Manufacturing and transportation activities were low, which, in turn, affected the demand for crude steel products. This resulted in a supply-demand imbalance, leading to a decrease in steel prices. This affected the profit margins of various vendors such as ArcelorMittal, Tata steel, etc. However, in 2021, the resumption of end-user operations is expected to positively impact the growth of the market in focus during the forecast timeframe.
Key High Strength Steel Market Report Highlights:
- Market growth 2020-2025: USD 13.73 billion
- Growth momentum & CAGR: Accelerate at a CAGR of 9.86%
- YoY growth (%): 9.04%
- Performing market contribution: APAC at 47%
- Key consumer countries: US, India, China, Japan, and Germany
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Regional Market Analysis
- 47% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for high strength steel in APAC.
- Market growth in this region will be faster than the growth of the market in the European North American, and South American regions.
- The rapid industrialization and the increasing infrastructural developments will facilitate the high strength steel market growth in APAC over the forecast period.
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Key Vendors and Vendor Strategies
- ArcelorMittal SA, Essar Steel India Ltd., HBIS Group Co. Ltd., Hyundai Steel Co., JSW STEEL Ltd., Nippon Steel Corp., Nucor Corp., POSCO, Tata Steel Ltd., and United States Steel Corp. are few of the key vendors in the High Strength Steel Market.
- The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
- ArcelorMittal SA offers a wide range of high strength steel such as Ultra 690 QL QL1, Ultra 890, Ultra 960 among others under brand Amstrong.
- Essar Steel India Ltd. offers high strength steel for consumer sectors such as automotive, white goods, construction, engineering and shipbuilding.
- HBIS Group Co. Ltd. offers high strength steels widely used in automobile, Household appliance, pipeline, bridge, mechanical manufacture, storage and other fields.
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the High Strength Steel Market.
- Growing demand for high-quality automobile components:
- The growing demand for high-quality automobile components is one of the major factors driving the market growth. Because of the performance of high strength steels in comparison to low and mild-strength steel, automotive manufacturers mainly prefer high strength steel over mild strength steel for manufacturing vehicle components that find applications for indoor beams, chassis, bumpers, and cross-members and seating. With the increasing growth of the automotive industry, this demand for manufacturing high-quality components will significantly fuel the growth of the high strength steel market.
To know about few other market drivers, trends, and challenges.
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High Strength Steel Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.86% |
Market growth 2021-2025 |
$ 13.73 billion |
Market structure |
Fragmented |
YoY growth (%) |
9.04 |
Regional analysis |
APAC, North America, Europe, South America, and MEA |
Performing market contribution |
APAC at 47% |
Key consumer countries |
China, US, India, Japan, and Germany |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
ArcelorMittal SA, Essar Steel India Ltd., HBIS Group Co. Ltd., Hyundai Steel Co., JSW STEEL Ltd., Nippon Steel Corp., Nucor Corp., POSCO, Tata Steel Ltd., and United States Steel Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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