented into aviation and marine, hoisting and
mining equipment, automotive, and others. Among these, automotive could collect
a significant share of the global high-strength steel market because of high
production of automobiles in key regions. High-strength steel is frequently
used in the manufacture of automobile parts such as vehicle body panels.
Request a sample of
the research study here: https://www.qyrconsulting.com/request-sample/7391
Regional Coverage
Asia Pacific to Gain Faster
Growth with Increase in Infrastructure Development
According to market
experts, Asia Pacific is expected to become a highly lucrative market for
high-strength steel in the coming years. The high-strength steel market in Asia
Pacific could gain growth on the back of infrastructure improvement and the
aggressive rate of industrialization. Impressive development of the automotive
industry could be another factor helping with growth opportunities for
high-strength steel manufacturers in the region. Japan, India, and China are
predicted to support the market growth of the region as they show high economic
growth.
Key Players
The report profiles almost all important players of
the global high-strength steel market, including ArcelorMittal, Ansteel, SSAB,
Baosteel, POSCO, ThyssenKrupp AG, United States Steel Corporation, and
Voestalpine AG.
Market Dynamic
Market to Benefit from High
Use of High-strength Steel in Construction and Automotive
Global demand for
high-strength steel is expected to largely increase in lucrative end-use
industries such as construction and automotive. High-strength steel is widely
used in construction activities because of its favorable properties such as
exceptional weldability and ability to increase toughness of structures in low
temperature conditions. Automotive manufacturers use high-strength steel to
produce vehicle components and parts. High-strength steel is also adopted in
other industry verticals such as aviation, marine, and mining. Rapid
urbanization and economic growth in emerging countries are likely to help
increase the consumption of high-strength steel in the near future.
Introduction of advanced products such as ultra-high-strength steel could
further improve the global market growth.
However, expensive prices
of raw materials could increase the production cost in the global high-strength
steel market, which is expected to act as a growth restraint during the
forecast period.
Read
Report Overview with TOC: https://www.qyrconsulting.com/reports/high-strength-steel-market
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