High Strength Steel Market Size To Reach $57.7 Billion By 2030

High Strength Steel Market Growth & Trends

The global high strength steel market size is estimated to reach USD 57.7 billion by 2030, expanding at a CAGR of 6.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing demand from the construction and automotive industries is the chief factor driving market growth. 

Some of the major competitors in the market are carrying out active R&D investments in the high strength steel field to improve product scope and stay competitive in the industry. Key players are emphasizing manufacturing high strength steel that is durable and has a wide application scope. Competition among manufacturers is intense as they have similar product portfolios and cater to similar end-use industries.

The governments in developed and developing economies have imposed stringent regulations on automotive manufacturers to meet crash safety requirements. Reduction in the weight of vehicles using high strength steel has enabled them to achieve these safety requirements. Ideal weldability, formability, and joinability of high strength steel have resulted in a fast-paced penetration of the material in the automotive industry. The factors that have driven the use of high strength steel in automotive include safety, fuel efficiency, durability, and environmental concerns.

Asia Pacific was the largest market for high strength steel in 2016, and this trend is expected to continue over the forecast period. Growth of construction and automotive industries in India and China is expected to drive product demand in the region. In addition, an increase in disposable incomes and a rising demand for passenger cars, apartments, and houses are expected to positively impact product demand.

High strength steel is used to manufacture construction and earth moving equipment, quarrying equipment, and forklift trucks. Various grades of high strength steel are used in truck beds, hoppers, buckets, chutes, crushers, and conveyor troughs. Other applications of high strength steel include use in trash truck bottoms, concrete mixer drums, bucket lips, dump trailers, and street sweepers.

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High Strength Steel Market Report Highlights

• The global high strength steel market size was valued at USD 37.4 billion in 2023 and is projected to grow at a CAGR of 6.8% from 2024 to 2030.

• In terms of revenue, the construction segment is projected to ascend at a CAGR of 10.1% over the forecast period

• The automotive application segment dominated the market in terms of revenue, with a market share of 81.3% in 2023

• The high-strength steel market in the U.S. is expected to grow rapidly in the coming years.

• The market for high strength steel is highly competitive with the presence of a number of multinational companies with massive product portfolios

• Some of the key companies present in the market are ArcelorMittal, Tata Steel, voestalpine AG, POSCO Co., Ltd, SSAB, ThyssenKrupp AG, Nucor Corporation, AK Steel Corporation, and SAIL.

High Strength Steel Market Segmentation

Grand View Research has segmented the global high strength steel market based on product, application, and region:

High Strength Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• High Strength Low Alloy

• Dual Phase

• Transformation Induced Plasticity

• Bake Hardenable

• Martensitic

• Others Product

High Strength Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Automotive

• Construction

• Mining Machinery

• Aviation & Marine

• Others Application

High Strength Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • Russia

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • Saudi Arabia

List of Key Players in High Strength Steel Market

• ArcelorMittal

• Tata Steel

• voestalpine AG

• POSCO

• SSAB

• ThyssenKrupp AG

• Nucor Corporation

• Liaocheng Development Zone Ruixing Steel Pipe Manufacturing Co., Ltd (Baosteel Group)

• SAIL

• NIPPON STEEL CORPORATION

• JSW

• China Ansteel Group Corporation Limited