Global High Strength Steel
Market Report
2024
High-strength steel market was valued at USD 35.80 billion in 2022 and is projected to reach USD 65.28 billion by 2030, registering a CAGR of 7.8% for the forecast period 2023-2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The global high-strength steel market was valued at USD 35.80 billion in 2022 and is projected to reach USD 65.28 billion by 2030, registering a CAGR of 7.8% for the forecast period 2023-2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global High Strength Steel Market Sales Revenue 2022 | $ 35.8 Billion |
Global High Strength Steel Market Sales Revenue 2030 | $ 65.28 Billion |
Global High Strength Steel Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.8% |
Market Split by Product |
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Market Split by End User |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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High Strength Steel Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The high-strength steel, also known as structural steel, refers to a type of steel that exhibits superior strength and mechanical properties compared to conventional mild or low-carbon steel. It is designed to have increased strength, hardness, and durability, enabling it to withstand higher stresses and loads. High-strength steel is typically produced by alloying iron with carbon steel and various elements such as manganese, chromium, nickel, and molybdenum. These alloying elements enhance the steel’s properties and improve its strength while maintaining good formability and weldability. High-strength steel finds applications in various industries, including automotive, aerospace, construction, and manufacturing. High-strength steel is a valuable material that offers enhanced strength, toughness, and versatility, making it suitable for demanding applications where strength-to-weight ratio and performance are critical factors.
Increasing demand from the automotive industry for high-strength steel drives the market. As the population and income rise, the demand for automobiles or vehicles is also boosting. According to data from the Ministry of Industry and Information Technology, passenger vehicles sold in China in 2021 show an increase of 7.1 % from 2020. This growth in vehicle manufacturing directly translates into higher demand for high-strength steel. High-strength steel offers a superior strength-to-weight ratio, improved crashworthiness, and fuel efficiency. High-strength steel has properties useful in automotives such as improved toughness properties even at low temperatures, improved weldability, and excellent formability. As automotive manufacturers strive to meet stringent safety regulations and enhance fuel economy, the demand for high-strength steel in the production of lightweight vehicles is growing, surging the high-strength steel market growth.
As the population is rising, the demand for construction activities such as the construction of new buildings and houses is also increasing. People are investing in construction due to urbanization, and population growth. In China, according to estimates, during the 14th five-year plan period from 2021 to 2025, the overall investment in new infrastructure will roughly reach around $ 4.2 trillion. High-strength steel is widely used in construction projects, such as bridges, buildings, and stadiums. High-strength steel reduces material consumption, lowering the erection and transportation costs. HSS is used widely in tall structures and is incorporated in bars to exhibit a specific quantity of deformation under heavy-loaded actions due to its inelastic ability. Thus, the demand for high-strength steel in these sectors is driven by factors like urbanization, population growth, and the need for durable and structurally sound constructions.
High-strength steel tends to be more expensive compared to conventional steel and other materials like aluminum. Iron ore is the major material that is used in the production of high-strength steel. Also, other materials such as nickel, chromium, and copper are of importance in the production of high-strength steel. As the cost of these materials like iron ore and other materials is high it directly impacts the cost of high-strength steel by making it expensive. This higher cost can make it less affordable for certain industries, especially those operating on tight budgets or in cost-sensitive markets. Manufacturers and end-users may opt for lower-cost alternatives, consisting of the potential benefits of high-strength steel which may hinder the market of high-strength steel.
The outbreak of COVID-19 hurt the high-strength steel market. The government-imposed lockdowns across various countries disturbed the supply chain and decreased the activities such as the production and utilization of high-strength steel by various industries as the industries’ activities were also paused. Construction projects and infrastructure developments were significantly affected by the pandemic. Many projects were delayed or put on hold due to labor shortages, supply chain disruptions, and financial uncertainties. As a result, the demand for high-strength steel used in construction applications, such as buildings, bridges, and infrastructure was negatively affected. Vehicle production was disrupted due to factory shutdowns, reduced consumer demand, and supply chain interruptions. As a result, the demand for high-strength steel used in automotive applications, such as body frames and components, was significantly impacted.
As the pandemic situation improved and the pandemic situation improved and countries began to reopen their economies, the high-strength steel market started to recover. The resumption of construction projects, infrastructure investments, and automotive production contributed to the gradual recovery of the market.
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Docol1000CP, the new high-strength steel has a significantly high strength of 1000 Mpa in contrast with the conventionally used grades for maintaining the performance, geometry, and quality of the parts. This steel enables the production of lighter parts and opts for a positive behavior against fatigue. Additionally, steel contributes to environmental protection by lowering fuel consumption and hence reducing emissions.
This plan of a new Nordic production system brought forward the green transition by eliminating carbon dioxide emissions. This is also eliminating the investment in existing systems with steel plants, and rolling mills. This investment resulted in the enlargement of SSAB’s premium products, advanced high-strength steel (AHSS), and quenched & tempered steel (Q&T).
Top Companies Market Share in High Strength Steel Industry: (In no particular order of Rank)
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In 2022, Asia Pacific dominated the high-strength steel market and gained the largest market share in terms of revenue. This growth is attributed to the large presence of end-users in the region. In addition, the surging manufacturing sector leading to major exports of the products, and high demand from the major automotive and construction industries for high-strength steel is driving the segmental growth in this region.
North America's high-strength steel market is projected to witness the fastest growth over the forecast period, from 2023 to 2030. The major factors for growth in this region are the increasing consumers of high-strength steel due to the growing commercial and residential activity in the region. Also, technological advancements for establishing superior quality steel to be used in the automotive industry are anticipated to propel the market growth in this region.
The current report Scope analyzes High Strength Steel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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Global High Strength Steel Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing High Strength Steel Industry growth. High Strength Steel market has been segmented with the help of its Product, End User , and others. High Strength Steel market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Based on product, the high-strength steel market is segmented into Bake Hardenable (BH), Dual Phase (DP), Transformation Induced Plasticity (TRIP), High Strength Low Alloy (HSLA), and others.
In 2022, the High Strength Low Alloy (HSLs) segment accounted for the largest market share in terms of revenue:
The High Strength Low Alloy (HSLA) segment dominated the market in 2022. This dominance is attributed to the increasing use of high-strength low alloy steel by various sectors. High strength low alloy steel is used in bridges, cars, roller coasters, and other structures that are produced to handle high quantities of stress HSLA has low carbon content of the alloy making it retain weldability, and formability and has good mechanical properties. Due to the improved properties of HSLA, the demand for it increases by various end-users making it drive the segmental growth.
The Dual Phase (DP) segment is anticipated to witness robust growth over the forecast period. DP has high tensile strength, low starting yielding, high initial-stage strain hardening, and low initial yielding stress, high mechanical strength, good resistance from fatigue, and better energy absorption capacity to the finished part making it the ideal material to be utilized in reinforcements, and structural parts in various industries, to drive the segmental growth in the upcoming years.
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By end-use, the market is bifurcated into construction, automotive, mining, aviation & marine, and others.
The automotive segment dominated the High Strength Steel market, in 2022:
In 2022, the automotive sub-segment gained the largest market share in terms of revenue. The key factor for segment growth is the development in the automotive industry leading to high demand for high-strength steel due to its improved properties such as superior strength-to-weight ratio, improved crashworthiness, fuel efficiency, improved toughness properties even at low temperatures, improved weldability, lightweight, and excellent formability. The excellent properties offered by high-strength steel in the automotive industry are boosting segmental growth.
The construction industry is anticipated to grow at a significant pace due to wide applications offered by high-strength steel in the construction industry such as lowering consumption of material, high durability and strength, and resistance to wear and tear.
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Research Analyst at Cognitive Market Research
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
Sneha Mali is a research analyst working in various domains including the Consumer Goods, market research and transport & logistics and her primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. Her knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively.Sneha stay up-to-date with the latest research trends, methodologies, and technologies to ensure that her research is accurate, relevant, and impactful.
In her current role, Sneha is committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that her skills remain sharp and relevant. She have demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams.Sneha remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global High Strength Steel Market is witnessing significant growth in the near future.
In 2023, the Bake Hardenable (BH) segment accounted for noticeable share of global High Strength Steel Market and is projected to experience significant growth in the near future.
The Construction segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Tata Steel , United States Steel Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Product | Bake Hardenable (BH), Dual Phase (DP), Transformation Induced Plasticity (TRIP), High Strength Low Alloy (HSLA), Others |
End User | Construction, Automotive, Mining, Aviation & Marine, Others |
List of Competitors | Tata Steel, ArcelorMittal S.A., United States Steel Corporation, POSCO Co. Ltd, voestalpine AG, SSAB, Ansteel Group Corporation, ThyssenKrupp AG, Nucor Corporation, AK Steel Corporation |
This chapter will help you gain GLOBAL Market Analysis of High Strength Steel. Further deep in this chapter, you will be able to review Global High Strength Steel Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Product Analysis 2019 -2031, will provide market size split by Product. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Product Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by End User Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global High Strength Steel market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Bake Hardenable (BH) have a significant impact on High Strength Steel market? |
What are the key factors affecting the Bake Hardenable (BH) and Dual Phase (DP) of High Strength Steel Market? |
What is the CAGR/Growth Rate of Construction during the forecast period? |
By type, which segment accounted for largest share of the global High Strength Steel Market? |
Which region is expected to dominate the global High Strength Steel Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Quantitative Data |
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