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NEW YORK , July 26, 2022 /PRNewswire/ -- High-strength steel refers to new-generation steel, which has extremely high yield strength and durability. It is adopted significantly in different end-user industries, owing to its lightweight and high corrosion-resistant properties.
The high-strength steel market size is expected to grow by USD 14.51 million from 2019 to 2024. Technavio's latest market analysis report estimates that the high-strength steel market will accelerate at a CAGR of 10.14% during the forecast period.
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To help businesses improve their market position, Technavio's report provides a detailed analysis of around 25 vendors operating in the market. Some of the major vendors of the high-strength steel market include ArcelorMittal SA, Essar Steel India Ltd., HBIS Group Co. Ltd., Hyundai Steel Co., JSW Steel Ltd., Nippon Steel Corp., Nucor Corp., POSCO Group, Tata Steel Ltd., and United States Steel Corp. The key offerings of some of the vendors are listed below:
The report also covers the following areas:
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The automotive segment will contribute the highest market share growth during the forecast period. High-strength steel has superior performance because of its high tensile strength, toughness, and weldability when compared to conventional steel. Such properties help automakers attain consumer safety and fuel efficiency. Hence, the demand for high-strength steel is increasing in the automobile industry.
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High Strength Steel Market Scope
Accelerate at a CAGR of 10.14%
APAC, North America, Europe, and South America
China, US, India, Japan, and Germany
Leading companies, competitive strategies, consumer engagement scope
ArcelorMittal SA, Essar Steel India Ltd., HBIS Group Co. Ltd., Hyundai Steel Co., JSW Steel Ltd., Nippon Steel Corp., Nucor Corp., POSCO Group, Tata Steel Ltd., and United States Steel Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,
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