MarketResearch.biz announces publication of its most recently generated research report titled, “Global High Strength Steel Market by Product Type (Transformation Inducted Plasticity, Dual Phase, High Strength Low Alloy Steel, Bake Hardenable, and others), Application, and Region – Global Forecast to 2026.”, which offers a holistic view of the global high strength steel market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2017–2021) is projected to be over US$ 167 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.
High strength steel is low carbon steel produced from a little quantity of copper, nickel, niobium, nitrogen, vanadium, chromium, molybdenum, titanium, calcium, rare earth elements, or zirconium. Copper, titanium, vanadium, and niobium is usually used to provide high strength to this material.
Global High Strength Steel Market: Market Dynamics
High strength steel, along with its alloys, is expected to gain significant demand over the forecast period, owing to its environmental sustainability. Steel is the only commercial product among usable metals that meets higher environmental standards. High strength steel can be recycled infinite times without changing its properties such as strength, durability, or any of its distinctive properties.
High strength steel is projected to continue to gain traction in applications wherein products are exposed to a range of climatic conditions, or high strength is essential for end-products, for delivery of essential resources such as water distribution and oil pipelines, and low energy consumption as well as reduced carbon emission during manufacturing.
Moreover, increasing technological advancements in construction sector for infrastructure development in countries such as China, Japan, and Taiwan, etc., are also expected to result in increasing consumption of high strength steels in these countries.
Increasing preference and usage of high strength steel in various applications, especially in emerging economies such as India, Taiwan, South Korea, etc., can create lucrative growth opportunities for manufacturers in the target market.
However, manufacturers are focusing on development of strong supply chain to increase penetration and reach into markets in emerging countries, thus resulting in high capital investment for manufacturing and distribution of high strength steel, which in turn expected to restrain revenue growth of the market to a certain extent.
Global High Strength Steel Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global high strength steel market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global high strength steel market is estimated to expand at a CAGR of 8.7% during the forecast period.
Global High Strength Steel Market: Segmental Snapshot
The market report has been segmented on the basis of product type, application, and region. The product type segment includes transformation inducted plasticity, dual phase, high strength low alloy steel, bake hardenable, and others. The application segment includes automotive, building & construction, mining machinery, aviation & marine, and others. The regions covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: The dual phase segment is expected to register highest CAGR of over 9% in the global market over the forecast period
By application: The automotive segment is expected to register highest CAGR of over 9.2% over the forecast period, and is also expected to dominate with highest revenue share in the global market over the forecast period
By region: The market in Asia Pacific is estimated to account for highest revenue share in the global high strength steel market in 2017, and is projected to register highest CAGR of over 9% between 2017 and 2026.
To Get More Insights, Visit: https://marketresearch.biz/report/high-strength-steel-market/request-sample/
Global High Strength Steel Market: Competitive Analysis
The research report on the global high strength steel market includes profiles of major companies such as United States Steel Corp, ArcelorMittal S.A, Nippon Steel & Sumitomo Metal Corp., Anshan Iron and Steel Group Corp., China Baowu Steel Group Corp., Ltd., Steel Authority of India Ltd., AK Steel Corp., Tata Steel Ltd., JFE Steel Corp, and China Steel Corp.
The global high strength steel market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017–2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global high strength steel market for 2017–2026.