Northbrook, IL -- (SBWire) -- 05/27/2021 --The report "High Strength Steel Market by Type (High Strength Low Alloy, Dual Phase, Bake Hardenable, Carbon Manganese), End-Use Industry (Automotive, Yellow Goods & Mining Equipment, Construction, Aviation & Marine), and Region - Global Forecast to 2027" The high strength steel market is projected to grow from USD 27.3 billion in 2018 to USD 44.3 billion by 2027, at a CAGR of 7.4% from 2018 to 2027. Increasing consumption of high strength steels in the automotive and construction industries to improve the fuel efficiency of automobiles and ensure high strength and improved safety features of buildings is driving the growth of the high strength steel market across the globe.
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Among types, the high strength low alloy segment is projected to lead the high strength steel market during the forecast period.
The high strength low alloy type segment is expected to lead the high strength steel market in 2018. The growth of this segment of the market can be attributed to the increased demand for high strength low alloy steels from the automotive industry. High strength low alloy steels are the most widely used steels in various end-use industries as they offer superior mechanical properties such as high corrosion resistance, increased formability, and excellent weldability, among others.
The automotive end-use industry segment is expected to lead the high strength steel market between 2018 and 2027.
Among end-use industries, the automotive segment is expected to lead the high strength steel market in 2018. The growth of the automotive end-use industry segment of the high strength steel market can be attributed to the increased demand for high strength steels from the automotive industry. It is expected that the amount of high strength steels used in the production of automobiles will be more than double in the next 15 years. The increase in the global automobile production is a major factor leading to the growth of the automotive end-use industry segment of the high strength steel market across the globe. The use of high strength steels for manufacturing body panels of automobiles results in an increase in their fuel efficiency by reducing their weight by approximately 60%. This, in turn, contributes to the growing demand for high strength steels from the automotive industry. The increasing demand for electric and hybrid vehicles across the globe is also expected to contribute towards the growth of the high strength steel market during the forecast period.
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The Asia Pacific region is projected to be the largest market for high strength steels between 2018 and 2027.
The Asia Pacific region is the largest consumer of high strength steels across the globe, and this trend is projected to continue during the forecast period as well. The growth of the Asia Pacific high strength steel market can be attributed to the economic growth of emerging economies such as China, India, and Taiwan, among others. Increasing production of the manufacturing sector of the Asia Pacific region to cater to the domestic requirements for superior quality products and rising exports from the region are factors leading to an increased demand for high strength steels from the region.
The key players operating in the high strength steel market include Voestalpine AG (Austria), POSCO Group (South Korea), ArcelorMittal S.A. (Luxembourg), SSAB AB (Sweden), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), Steel Authority of India Limited (India), United States Steel Corporation (US), Baosteel Group Corporation (China), Severstal JSC (Russia), ThyssenKrupp AG (Germany), JFE Steel Corporation (Japan), Nucor Corporation (US), and JSW Steel (India), among others.
Recent Developments :
- In February, 2018, Tata Steel (India) has expanded its Hot Strip Mill at Port Talbot by investing more than USD 17.0 million to increase its annual production capacity of steels by 5%. This expansion aims at enabling the company to produce high-value steels for its customers.
- In December 2017, Nippon Steel & Sumitomo Metal Corporation (NSSMC) (Japan) merged its subsidiary, Nippon Steel & Sumikin Koutetsu Wakayama Corporation (NSSKW) (Japan) with itself. This merger helped NSSMC in enhancing its upstream ironmaking and steelmaking operations.
- In December 2017, Steel Authority of India Limited (SAIL) (India) supplied approximately 55,000 metric tons of steel to Delhi Metro for its Magenta Line. The company is also supplying Thermo Mechanical Treatment (TMT) plates and structural plates to Delhi Metro
- In November 2017, SSAB AB (Sweden), in joint collaboration with Gestamp (Spain) (which is an automotive component manufacturer), developed Docol PHS 2000. Docol PHS 2000 offers high tensile strength. It is used in the automotive industry to develop bumpers.
- In September 2017, Voestalpine AG (Austria) invested USD 425.0 million in expanding its existing steel plant in Kapfenberg (Austria). This investment enabled the company to offer high-quality products manufactured by using new technologies.
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High Strength Steel Market Worth $44.3 Billion by 2027 : Exclusive Report by MarketsandMarkets™
The key players operating in the high strength steel market include Voestalpine AG (Austria), POSCO Group (South Korea), ArcelorMittal S.A. (Luxembourg), SSAB AB (Sweden), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), Steel Authority of India Limited (India), United States Steel Corporation (US), Baosteel Group Corporation (China), Severstal JSC (Russia), ThyssenKrupp AG (Germany), JFE Steel Corporation (Japan), Nucor Corporation (US), and JSW Steel (India), among others.