Industries > Construction > Global High Strength Steel Market 2019-2029

Global High Strength Steel Market 2019-2029

Global High Strength Steel Market by Product (High Strength Low Alloy, Dual Phase, Transformation Inducted Plasticity, Bake Hardenable, Martensitic), by End User (Automotive, Construction, Mining Machinery, Aviation & Marine), Global Opportunity Analysis and Industry Forecast

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Market Definition:
• High strength steel is type of alloy steel which can withstand excessive strain without breaking or becoming deformed.
• The high strength steel provides better mechanical properties or better resistance to corrosion compared to conventional carbon steel.
• This steel is mainly used for structural applications and hence is also called structural steels.
• High strength steel can be produced with or without addition of small amount of micro-alloying elements.

Market Overview and Trends

• Since past few years, there has been great advancements in the development of the high strength steel and with time, the need for additional enhancements is expected to increase.
• Various industries have an increasing need for structural components that are lighter in weight and stronger, that would help improve energy efficiencies, reduce emissions and pollution, increase safety and cost less to produce varied components, particularly in the automotive industry.
• High strength steels are broadly used in automotive industry to develop highly durable body structure.
• Since past few years, automotive industry has faced significant challenges in meeting several governmental norms regarding automotive weight, safety, fuel efficiency, and emission.
• Products developed with high strength steel have provided an efficient solution to comply with these requirements, by enabling designers to develop safe and fuel-efficient vehicles with reduced weight.
• Moreover, academia in civil engineering is increasingly focusing on high strength steel structures through experimental, numerical and theoretical investigations. This has led to increased use of high strength steel equipment to enhance structural properties.

Market Dynamics:

Factors Influencing the Market Growth:

• Increasing demand from the construction and automotive industries, along with aviation and marine, wind energy, mining equipment, and electrical equipment sector, combined with environmental sustainability of high strength steel.
• Rapidly growing aerospace industry and accelerating urbanization and industrialization in developing economies are also offering lucrative opportunities for the players in this market.

Factors Restraining the Market Growth:

• High production costs of high strength steels due to increased prices of raw materials
• Availability of substitutes and lack of awareness across other industries

Market Segmentation 2019-2029:
The high strength steel market is segmented on the product, end user and geography.

• High Strength Low Alloy (HSLS) Market, 2019-2029
• Dual Phase (DP) Market, 2019-2029
• Transformation Inducted Plasticity (TRIP) Market, 2019-2029
• Bake Hardenable (BH) Market, 2019-2029
• Martensitic Market, 2019-2029
• Others Market, 2019-2029

End User
• Automotive Market, 2019-2029
• Construction Market, 2019-2029
• Mining Machinery Market, 2019-2029
• Aviation and Marine Market, 2019-2029
• Others Market, 2019-2029

Geographic breakdown
Focused regional forecasts and analysis explore the future opportunities:
• North America Market, 2019-2029
• Europe Market, 2019-2029
• Asia-Pacific Market, 2019-2029
• LAMEA Market, 2019-2029

Competitive Analysis:
• Key players in the high strength steel market mainly focus on product development and new product launches to develop their market position.
• Companies such as Tata Steel, ArcelorMittal, AK Steel and many more are largely investing in research and development and expansion of their production capacity to enhance their existing product offerings.
• This also helps the companies to expand their market presence and gain significant market share by increasing their customer base.

Major Market Players:
ArcelorMittal S.A., Voestalpine AG, POSCO Co., Ltd, SSAB, Tata Steel, United States Steel Corporation, ThyssenKrupp AG, Ansteel Group Corporation, AK Steel Corporation, and Nucor Corporation.

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CCR Ref number: KD4R6

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