High Strength Steel Market Research Report - Global Forecast till 2030

High Strength Steel Market Research Report: Information by Product Type (High Strength Low Alloy Steel, Dual-Phase Steel, Hardenable Bake Steel, Carbon Manganese Steel and others), End-Use Industry (Automotive, Construction, Hoisting and Mining Equipment, Marine, Aviation and others) and Region (Asia-Pacific, North America, Europe, Latin America and Middle East & Africa) - Forecast till 2030

ID: MRFR/CnM/4183-HCR | August 2022 | Region: Global | 140 Pages         

Table of Contents

1 Executive Summary

2 Market Introduction

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

2.4 Key Takeaways

3 Market Research Methodology

3.1 Research Process

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

3.5 Forecast Model

4 Market Dynamics of the Global High Strength Steel Market

4.1 Introduction

4.2 Drivers

4.3 Restraints

4.4 Opportunities

4.5 Challenges

4.6 Trends/Technology

5 Market Factor Analysis of the Global High Strength Steel Market

5.1 Supply Chain Analysis

5.1.1 Raw Material Suppliers

5.1.2 Manufacturers/Producers

5.1.3 Distributors/Retailers/Wholesalers/E-Commerce

5.1.4 End User

5.2 Porter’s Five Forces Analysis

5.2.1 Threat of New Entrants

5.2.2 Bargaining Power of Buyers

5.2.3 Bargaining Power of Suppliers

5.2.4 Threat of Substitutes

5.2.5 Intensity of Competitive Rivalry

5.3 Pricing Analysis

6. Global High Strength Steel Market, by Product Type

6.1 Introduction

6.2 High Strength Low Alloy Steel

6.2.1 Market Estimates & Forecast, 2020-2027

6.2.2 Market Estimates & Forecast, by Region, 2020-2027

6.3 Dual Phase Steel

6.3.1 Market Estimates & Forecast, 2020-2027

6.3.2 Market Estimates & Forecast, by Region, 2020-2027

6.4 Hardenable Bake Steel

6.4.1 Market Estimates & Forecast, 2020-2027

6.4.2 Market Estimates & Forecast, by Region, 2020-2027

6.5 Carbon Manganese Steel

6.5.1 Market Estimates & Forecast, 2018−2025

6.5.2 Market Estimates & Forecast, by Region, 2018−2025

6.6 Others

6.6.1 Market Estimates & Forecast, 2020-2027

6.6.2 Market Estimates & Forecast, by Region, 2020-2027

7. Global High Strength Steel Market, by End-Use Industry

7.1 Introduction

7.2 Automotive

7.2.1 Market Estimates & Forecast, 2020-2027

7.2.2 Market Estimates & Forecast, by Region, 2020-2027

7.3 Construction

7.3.1 Market Estimates & Forecast, 2020-2027

7.3.2 Market Estimates & Forecast, by Region, 2020-2027

7.4 Hoisting and Mining Equipment

7.4.1 Market Estimates & Forecast, 2020-2027

7.4.2 Market Estimates & Forecast, by Region, 2020-2027

7.5 Marine

7.5.1 Market Estimates & Forecast, 2020-2027

7.5.2 Market Estimates & Forecast, by Region, 2020-2027

7.6 Aviation

7.6.1 Market Estimates & Forecast, 2020-2027

7.6.2 Market Estimates & Forecast, by Region, 2020-2027

7.7 Others

7.7.1 Market Estimates & Forecast, 2020-2027

7.7.2 Market Estimates & Forecast, by Region, 2020-2027

8. Global High Strength Steel Market, by Region

8.1 Introduction

8.2 North America

8.2.1 Market Estimates & Forecast, 2020-2027

8.2.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.2.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.2.4 US

8.2.4.1 Market Estimates & Forecast, 2020-2027

8.2.4.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.2.4.3 Market Estimates & Forecast, End-Use Industry, 2020-2027

8.2.5 Canada

8.2.5.1 Market Estimates & Forecast, 2020-2027

8.2.5.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.2.5.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.3 Europe

8.3.1 Market Estimates & Forecast, 2020-2027

8.3.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.3.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.3.4 Germany

8.3.4.1 Market Estimates & Forecast, 2020-2027

8.3.4.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.3.4.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.3.5 France

8.3.5.1 Market Estimates & Forecast, 2020-2027

8.3.5.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.3.5.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.3.6 Italy

8.3.6.1 Market Estimates & Forecast, 2020-2027

8.3.6.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.3.6.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.3.7 Spain

8.3.7.1 Market Estimates & Forecast, 2020-2027

8.3.7.2 Market Estimates & Forecast, by Product Type,2020-2027

8.3.7.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.3.8 UK

8.3.8.1 Market Estimates & Forecast, 2020-2027

8.3.8.2 Market Estimates & Forecast, by Product Type,2020-2027

8.3.8.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.3.9 Russia

8.3.9.1 Market Estimates & Forecast, 2020-2027

8.3.9.2 Market Estimates & Forecast, by Product Type,2020-2027

8.3.9.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.3.10 Poland

8.3.10.1 Market Estimates & Forecast, 2020-2027

8.3.10.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.3.10.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.3.11 Rest of Europe

8.3.11.1 Market Estimates & Forecast, 2020-2027

8.3.11.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.3.11.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.4 Asia-Pacific

8.4.1 Market Estimates & Forecast, 2020-2027

8.4.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.4.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.4.4 China

8.4.4.1 Market Estimates & Forecast, 2020-2027

8.4.4.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.4.4.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.4.5 India

8.4.5.1 Market Estimates & Forecast, 2020-2027

8.4.5.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.4.5.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.4.6 Japan

8.4.6.1 Market Estimates & Forecast, 2020-2027

8.4.6.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.4.6.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.4.7 Australia & New Zealand

8.4.7.1 Market Estimates & Forecast, 2020-2027

8.4.7.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.4.7.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.4.8 Rest of Asia-Pacific

8.4.8.1 Market Estimates & Forecast, 2020-2027

8.4.8.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.4.8.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.5 Middle East & Africa

8.5.1 Market Estimates & Forecast, 2020-2027

8.5.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.5.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.5.4 GCC

8.5.4.1 Market Estimates & Forecast, 2020-2027

8.5.4.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.5.4.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.5.5 Israel

8.5.5.1 Market Estimates & Forecast, 2020-2027

8.5.5.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.5.5.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.5.6 North Africa

8.5.6.1 Market Estimates & Forecast, 2020-2027

8.5.6.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.5.6.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.5.7 Turkey

8.5.7.1 Market Estimates & Forecast, 2020-2027

8.5.7.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.5.7.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.5.8 Rest of Middle East & Africa

8.5.8.1 Market Estimates & Forecast, 2020-2027

8.5.8.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.5.8.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.6 Latin America

8.6.1 Market Estimates & Forecast, 2020-2027

8.6.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.6.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.6.4 Brazil

8.6.4.1 Market Estimates & Forecast, 2020-2027

8.6.4.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.6.4.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.6.5 Argentina

8.6.5.1 Market Estimates & Forecast, 2020-2027

8.6.5.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.6.5.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.6.6 Mexico

8.6.6.1 Market Estimates & Forecast, 2020-2027

8.6.6.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.6.6.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

8.6.7 Rest of Latin America

8.6.7.1 Market Estimates & Forecast, 2020-2027

8.6.7.2 Market Estimates & Forecast, by Product Type, 2020-2027

8.6.7.3 Market Estimates & Forecast, by End-Use Industry, 2020-2027

9. Company Landscape

9.1 Introduction

9.2 Market Strategies

9.3 Key Development Analysis (Expansion/Merger & Acquisitions/Joint Venture/New Product Development/Agreement/Investment)

10. Company Profiles

10.1 Arcelor Mittal

10.1.1 Company Overview

10.1.2 Financial Updates

10.1.3 Product/Business Segment Overview

10.1.4 Key Strategies

10.1.5 Key Developments

10.1.6 SWOT Analysis

10.2 United States Steel Corporation

10.2.1 Company Overview

10.2.2 Financial Updates

10.2.3 Product/Business Segment Overview

10.2.4 Key Strategies

10.2.5 Key Developments

10.2.6 SWOT Analysis

10.3 Voestalpine AG

10.3.1 Company Overview

10.3.2 Financial Updates

10.3.3 Product/Business Segment Overview

10.3.4 Key Strategies

10.3.5 Key Developments

10.3.6 SWOT Analysis

10.4 SSAB

10.4.1 Company Overview

10.4.2 Financial Updates

10.4.3 Product/Business Segment Overview

10.4.4 Key Strategies

10.4.5 Key Developments

10.4.6 SWOT Analysis

10.5 AK Steel Corporation

10.5.1 Company Overview

10.5.2 Financial Updates

10.5.3 Product/Business Segment Overview

10.5.4 Key Strategies

10.5.5 Key Developments

10.5.6 SWOT Analysis

10.6 SAIL

10.6.1 Company Overview

10.6.2 Financial Updates

10.6.3 Product/Business Segment Overview

10.6.4 Key Strategies

10.6.5 Key Developments

10.6.6 SWOT Analysis

10.7 Tata Steels

10.7.1 Company Overview

10.7.2 Financial Updates

10.7.3 Product/Business Segment Overview

10.7.4 Key Strategies

10.7.5 Key Developments

10.7.6 SWOT Analysis

10.8 Nippon Steel and Sumitomo Metal Corporation

10.8.1 Company Overview

10.8.2 Financial Updates

10.8.3 Product/Business Segment Overview

10.8.4 Key Strategies

10.8.5 Key Developments

10.8.6 SWOT Analysis

10.9 Wuhan Iron and Steel Corporation

10.9.1 Company Overview

10.9.2 Financial Updates

10.9.3 Product/Business Segment Overview

10.9.4 Key Strategies

10.9.5 Key Developments

10.9.6 SWOT Analysis

10.10 POSCO

10.10.1 Company Overview

10.10.2 Financial Updates

10.10.3 Product/Business Segment Overview

10.10.4 Key Strategies

10.10.5 Key Developments

10.10.6 SWOT Analysis

10.11 Hyundai Steel Company

10.11.1 Company Overview

10.11.2 Financial Updates

10.11.3 Product/Business Segment Overview

10.11.4 Key Strategies

10.11.5 Key Developments

10.11.6 SWOT Analysis

10.12 China Antsteel Group Corporation Limited

10.12.1 Company Overview

10.12.2 Financial Updates

10.12.3 Product/Business Segment Overview

10.12.4 Key Strategies

10.12.5 Key Developments

10.12.6 SWOT Analysis

11. Conclusion

LIST OF TABLES


Table 1 Global High Strength Steel Market, by Region, 2020-2027

Table 2 North America: High Strength Steel Market, by Country, 2020-2027

Table 3 Europe: High Strength Steel Market, by Country, 2020-2027

Table 4 Asia-Pacific: High Strength Steel Market, by Country, 2020-2027

Table 5 Middle East & Africa: High Strength Steel Market, by Country, 2020-2027

Table 6 Latin America: High Strength Steel Market, by Country, 2020-2027

Table 7 Global High Strength Steel Product Type Market, by Regions, 2020-2027

Table 8 North America: High Strength Steel Product Type Market, by Country, 2020-2027

Table 9 Europe: High Strength Steel Product Type Market, by Country, 2020-2027

Table10 Asia-Pacific: High Strength Steel Product Type Market, by Country, 2020-2027

Table11 Middle East & Africa: High Strength Steel Product Type Market, by Country, 2020-2027

Table12 Latin America: High Strength Steel Product Type Market, by Country, 2020-2027

Table13 Global High Strength Steel End-Use Industry Market, by Regions, 2020-2027

Table14 North America: High Strength Steel End-Use Industry Market, by Country, 2020-2027

Table15 Europe: High Strength Steel End-Use Industry Market, by Country, 2020-2027

Table16 Asia-Pacific: High Strength Steel End-Use Industry Market, by Country, 2020-2027

Table17 Middle East & Africa: High Strength Steel End-Use Industry Market, by Country, 2020-2027

Table18 Latin America: High Strength Steel by End-Use Industry Market, by Country, 2016-2023

Table19 Global Product Type Market, by Region, 2020-2027

Table20 Global End-Use Industry Market, by Region, 2020-2027

Table21 North America: High Strength Steel Market, by Country, 2020-2027

Table22 North America: High Strength Steel Market, by Product Type, 2020-2027

Table23 North America: High Strength Steel Market, by End-Use Industry, 2020-2027

Table24 Europe: High Strength Steel Market, by Country, 2020-2027

Table25 Europe: High Strength Steel Market, by Product Type, 2020-2027

Table26 Europe: High Strength Steel Market, by End-Use Industry, 2020-2027

Table27 Asia-Pacific: High Strength Steel Market, by Country, 2020-2027

Table28 Asia-Pacific: High Strength Steel Market, by Product Type, 2020-2027

Table29 Asia-Pacific: High Strength Steel Market, by End-Use Industry, 2020-2027

Table30 Middle East & Africa: High Strength Steel Market, by Country, 2020-2027

Table31 Middle East & Africa: High Strength Steel Market, by Product Type, 2020-2027

Table32 Middle East & Africa: High Strength Steel Market, by End-Use Industry, 2020-2027

Table33 Latin America: High Strength Steel Market, by Country, 2020-2027

Table34 Latin America: High Strength Steel Market, by Product Type, 2020-2027

Table35 Latin America: High Strength Steel Market, by End-Use Industry, 2020-2027

LIST OF FIGURES

FIGURE 1 Global High Strength Steel Market Segmentation

FIGURE 2 Forecast Research Methodology

FIGURE 3 Five Forces Analysis of the Global High Strength Steel Market

FIGURE 4 Value Chain of the Global High Strength Steel Market

FIGURE 5 Global High Strength Steel Market, 2020-2027, by Country, 2020

FIGURE 6 Share of the Global High Strength Steel Market, by Product Type, 2020-2027

FIGURE 7 Global High Strength Steel Market Size, by Product Type, 2020

FIGURE 8 Share of the Global High Strength Steel Market, by Product Type, 2020-2027

FIGURE 9 Global High Strength Steel Market Size, by End-Use Industry, 2020

FIGURE10 Share of the Global High Strength Steel Market, by End-Use Industry, 2020-2027

High Strength Steel Market

High Strength Steel Market is projected to be worth USD 75.86 Billion by 2030, registering a CAGR of 8.8% during the forecast period (2022 - 2030), The market was valued at USD 35.51 billion in 2021.

Segmentation

By Product Type High Strength Low Alloy Steel Dual Phase Steel Hardenable Bake Steel Carbon Manganese Steel Others
End-Use Industry Automotive Construction Hoisting And Mining Equipment Marine Aviation Others

Key Players

  • Arcelor Mittal (Luxembourg)
  • United States Steel Corporation (US)
  • Voestalpine AG (Austria)
  • SSAB (Sweden)
  • Shandong Steel Group (China)
  • AK Steel Corporation (US)
  • SAIL (India)
  • Nippon Steel and Sumitomo Metal Corporation (Japan)
  • POSCO (South Korea)
  • Wuhan Iron and Steel Corporation (China)
  • Hyundai Steel Company(South Korea)
  • China Antsteel Group Corporation Limited (China)

Drivers

  • Innovation technology to produce superior quality high strength steel products for automotive applications is fueling the regional market demand
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High Strength Steel Market is projected to be worth USD 75.86 Billion by 2030, registering a CAGR of 8.8% during the forecast period (2022 - 2030), The market was valued at USD 35.51 billion in 2021.


High strength steel is new generation steel that provides remarkable strength and ductility. This steel has better resistance to corrosion and other chemicals, unlike conventional carbon steel. In order to enhance the strength, high strength steels are usually alloyed with elements such as copper, vanadium, and titanium. These are extensively used in automobile applications on the account of wide range of properties, particularly lightweight, and other mechanical properties such as better weldability, high toughness, and excellent formability.


High strength steel also has a variety of applications in several end-use industries such as construction, hoisting and mining equipment, and aviation owing to their mechanical strength and flexibility. For instance, high strength low alloy steels are used in designing bridges, pillars, and fabrication of large building structures on the account of their easy weldability and machinability.


The global market is expected to be driven by augmented demand for high strength steel in end-use industries, such as automotive and construction. This can be attributed to the increase in the utilization of high strength steel in car industry as a replacement to conventional carbon steel in auxiliary applications for manufacturing lightweight vehicles. Moreover, the surging demand for high strength and lightweight materials in the construction industry is likely to fuel the demand for high strength steel in the coming years.


Furthermore, the increasing use of high strength steel in the production of welding equipment coupled with innovative advancements to produce ultra-high-strength steel with desirable properties are further creating lucrative opportunities for the key players operating in the global high strength steel market.


However, during the processing of high strength steel usually 25 to 30% more energy is required as compared to carbon steels, thus making it capital-intensive when compared to normal strength steel.


Global High strength Steel Market Share, by Region, 2018 (%)  High strength Steel Market


Source: MRFR Analysis


Regional Analysis


The global high strength steel market is analyzed for five major regions, namely, North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.


The market in Asia-Pacific is expected to dominate the high strength steel market and is projected to register the highest CAGR during the forecast period owing to the swiftly growing industrialization and constructional activities in the region. Additionally, the increasing use of high strength low alloy steel in the automobile sector to produce fuel-efficient vehicles is further propelling the regional market demand. China is the largest consumer in the high strength steel market owing to the increasing population and growing demand from the automotive industry for high strength steel. Furthermore, India, Japan, South Korea, and other Southeast Asian countries are propelling market growth in the region. For instance, in June 2018, POSCO, the fourth largest steel-making company in the world announced an agreement with Tata Steel Europe (TSE), to trade its PVD technology with the high corrosion-resistant MagiZinc products to increase the range of advanced products in automotive and construction industries. Thus, adding considerable value to the global high strength steel market.


The market in North America accounted for a substantial share in 2018. The growing demand for high strength steel fabrics in construction applications coupled with the rising residential and commercial activities in the US is expected to drive the market growth. In addition, the ongoing innovation technology to produce superior quality high strength steel products for automotive applications is fueling the regional market demand. For instance, in August 2016, AK Steel Holding Corporation introduced a new family of high strength steel products under the tradename NEXMET offering excellent strength, greater ductility and better formability for structural and exterior automotive applications.


Europe is also expected to register significant growth during the forecast period due to the extensive use of high strength steel in manufacturing lightweight automotive body parts. Germany is the major contributor in the regional market on account of the presence of various automobiles components and automobile producers in the region. Additionally, the use of high strength steel products in the manufacturing of aircraft and constituent parts is supplementing the regional market demand.


Latin America and the Middle East & Africa are expected to show substantial growth during the forecast period owing to the increasing construction activities and growing per capita disposable income in the regions.


Segmentation


The global high strength steel market has been segmented based on product type, end-use industry, and region.


Based on product type, the global market is classified into high strength low alloy steel, dual-phase steel, hardenable bake steel, carbon manganese steel, and others.


Based on end-use industry, the global market has been classified into automotive, construction, hoisting and mining equipment, marine, aviation, and others


By region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.


Key Players


Arcelor Mittal (Luxembourg), United States Steel Corporation (US), Voestalpine AG (Austria), SSAB (Sweden), Shandong Steel Group (China), AK Steel Corporation (US), SAIL (India), Nippon Steel and Sumitomo Metal Corporation (Japan), POSCO (South Korea), Wuhan Iron and Steel Corporation (China), Hyundai Steel Company(South Korea), and China Antsteel Group Corporation Limited (China) are some of the key players in the global high strength steel market.


Intended Audience



  • Traders and distributors of high strength steel

  • Potential investors

  • Raw material suppliers

  • High strength steel manufacturers

  • Distributors

  • Industry associations



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 75.86 Billion
  CAGR   8.8% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Product Type, End-Use Industry
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Arcelor Mittal (Luxembourg), United States Steel Corporation (US), Voestalpine AG (Austria), SSAB (Sweden), Shandong Steel Group (China), AK Steel Corporation (US), SAIL (India), Nippon Steel and Sumitomo Metal Corporation (Japan), POSCO (South Korea), Wuhan Iron and Steel Corporation (China), Hyundai Steel Company(South Korea), and China Antsteel Group Corporation Limited (China)
  Key Market Opportunities   The growing demand for high strength steel fabrics in construction applications coupled with the rising residential and commercial activities in the US is expected to drive the market growth.
  Key Market Drivers   The ongoing innovation technology to produce superior quality high strength steel products for automotive applications is fueling the regional market demand


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Frequently Asked Questions (FAQ) :

The high strength steel market is predicted to grow at a 8.8% CAGR between 2022-2030.

Asia Pacific is predicted to lead the high strength steel market.

Key competitors in the high strength steel market include China Antsteel Group Corporation Limited (China), Hyundai Steel Company (South Korea), Wuhan Iron and Steel Corporation (China), POSCO (South Korea), Nippon Steel and Sumitomo Metal Corporation (Japan), SAIL (India), AK Steel Corporation (US), Shandong Steel Group (China), SSAB (Sweden), Voestalpine AG (Austria), United States Steel Corporation (US), and Arcelor Mittal (Luxembourg).

Increasing use in automotive and construction industry, aviation, and mining equipment are boosting the market growth.

High strength steel is capital-intensive in comparison to normal strength steel which may hamper the market.