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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.
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According to a new Fortune Business Insights™ report, titled “High Strength Steel Market Size, Share and Industry Analysis, By Type (High Strength Low Alloy (HSLA), Dual Phase (DP), Transformation Induced Plasticity (TRIP), Martensitic (MS), and Others), By Application (Automotive; Building and Construction; Mechanical and Heavy Equipment; Rail, Aviation and 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:
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.
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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.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit High Strength Steel Market to Gain Traction as Demand for Carbon Steel Shows a Downward Trend