The high strength steel market share is expected to increase by USD 14.51 million from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 10.14%
This high strength steel market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers high strength steel market segmentation by application (automotive, construction, aviation, and others) and geography (APAC, North America, Europe, South America, and MEA). The high strength steel market report also offers information on several market vendors, including 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. among others.
What will the High Strength Steel Market Size be During the Forecast Period?
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High Strength Steel Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growing demand for high strength steel in the automobile industry is notably driving the high-strength steel market growth, although factors such as the volatile prices of raw materials may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the high strength steel industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key High Strength Steel Market Driver
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 steel 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.
Key High Strength Steel Market Trend
The rising demand in the wind energy sector is another factor supporting the high-strength steel market growth. The demand for renewable energy is growing with the rise in environmental concerns. The wind energy sector is growing with the increasing establishment of wind turbines and is expected to surpass other sources of renewable power generation. The rising global demand for wind energy for the generation of electricity has increased the demand for more installation of wind turbines. The components of wind turbines require high-strength materials for better performance and extended service life. AHSS is used in manufacturing different parts of turbines, including towers, gearboxes, and motor houses. Therefore, the increasing installation of wind turbines will drive the demand for high-strength steel.
Key High Strength Steel Market Challenge
The volatile prices of raw materials will be a major challenge for the high-strength steel market during the forecast period. In the past few years, the prices of iron ore witnessed major fluctuations, which has affected the prices of crude steel and finished steel products. Although the demand for steel is increasing in the automotive, construction, marine, aviation, and other industries, the fluctuating prices of raw materials are hampering the growth of the steel market. The fluctuating prices of iron ore are attributed to the mining disruptions in Australia and Brazil. The disruptions have also reduced the steel import rate in China as the shipments from both Australia and Brazil have decreased significantly. In addition, owing to revised environmental policies, China is expected to restrict its steel production, which will increase the prices of iron ore and steel. Therefore, the increase in the prices of steel is expected to limit the growth of the global AHSS market during the forecast period.
This high-strength steel market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global high-strength steel market as a part of the global steel market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the high-strength steel market during the forecast period.
Who are the Major High Strength Steel Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- 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.
- United States Steel Corp.
This statistical study of the high strength steel market encompasses successful business strategies deployed by the key vendors. The high strength steel market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
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HBIS Group Co. Ltd - The company offers high strength steels widely used in automobiles, Household appliances, pipelines, bridges, mechanical manufacturing, storage, and other fields.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The high-strength steel market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
High Strength Steel Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the high-strength steel market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for High Strength Steel Market?
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50% 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. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 negatively affected the growth of the regional market in focus as there was a decrease in the demand for high-strength steel products from end-user industries such as oil and gas, construction, and automotive. Owing to lockdown measures in 2020, the governments of countries such as China, India, etc., imposed restrictions on the movement of vehicles and individuals, which negatively affected the import-export of high-strength steel products in this region. The COVID-19-induced lockdowns affected the growth of several vendors in the region, such as Tata Steel Ltd., China Baowu Steel Group Corp., Ltd., owing to economic downturns and disruptions in the supply chain for high-strength steel products, which, in turn, slowed down the growth of the regional market in 2020. In 2021, with economic recovery from the COVID-19-induced crisis and with the reopening of several manufacturing facilities, there will be growth in the regional market during 2021-2025.
What are the Revenue-generating Application Segments in the High Strength Steel Market?
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The high strength steel market share growth by the automotive segment will be significant during the forecast period. Compared with conventional steel, high-strength steel demonstrates superior performance because of its high tensile strength, toughness, and weldability. As such properties help automakers attain consumer safety and fuel efficiency, the demand for high-strength steel is increasing in the automobile industry.
This report provides an accurate prediction of the contribution of all the segments to the growth of the high strength steel market size and actionable market insights on post COVID-19 impact on each segment.
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High Strength Steel Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2019 |
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Forecast period |
2020-2024 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.14% |
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Market growth 2020-2024 |
$ 14.51 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
8.82 |
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Regional analysis |
APAC, North America, Europe, South America, and MEA |
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Performing market contribution |
APAC at 50% |
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Key consumer countries |
China, US, India, Japan, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key 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. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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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. |
What are the Key Data Covered in this High Strength Steel Market Report?
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive high strength steel market growth during the next five years
- Precise estimation of the high strength steel market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the high strength steel industry across APAC, North America, Europe, South America, and MEA
- A thorough 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
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