High Strength Steel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of High Strength Steel Market
The High Strength Steel market size was valued at USD 31.03 billion in 2023, and the market is now projected to grow to USD 54.07 billion by 2032, exhibiting a CAGR of 7.4% during the forecast period of 2024-2032.
The rise of the COVID-19 Affect has downturned a fall in the high strength steel market growth with key challenges being supply chain disturbances and decreased request from the automotive and development businesses due to a decrease in generation and building exercises. The mining industry has too confronted huge downtime since the event of the coronavirus widespread and has altogether influenced the accessibility of raw materials required for the arrangement of steel amalgams. Moreover, the confinements on generation and transportation of HSS amid the past few months have contrarily impacted the development potential of the market.
Within the current worldwide situation, HSS is picking up traction for application in aviation and marine equipment. Owing to its high strength-to-weight proportion, high solidness, and warm administration properties, it has found the considerable driving force for application in aviation items such as airplanes and satellites. On the other hand, its anti-corrosive properties can help it maintain the burdening conditions faced during its application within the marine field. The demand for lightweight items with considerable quality is expanding the make of watercrafts, submarines, and their components, which is displaying an amazing development opportunity for the market.
HSS is primarily utilized for the fabulous quality that it offers, which diminishes the sum of steel required to make a vehicle and different auto parts, subsequently making the vehicle lightweight. This will assist offer assistance diminish the sum of CO2 outflows from vehicles through progressed fuel economy and cause less harm to street surfaces. Rising utilization of lightweight materials from the car industry will successfully impact the development of this showcase. Other than, this steel is safe to erosion and offers amazing crash-resistance. Hence, it increments the security and solidness of vehicles and travelers voyaging in these vehicles. Rising request for electric and hybrid vehicles is anticipated to boost the request for such steel amid the estimate period.
Comprehensive Analysis of High Strength Steel Market
In accordance to the type, the market arena is sectioned into High Strength Low Alloy (HSLA), Transformation Induced Plasticity (TRIP), Dual Phase (DP) and martensitic (MS). The part HSLA accounts for a larger part of the high strength steel market. The application segment is bifurcated into rail, aviation, marine, automotive, building and construction, mechanical and heavy equipment. The applications in the automotive sector is prescribed to dignify a significant amount of share.
The market within the continent of Asia Pacific is valued at USD 19.74 billion in 2019, ruling out the high strength steel market share. The region is anticipated to proceed its dominance all through the figure period owing to expanded request from automotive, building & development, and mechanical & overwhelming gear applications. China, India, and Japan are key nations contributing to the market development within the region owing to the rising request from automotive and development businesses in these nations.
The makers found in North America and Europe are pointing to extend their presence in China and other nations in Asia Pacific to reinforce their advertise position and drive business growth. The key players within the market have created a solid territorial nearness, conveyance channels, and shifted item offerings. ArcelorMittal S.A. (Luxembourg), Baosteel Group Corporation (China), and Nippon Steel & Sumitomo Metal Corporation (Japan), Tata steel (India), JSW Steel (India), HBIS Group (China), SSAB AB (Sweden), CHna Steel Corporation (China), Posco Group (South Korea), Angang Steel Company Limited (China), JFE Steel Corporation (Japan) are the driving players in this market. They have adopted strategies such as securing and joint wanders to extend their territorial impression and market share.
The month of December and year 2019, the three companies by the name ArcelorMittal and Nippon Steel & Sumitomo Metal Enterprise are combined together to procure the Essar Steel India limited and reshaped a joint company named ArcelorMittal Nippon Steel India company limited. Essar Steel was India's fourth biggest steelmaker. This venture ArcelorMittal will acquire up to 60% stake in this joint company and Nippon Steel will acquire for the remaining 40% stake.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Billion) Volume (Million ton)
Segmentation Type; Application; and Geography
By Type
High Strength Low Alloy (HSLA)
Dual Phase (DP)
Transformation Induced Plasticity (TRIP)
Martensitic (MS)
Others
By Application
Automotive
Building & Construction
Mechanical & Heavy Equipment
Rail, Aviation & Marine
Others
By Geography
North America
By Type
By Application
By Country
U.S.
Canada
Europe
By Type
By Application
By Country
Germany
France
Italy
Spain
UK
Poland
Russia
Rest of Europe
Asia Pacific
By Type
By Application
By Country
China
India
Japan
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
By Type
By Application
By Country
Brazil
Mexico
Argentina
Rest of Latin America
The Middle East & Africa
By Type
By Application
By Country
Saudi Arabia
Egypt
Turkey
Iran
Rest of the Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 5. Qualitative Insights on Impact of COVID-19 on Global High Strength Steel Market
- 5.1. Supply Chain Analysis & Challenges
- 5.2. Steps taken by Government / Companies to Overcome this Impact
- 5.3. Potential Challenges and Opportunities due to COVID-19 Outbreak
- 6. Global High Strength Steel Market Analysis, Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Type (Volume & Value)
- 6.2.1.1. High Strength Low Alloy (HSLA)
- 6.2.1.2. Dual Phase (DP)
- 6.2.1.3. Transformation Induced Plasticity (TRIP)
- 6.2.1.4. Martensitic (MS)
- 6.2.1.5. Others
- 6.2.2. By Application (Volume & Value)
- 6.2.2.1. Automotive
- 6.2.2.2. Building & Construction
- 6.2.2.3. Mechanical & Heavy Equipment
- 6.2.2.4. Rail, Aviation & Marine
- 6.2.2.5. Others
- 6.2.3. By Region (Volume & Value)
- 6.2.3.1. North America
- 6.2.3.2. Europe
- 6.2.3.3. Asia Pacific
- 6.2.3.4. Latin America
- 6.2.3.5. Middle East & Africa
- 7. North America High Strength Steel Market Analysis, Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Type (Volume & Value)
- 7.2.1.1. High Strength Low Alloy (HSLA)
- 7.2.1.2. Dual Phase (DP)
- 7.2.1.3. Transformation Induced Plasticity (TRIP)
- 7.2.1.4. Martensitic (MS)
- 7.2.1.5. Others
- 7.2.2. By Application (Volume & Value)
- 7.2.2.1. Automotive
- 7.2.2.2. Building & Construction
- 7.2.2.3. Mechanical & Heavy Equipment
- 7.2.2.4. Rail, Aviation & Marine
- 7.2.2.5. Others
- 7.2.3. By Country (Volume & Value)
- 7.2.3.1. U.S
- 7.2.3.2. Canada
- 8. Europe High Strength Steel Market Analysis, Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Type (Volume & Value)
- 8.2.1.1. High Strength Low Alloy (HSLA)
- 8.2.1.2. Dual Phase (DP)
- 8.2.1.3. Transformation Induced Plasticity (TRIP)
- 8.2.1.4. Martensitic (MS)
- 8.2.1.5. Others
- 8.2.2. By Application (Volume & Value)
- 8.2.2.1. Automotive
- 8.2.2.2. Building & Construction
- 8.2.2.3. Mechanical & Heavy Equipment
- 8.2.2.4. Rail, Aviation & Marine
- 8.2.2.5. Others
- 8.2.3. By Country (Volume & Value)
- 8.2.3.1. Germany
- 8.2.3.2. France
- 8.2.3.3. Italy
- 8.2.3.4. Spain
- 8.2.3.5. UK
- 8.2.3.6. Poland
- 8.2.3.7. Russia
- 8.2.3.8. Rest of Europe
- 9. Asia-Pacific High Strength Steel Market Analysis, Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Type (Volume & Value)
- 9.2.1.1. High Strength Low Alloy (HSLA)
- 9.2.1.2. Dual Phase (DP)
- 9.2.1.3. Transformation Induced Plasticity (TRIP)
- 9.2.1.4. Martensitic (MS)
- 9.2.1.5. Others
- 9.2.2. By Application (Volume & Value)
- 9.2.2.1. Automotive
- 9.2.2.2. Building & Construction
- 9.2.2.3. Mechanical & Heavy Equipment
- 9.2.2.4. Rail, Aviation & Marine
- 9.2.2.5. Others
- 9.2.3. By Country (Volume & Value)
- 9.2.3.1. China
- 9.2.3.2. India
- 9.2.3.3. Japan
- 9.2.3.4. South Korea
- 9.2.3.5. Southeast Asia
- 9.2.3.6. Rest of Asia-Pacific
- 10. Latin America High Strength Steel Market Analysis, Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Type (Volume & Value)
- 10.2.1.1. High Strength Low Alloy (HSLA)
- 10.2.1.2. Dual Phase (DP)
- 10.2.1.3. Transformation Induced Plasticity (TRIP)
- 10.2.1.4. Martensitic (MS)
- 10.2.1.5. Others
- 10.2.2. By Application (Volume & Value)
- 10.2.2.1. Automotive
- 10.2.2.2. Building & Construction
- 10.2.2.3. Mechanical & Heavy Equipment
- 10.2.2.4. Rail, Aviation & Marine
- 10.2.2.5. Others
- 10.2.3. By Country (Volume & Value)
- 10.2.3.1. Brazil
- 10.2.3.2. Mexico
- 10.2.3.3. Argentina
- 10.2.3.4. Rest of Latin America
- 11. Middle East & Africa High Strength Steel Market Analysis, Insights and Forecast, 2016-2027
- 11.1. Key Findings / Summary
- 11.2. Market Size Estimates and Forecast
- 11.2.1. By Type (Volume & Value)
- 11.2.1.1. High Strength Low Alloy (HSLA)
- 11.2.1.2. Dual Phase (DP)
- 11.2.1.3. Transformation Induced Plasticity (TRIP)
- 11.2.1.4. Martensitic (MS)
- 11.2.1.5. Others
- 11.2.2. By Application (Volume & Value)
- 11.2.2.1. Automotive
- 11.2.2.2. Building & Construction
- 11.2.2.3. Mechanical & Heavy Equipment
- 11.2.2.4. Rail, Aviation & Marine
- 11.2.2.5. Others
- 11.2.3. By Country (Volume & Value)
- 11.2.3.1. Saudi Arabia
- 11.2.3.2. Egypt
- 11.2.3.3. Turkey
- 11.2.3.4. Iran
- 11.2.3.5. Rest of Middle East & Africa
- 12. Competitive Landscape
- 12.1. Company Profiles (Overview, Products & Services, Recent Developments, Strategies, Financials
- 13. )
- 13.1.1. ArcelorMittal S.A.
- 13.1.1.1. Overview,
- 13.1.1.2. Products & Services,
- 13.1.1.3. Recent Developments,
- 13.1.1.4. Strategies,
- 13.1.1.5. Financials
- 13.1.2. Baosteel Group Corporation
- 13.1.2.1. Overview,
- 13.1.2.2. Products & Services,
- 13.1.2.3. Recent Developments,
- 13.1.2.4. Strategies,
- 13.1.2.5. Financials
- 13.1.3. Nippon Steel & Sumitomo Metal Corporation
- 13.1.3.1. Overview,
- 13.1.3.2. Products & Services,
- 13.1.3.3. Recent Developments,
- 13.1.3.4. Strategies,
- 13.1.3.5. Financials
- 13.1.4. HBIS Group
- 13.1.4.1. Overview,
- 13.1.4.2. Products & Services,
- 13.1.4.3. Recent Developments,
- 13.1.4.4. Strategies,
- 13.1.4.5. Financials
- 13.1.5. Posco Group
- 13.1.5.1. Overview,
- 13.1.5.2. Products & Services,
- 13.1.5.3. Recent Developments,
- 13.1.5.4. Strategies,
- 13.1.5.5. Financials
- 13.1.6. JFE Steel Corporation
- 13.1.6.1. Overview,
- 13.1.6.2. Products & Services,
- 13.1.6.3. Recent Developments,
- 13.1.6.4. Strategies,
- 13.1.6.5. Financials
- 13.1.7. United States Steel Corporation
- 13.1.7.1. Overview,
- 13.1.7.2. Products & Services,
- 13.1.7.3. Recent Developments,
- 13.1.7.4. Strategies,
- 13.1.7.5. Financials
- 13.1.8. China Steel Corporation
- 13.1.8.1. Overview,
- 13.1.8.2. Products & Services,
- 13.1.8.3. Recent Developments,
- 13.1.8.4. Strategies,
- 13.1.8.5. Financials
- 13.1.9. Steel Authority of India Limited (SAIL)
- 13.1.9.1. Overview,
- 13.1.9.2. Products & Services,
- 13.1.9.3. Recent Developments,
- 13.1.9.4. Strategies,
- 13.1.9.5. Financials
- 13.1.10. Tata Steel
- 13.1.10.1. Overview,
- 13.1.10.2. Products & Services,
- 13.1.10.3. Recent Developments,
- 13.1.10.4. Strategies,
- 13.1.10.5. Financials
- 13.1.11. Angang Steel Company Limited
- 13.1.11.1. Overview,
- 13.1.11.2. Products & Services,
- 13.1.11.3. Recent Developments,
- 13.1.11.4. Strategies,
- 13.1.11.5. Financials
- 13.1.12. Hebei Puyong Iron and Steel Group Co., Ltd.
- 13.1.12.1. Overview,
- 13.1.12.2. Products & Services,
- 13.1.12.3. Recent Developments,
- 13.1.12.4. Strategies,
- 13.1.12.5. Financials
- 13.1.13. JSW Steel
- 13.1.13.1. Overview,
- 13.1.13.2. Products & Services,
- 13.1.13.3. Recent Developments,
- 13.1.13.4. Strategies,
- 13.1.13.5. Financials
- 13.1.14. SSAB AB
- 13.1.14.1. Overview,
- 13.1.14.2. Products & Services,
- 13.1.14.3. Recent Developments,
- 13.1.14.4. Strategies,
- 13.1.14.5. Financials
- 13.1.15. Novolipetsk Steel (NLMK)
- 13.1.15.1. Overview,
- 13.1.15.2. Products & Services,
- 13.1.15.3. Recent Developments,
- 13.1.15.4. Strategies,
- 13.1.15.5. Financials
- 13.1.16. CITIC Pacific Special Steel Holdings
- 13.1.16.1. Overview,
- 13.1.16.2. Products & Services,
- 13.1.16.3. Recent Developments,
- 13.1.16.4. Strategies,
- 13.1.16.5. Financials
- 13.1.17. Hyundai Steel Company
- 13.1.17.1. Overview,
- 13.1.17.2. Products & Services,
- 13.1.17.3. Recent Developments,
- 13.1.17.4. Strategies,
- 13.1.17.5. Financials
- 13.1.18. Voestalpine AG
- 13.1.18.1. Overview,
- 13.1.18.2. Products & Services,
- 13.1.18.3. Recent Developments,
- 13.1.18.4. Strategies,
- 13.1.18.5. Financials
- 13.1.19. Nucor Corporation
- 13.1.19.1. Overview,
- 13.1.19.2. Products & Services,
- 13.1.19.3. Recent Developments,
- 13.1.19.4. Strategies,
- 13.1.19.5. Financials
- 13.1.20. Thyssenkrupp Ag
- 13.1.20.1. Overview,
- 13.1.20.2. Products & Services,
- 13.1.20.3. Recent Developments,
- 13.1.20.4. Strategies,
- 13.1.20.5. Financials
- 13.1.21. Metinvest Holding, LLC
- 13.1.21.1. Overview,
- 13.1.21.2. Products & Services,
- 13.1.21.3. Recent Developments,
- 13.1.21.4. Strategies,
- 13.1.21.5. Financials
- 13.1.22. PAO Severstal
- 13.1.22.1. Overview,
- 13.1.22.2. Products & Services,
- 13.1.22.3. Recent Developments,
- 13.1.22.4. Strategies,
- 13.1.22.5. Financials
- 13.1.23. Gerdau S.A.
- 13.1.23.1. Overview,
- 13.1.23.2. Products & Services,
- 13.1.23.3. Recent Developments,
- 13.1.23.4. Strategies,
- 13.1.23.5. Financials
- 13.1.24. Shandong Iron and Steel Group
- 13.1.24.1. Overview,
- 13.1.24.2. Products & Services,
- 13.1.24.3. Recent Developments,
- 13.1.24.4. Strategies,
- 13.1.24.5. Financials
- 13.1.25. Other Key Players
- 13.1.25.1. Overview,
- 13.1.25.2. Products & Services,
- 13.1.25.3. Recent Developments,
- 13.1.25.4. Strategies,
- 13.1.25.5. Financials
- 14. Strategic Recommendations
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