High Strength Steel Market Top Manufacturers Analysis, Size Report and Growth Forecast to 2026
The global high strength steel market size is projected to reach USD 53.43 billion by 2026, exhibiting a CAGR of 8.1% during the forecast period. Rising demand for lightweight steel in the automotive industry is expected to be a major growth driver of this market. There is an urgent global need to reduce carbon emissions from automobiles and adoption of high strength steel in place of carbon steel offers a viable solution to this problem. This category of steel is known for its high strength capacity, which reduces the conventional steel requirement to manufacture vehicles and vehicular parts. Furthermore, high strength steel has a greater yield of 275 MPa and above along with carbon content between 0.05% and 0.25%, manganese content below 2%, and a combination of other metals. These properties make this type of the steel the ideal candidate for producing lightweight vehicles and this will also become one of the leading high strength steel market trends.
According
to a new Fortune Business Insights™ report, titled “High Strength Steel Market Size, Share
& Industry Analysis, By Type (High Strength Low Alloy (HSLA), Dual Phase
(DP), Transformation Induced Plasticity (TRIP), Martensitic (MS), and Others),
By Application (Automotive; Building & Construction; Mechanical & Heavy
Equipment; Rail, Aviation & Marine; and Others), and Regional Forecast, 2019-2026”,
the value of this market stood at USD 28.79 billion in 2018. Other than this,
the report shares the following information:
- An elaborate
overview of the overall industry outlook and how it will impact the market
in the long-run;
- A microscopic
analysis of the various drivers, factors, current and upcoming trends, and
future prospects of the market;
- An exhaustive
research into the competitive landscape and regional dynamics of the
market; and
- A detailed
assessment of the different market segments and their share in the market.
Browse Complete Report Summary@ https://www.fortunebusinessinsights.com/industry-reports/high-strength-steel-market-101854
Multifaceted Nature of High Strength Steel to Fuel Its Demand
Across Industries
Steel
is the backbone of majority of industries in the world and is one of the core
materials that can meet a host end-user needs. High strength steel is an
upgraded version of regular steel and offers many more advantages to its
conventional counterpart. For example, according to the Australian Steel Institute,
the high-yield and robust tensile strength of this steel can be effectively
utilized to increase stresses in designs. Additionally, structural dead weights
can be decreased that can save both costs and space. Owing to these advantages,
high strength steel is finding increasing applicability across a wide spectrum
of industries such as aerospace, electronics, and marine, which is accelerating
the high strength steel market growth.
Flourishing Construction Industry to Propel the Market in
Asia-Pacific
Asia-Pacific
is projected to dominate the high strength steel market share, since the region
commanded the market share in 2018. Increasing production and consumption of
steel by the automotive, construction, and heavy machinery industries are the
leading factors driving the market in this region.
The
high strength steel market size in North America was USD 3.21 billion in 2018.
The region is anticipated to display the highest CAGR on account of the high
demand for steel from the automotive and mechanical industries in the US.
Europe, too, will showcase a sturdy CAGR owing to the rising demand for
lightweight steel for manufacturing electric and hybrid vehicles.
Launch of New-Age Products to Intensify Competition
The
high strength steel market forecast points towards a period of intense
competition as companies adopt strategies to gain a competitive edge. This is
being achieved through development and launch of innovative products and
solutions.
Key Industry Developments:
- December 2019: An MoU was signed
between HBIS Group and POSCO Group for the initiation of a joint venture
to develop, produce, and sell high-end steel products in the prospering
automotive industry of China.
- May 2019: United
States Steel Corporation announced an investment of $1 billion in the
company’s Mon Valley Works. The investment will make Mon Valley the
principal producer of the company’s signature XG3™ Advanced High Strength
Steel for manufacturing of fuel efficient vehicles.
Top Players Covered in the High Strength Steel Market Report:
- PAO Severstal
- Shandong Iron and
Steel Group
- Voestalpine AG
- Thyssenkrupp Ag
- Hebei Puyong Iron
and Steel Group Co., Ltd.
- POSCO Group
- Steel Authority
of India Limited (SAIL)
- ArcelorMittal
S.A.
- JFE Steel
Corporation
- JSW Steel
- Hyundai Steel
Company
- United States
Steel Corporation
- Nippon Steel
& Sumitomo Metal Corporation
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