The rising demand of high strength steel in major end-use industries, effective quality of high strength steel and rising construction industries coupled with strong economic conditions are the main growth factors for the high strength steel market. The global high strength steel market was valued at USD 23.8 billion in 2018 and is expected to reach USD 41.2 billion in 2026, growing at a CAGR of 7.2% during the forecast period.
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The global high strength steel market is expected to grow significantly over the next few years due to the increasing demand for high strength steel in various industries, such as construction and automotive. However, the rapidly growing demand for infrastructure and the booming manufacturing industries is expected to further fuel the global high strength steel market in the future. High strength steel is the type of steel that facilitates high yield due to the strengthening processes used on steel to achieve better strength, durability, fatigue, and ductility. High strength steel is used in a wide range of applications, most prominently automotive, heavy machinery, energy and power, shipbuilding, aerospace, packaging, and consumer goods. Most commonly high strength steel is produced by the cold-rolled process followed by hot rolled, metallic rolled and direct rolled. High strength steel also lowers production costs, offers environmental and financial advantages for various applications in the automotive and construction industries, such as the structural design of auto parts, lifting equipment, materials handling, trailers, and others.
The increasing construction industry coupled with a growing population and strong economic condition in developing countries is also expected to increase the growth of the global high strength steel market. Increased investment in the global high strength steel market and support from the government expected to boost the growth of the market during the forecast period. However, the increasing costs of iron ores are affecting the prices of steel. The cost of manufacturing high strength steel is higher than that of other steel manufactured from conventional materials, which is the major constraint for the high strength steel market.