High Strength Steel Market | Exactitude Consultancy Reports

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High Strength Steel Market by Type (High Strength Low Alloy, Dual Phase, Bake Hard enable, Carbon Manganese, Others), Product Type (Cold rolled, Hot rolled, Metallic coated, direct rolled) Application (Body and Closures, Suspensions, Bumper, and Intrusion Beams, Others) End-Use Industry (Automotive, Construction, Yellow Goods & Mining Equipment, Aviation & Marine, Others) and Region Global trends and forecast from 2022 to 2029

The global high-strength steel market is expected to grow at 9.6 % CAGR from 2020 to 2029. It is expected to reach above USD 177.55 billion by 2029 from USD 36.29 billion in 2020. High-strength steel is an alloy steel type that offers superior mechanical characteristics and increased corrosion resistance over traditional carbon steel. High-strength steels are those that have yield strengths of more than 550 MPa.

Segment Analysis
The global high-strength steel market is segmented based on type, end-use industry, and region. Based on type the market is bifurcated into high strength low alloy, dual-phase, bake hard enable carbon-manganese, and others. Based on product type the market is bifurcated into cold rolled, hot rolled, metallic coated, and directly rolled. By application, the market is bifurcated into body and closures, suspensions, bumper and intrusion beams, and others. Based on the end-use industry the market is bifurcated into automotive, construction, yellow goods & mining equipment, aviation & marine, and others.

Based on type high strength and the low-alloy segment is dominating the market. The rising demand for high-strength low-alloy steels from the automotive industry is to blame for the expansion of this market segment. The most often used steels in a variety of end-use industries are strength and stiffness low alloy steels because they provide superior mechanical features like strong corrosion resistance, enhanced formability, and great weldability, among others.

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