The Global High Strength Steel Market was valued at USD 32.4 Bn in 2020 and is expected to reach USD 56.1 Bn by 2027 and is expanding at a CAGR of 8.1% during the forecast period.. High Strength Steel is fast emerging as a sustainable affordable, material in the automotive and construction industry. It is increasingly being adopted by builders and construction companies for improving the safety features of buildings and construction projects. Growth of the construction industry in the residential and commercial sector, primarily in the Asia Pacific, in order to meet the demand for housing from a rapidly growing population and has also led to a favorable market for modular construction. Also, new trends in the construction industry such as Lean Construction, Building Information Modelling (BIM), and Green Buildings have increased the role of prefabrication and modularization in construction further driving growth in the demand for high strength steel market.
The automotive industry is increasingly adopting High Strength Steel for light-weighting, improving the safety of vehicles, improving fuel efficiency, and also as a sustainable alternative to plastics and aluminum. High strength steel is also increasingly being preferred by automotive companies for cost reduction as it is cheaper than carbon fiber and aluminum. New innovations in steel manufacturing like electric arc furnaces have also contributed to the growth of the High Strength Steel market.
The research report analyses the ecosystem of High Strength Steel and categorizes the High Strength Steel Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
Unique insights provided by this report also includes the following:
In terms of the type of High Strength Steel market, the high strength low alloy segment is estimated to be the largest segment during the forecast period
In terms of product type, the global High Strength Steel market can be segmented into High Strength Low Alloy, Dual Phase, Bake Hardenable, and Carbon Manganese types. The high strength low alloy segment of the High Strength Steel market is projected to be the largest market on account of increasing usage in automotive industries.
The High Strength Low Alloy type of steel is used in cars, trucks, cranes, bridges, roller coasters, and other structures where there is a requirement to handle high levels of stress or need a good strength-to-weight ratio. These types of steels also provide improved mechanical properties and greater protection from atmospheric corrosion and thus also preferred in construction of the offshore structures.
By Application, the automotive application is expected to be the largest segment
The automotive application segment dominated the High Strength Steel market in terms of revenue in 2019. It is also the fastest-growing segment in terms of CAGR trend. The automotive industry is expected to double the usage of high strength steels in the next 15 years. High-strength steel are increasingly being used by automobile manufacturers in manufacturing body panels as it enables them to reduce the weight by over 50% thus resulting in improvement of fuel efficiency.
The Asia Pacific is expected to be the largest segment in the forecast period
The Asia Pacific was the largest segment of the overall High Strength Steel market. While North America is expected to be the second-largest market. The North America region is also projected to witness a higher demand for High Strength Steel in the coming years on account of the increasing adoption of High Strength Steel in various end-user industries. The demand in the Asia Pacific region is primarily driven on account of the presence of steel manufacturing facilities coupled with the demand from end-user industries such as automotive and construction. The construction industry in the Asia Pacific region is also growing on account of rising urbanization, rising disposable income, and government initiatives. Key High Strength Steel markets in Asia- Pacific include China, Japan, India, South Korea, Thailand, and Indonesia.
The report also provides in-depth analysis of recent news developments and investments
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.