- 9 May 2019 22:11
Asia Pacific High Strength Steel Market Is Expected To Register A Cagr Of Over 9% During The Forecast Period
High strength steel is low carbon steel produced from a little quantity of copper, nickel, niobium, nitrogen, vanadium, chromium, molybdenum, titanium, calcium, rare earth elements, or zirconium. Copper, titanium, vanadium, and niobium is usually used to provide high strength to this material.
Global High Strength Steel Market Dynamics:
Increasing adoption of high strength steels for various end-use applications in automotive and construction sectors is a major factor driving growth of the global High Strength Steel Market, currently.
High strength steels are majorly used in the automotive industry owing to rising focus on products with improved performance, strength, safety, and durability. Automakers have increasingly incorporated high strength steels into vehicles, especially structural and safety components in the recent past and the trend is expected to continue well into the future.
High strength steels are primarily used in manufacturing of automotive parts, such as rocker-panels and reinforcements, automotive A-, B-, and C- pillars, various cross-car beams, box girders for chassis, crash boxes, crossbeams and cross members, roof bows, door and sill reinforcements, and support components.
Analysis By Segmentation:
The market report has been segmented on the basis of product type, application, and region. The product type segment includes transformation inducted plasticity, dual phase, high strength low alloy steel, bake hardenable, and others. The application segment includes automotive, building & construction, mining machinery, aviation & marine, and others. The regions covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By product type: The dual phase segment is expected to register highest CAGR of over 9% in the global market over the forecast period
By application: The automotive segment is expected to register highest CAGR of over 9.2% over the forecast period, and is also expected to dominate with highest revenue share in the global market over the forecast period
By region: The market in Asia Pacific is estimated to account for highest revenue share in the global high strength steel market in 2017, and is projected to register highest CAGR of over 9% between 2017 and 2026.
Global High Strength Steel Market: Competitive Analysis
The research report on the global high strength steel market includes profiles of major companies such as United States Steel Corp, ArcelorMittal S.A, Nippon Steel & Sumitomo Metal Corp., Anshan Iron and Steel Group Corp., China Baowu Steel Group Corp., Ltd., Steel Authority of India Ltd., AK Steel Corp., Tata Steel Ltd., JFE Steel Corp, and China Steel Corp.
The global high strength steel market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017–2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global high strength steel market for 2017–2026.
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