The global high strength steel market size is expected to grow by USD 14.51 million during 2020-2024, progressing at a CAGR of over 10% during the forecast period.
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Technavio has announced its latest market research report titled Global High Strength Steel Market 2020-2024 (Graphic: Business Wire).
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The increasing need for high-quality vehicle components is one of the major factors propelling market growth. However, factors such as volatile prices of raw materials will hamper market growth.
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 in door 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.
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Global High Strength Steel Market: Application Landscape
Technological advancement in the automotive industry has necessitated the use of advanced, high-strength steel in selective applications, to manufacture body structures, frame structures, side structures, bumpers, chassis, wheel systems, cross-sections for seat structures, fuel tank guards, and suspensions. The rise in environmental concerns, the development of new innovative technologies, and the increasing demand for light commercial vehicles and passenger cars is expected to drive the demand for high-strength steel in the automobile industry. Market growth in this segment will be faster than the growth of the market in the aviation segment.
Global High Strength Steel Market: Geographic Landscape
APAC was the largest high strength steel market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Rapid industrialization and the growing number of construction and infrastructure development activities will significantly influence high strength steel market growth in this region. Over 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 other regions.
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Companies Covered
- ArcelorMittal SA
- Essar Steel India Ltd.
- HBIS Group Co. Ltd.
- Hyundai Steel Co.
- JSW Steel Ltd.
- Nippon Steel Corp.
- Nucor Corp.
- POSCO Group
- Tata Steel Ltd.
- United States Steel Corp.
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, till 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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High Strength Steel Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist in high strength steel market growth during the next five years
- Estimation of the high strength steel market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the high strength steel market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of high strength steel market, vendors
Table of Contents:
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Automotive - Market size and forecast 2019-2024
- Construction - Market size and forecast 2019-2024
- Aviation - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Application
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- ArcelorMittal SA
- Essar Steel India Ltd.
- HBIS Group Co. Ltd.
- Hyundai Steel Co.
- JSW Steel Ltd.
- Nippon Steel Corp.
- Nucor Corp.
- POSCO Group
- Tata Steel Ltd.
- United States Steel Corp.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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