High Strength Steel Market Trend, Covid-19 Outbreak, Product Type, End-Use Industry, Regional Analysis and Forecast to 2025

High strength steel is used in various end-use industries including automobile, building & construction, mining, military & defense, and aviation. The growing investment in infrastructural development coupled with the increasing defense budget is expected to augment the growth of the global high strength steel further. Among the various end-use industries, automobile and building & construction are expected to hold the major share during the assessed period.

Market Segmentation

The global high strength steel market is segmented into product type and end-user industry. On the basis of the type, the market is segregated into high strength low alloy steel, dual phase steel, hardenable brake steel, carbon manganese steel, and others. On the basis of the end-user industry, the global market can be further bifurcated into automotive, building & construction, mining & other equipment, aviation, marine, military & defense, and others.

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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.

Regional Analysis

Global High Strength Steel Market Trend is spanned across five key regions: North America, Asia Pacific Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share and is expected to grow at a considerable CAGR .The growing development of industries in the region is the major factor attributing to the growth of the segment. Moreover, the shifting of the automotive manufacturing base into the region owing to the cheap labor and encouraging government regulations is also contributing to the growth of the market.

The North American high strength steel market is mainly driven by the Canada and the U.S. The growing adoption rate coupled with the developed end-user industries are the key factors attributing to this growth. Moreover, the properties such as high tensile strength and lightweight also find its application in the defense sector. The growing defense budget in the region is also anticipated to surge the market demand.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.