NEW YORK, Dec. 27 2021 / PRNewswire / – Major industries such as construction, transportation, and fabricators have cut back on investment in new projects due to declining consumer demand. In the first half of 2020, countries like China, the United States and India saw a sharp decline in automotive demand, which had a negative impact on the sales of various steel products.

Manufacturing and transportation activities were weak, which in turn affected the demand for crude steel products. This resulted in an imbalance between supply and demand, leading to lower prices for steel. This has affected the profit margins of various suppliers such as ArcelorMittal, Tata Steel, etc. However, in 2021, the resumption of end-user operations is expected to positively impact the growth of the target market during the forecast period.

Key High Strength Steel Market Highlights of the report:

• Market growth 2020-2025: $ 13.73 billion

• Growth momentum and CAGR: Accelerate to a CAGR of 9.86%

• YoY growth (%): 9.04%

• Contribution to the efficient market: APAC at 47%

• Main consumer countries: United States, India, China, Japan, and Germany

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Regional market analysis

• 47% of the market growth will come from APAC during the forecast period. China, India and Japan are the key markets for high strength steel in APAC.

• The market growth in this region will be faster than the market growth in the European regions of North America and South America.

• Rapid industrialization and increasing infrastructure developments will facilitate the growth of the APAC high strength steel market during the forecast period.

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Key Suppliers and Supplier 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 major suppliers to the High Strength Steel Market.

• The market is fragmented and vendors are deploying organic and inorganic growth strategies to compete in the market.

• ArcelorMittal SA offers a wide range of high strength steels such as Ultra 690 QL QL1, Ultra 890, Ultra 960 among others under the 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 automotive, household appliances, pipelines, bridges, mechanical manufacturing, storage and other fields.

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The story continues

Main market drivers

Our analysts have described in detail the information about the major market drivers and their impact on the High Strength Steel market.

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