High Strength Steel Market Overview:
The high strength steel market is witnessing a significant rise across the globe. Increasing consumption of high strength steel for the production of lightweight yet sturdy components in the automotive and aircraft industry drives the market growth, predominantly. Similarly, owing to its durability, better weldability, and excellent formability, a huge amount of high strength steel is absorbed in the construction sector as well.
The constant rise in the construction industry over the past few years has been fostering a massive demand in the high strength steel market. Market Research Future (MRFR) asserts that the global high strength steel market is forecasted to garner significant growth by 2025. In its recent market statistics, MRFR also confirms that the market would register a massive 7.65% CAGR throughout the assessment period (2017-2023).
Leveraging rapid urbanization and industrialization, the construction industry is speeding up growth by developing more residential, non-residential, and infrastructural projects. Moreover, advancements in technology are accelerating the growth of the market, driving the prefabricated and pre-engineered building projects. Undoubtedly, the rise in disposable income is a significant driving force behind the market growth, increasing sales in construction and automotive industry.
The rising global economy is also fostering investments in the market, which in turn, substantiates the market growth. On the other hand, an additional 25% to 30% consumption of energy for the processing of high strength steel makes it highly capital intensive as compared to carbon steels. Hence, the capital-intensive nature of high strength steel is expected to act as a significant headwind for the market growth, restricting its usages.
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High Strength Steel Market Major Players:
Players driving the global advanced high strength steel market growth include United States Steel Corporation (US), Voestalpine AG (Austria), Arcelor Mittal (Luxembourg), Shandong Steel Group (China), AK Steel Corporation (US), SSAB (Sweden), Nippon Steel and Sumitomo Metal Corporation (Japan), POSCO (South Korea), SAIL (India), Hyundai Steel Company (South Korea), China Antsteel Group Corporation Limited (China), and Wuhan Iron and Steel Corporation (China), among others.
High Strength Steel Market – Regional Analysis
The high strength steel market share in the Asia Pacific region accounts for the largest market globally. Rapid industrialization and urbanization in the region create huge market demand, driving the constructional activities ahead. Besides, increasing consumption of high strength alloy steel in the automobile sector led by the rising demand for lightweight fuel-efficient vehicles boosts the regional market growth.
Moreover, significant advances in the production technologies due to the increased investments by governments foster the APAC high strength steel market growth. The rapid growth in the economy increases investments in the market. China, backed by the increasing population and growing demand from the automotive industry, accounts for the largest consumer of high strength steel in the region.
Whereas, India, South Korea, Japan, and other Southeast Asian countries account for second-largest consumers in the high strength steel market of the region. Heading with the presence of large production capacities, the region is expected to retain its leading position throughout the review period.
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