High Strength Steel Market Expected To Grow Rapidly Due To Rise In Demand From Construction And Automotive Industries By 2025: Grand View Research Inc.

"Grand View Research, Inc. – Market Research And Consulting."

According to a new report, "High Strength Steel Market Size, Share & Trends Analysis Report By Product (High Strength Low Alloy, Dual Phase), By Application (Automotive, Construction, Aviation & Marine, Mining), And Segment Forecasts, 2018 – 2025", published by Grand View Research, Inc., the global high strength steel market size is projected to reach USD 27.9 billion by 2025, exhibiting a CAGR of 6.9% during the forecast period. Increasing demand from construction and automotive industries is the chief factor driving market growth. 

Key Takeaways from the report:

• In terms of volume, the global demand for High Strength Low Alloy (HSLs) steel is anticipated to reach 18,518.8 kilotons by 2025, at a CAGR of 5.9% from 2017 to 2025

• In terms of revenue, the construction segment is projected to ascend at a CAGR of 10.2% over the forecast period

• The automotive application segment dominated the market in terms of revenue, with a market share of 86.3% in 2016

• The U.S. high strength steel market is anticipated to exceed 8,820.6 kilotons by 2025

• The market for high strength steel is highly competitive with the presence of a number of multinational companies with massive product portfolios

• Some of the key companies present in the market are ArcelorMittal S.A., Tata Steel, United States Steel Corporation, Voestalpine AG, POSCO Co., Ltd, SSAB, ThyssenKrupp AG, Ansteel Group Corporation, AK Steel Corporation, and Nucor Corporation.

Some of the major competitors in the market are carrying out active R&D investments in the high strength steel field to improve product scope and stay competitive in the industry. Key players are emphasizing on manufacturing high strength steel that is durable and has a wide application scope. Competition among manufacturers is intense as they have similar product portfolios and cater to similar end-use industries.

Have some specific queries about this report, our team of analyst will be glad to help!

The governments in developed and developing economies have imposed stringent regulations on automotive manufacturers to meet crash safety requirements. Reduction in weight of vehicles using high strength steel has enable them to achieve these safety requirements. Ideal weldability, formability, and joinability of high strength steel has resulted in a fast-paced penetration of the material in automotive industry. The factors that have driven the use of high strength steel in automotive includes safety, fuel efficiency, durability, and environmental concerns.

Asia Pacific was the largest market for high strength steel in 2016, and this trend is expected to continue over the forecast period. Growth of construction and automotive industries in India and China is expected to drive product demand in the region. In addition, increase in disposable incomes and rising demand for passenger cars, apartments, and houses are expected to positively impact product demand.

Access complete Advanced Materials Report Portfolio By Grand View research, Inc.

High strength steel is used to manufacture construction and earth moving equipment, quarrying equipment, and fork lift trucks. Various grades of high strength steel are used in truck beds, hoppers, buckets, chutes, crushers, and conveyor troughs. Other applications of high strength steel include use in trash truck bottoms, concrete mixer drums, bucket lips, dump trailers, and street sweepers.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: Switzerland
Website: www.grandviewresearch.com/industry-analysis/high-strength-steel-market

Press Release Distributed by ABNewswire.com

To view the original version on ABNewswire visit: High Strength Steel Market Expected To Grow Rapidly Due To Rise In Demand From Construction And Automotive Industries By 2025: Grand View Research Inc.