High Strength Steel Market to Surpass $13.73 Billion, Says Technavio

SEATTLE (Scrap Monster): The latest research report published by Technavio says that high strength steel market is projected to witness significant growth over the coming years. The market is likely to touch $13.73 billion by 2025, recording yearly growth of 9.04%. The main driver of the market will be the growing demand for the steel material in automotive industry.

The report pointed out that several key industries such as construction, transport, and metal goods manufacturers reduced investments in new projects on account of reduced consumer demand last year. The sharp decline in automotive demand in countries such as China, the U.S. and India impacted the sales of various steel products. Moreover, this resulted in reduced profit margins for leading vendors including ArcelorMittal and Tata Steel. However, the projected improved end-user demand will lead to positive market growth, the report noted.

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Nearly 47% of the total market growth will originate from the Asia Pacific region, with China, India and Japan likely to remain as major contributors. The rapid industrialization and rising infrastructural developments will facilitate market growth over the forecast period. Technavio report said.