According to the new market research 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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Increasing consumption of high strength steels in the automotive and construction industries due to effective characteristics offered by them are driving the growth of the high strength steel market across the globe.
Based on type, the high strength low alloy segment of the high strength steel market is projected to grow at the highest rate during the forecast period. High strength low alloy steels are low carbon steels, which contain up to 10% of alloying elements. These low levels of alloying elements allow easy tempering and quenching of high strength low alloy steels so that high levels of impact toughness and strength can be obtained. High strength low alloy steels are also known as microalloyed steels. They are very ductile, highly formable, and easy to weld. These types of high strength steels provide better mechanical properties as compared to other types of high strength steels. The growth of the high strength low alloy type segment of the high strength steel market is driven by the increased demand for high strength low alloy steels from various end-use industries such as automotive and construction.
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The high strength steel market is projected to grow from USD 27.32 billion in 2018 to USD 40.85 billion by 2023, at a CAGR of 8.4% between 2018 and 2023. The growing demand for high strength steels from various end-use industries has led to significant developments in the high strength steel market. High strength steels are used across various end-use industries such as automotive, construction, yellow goods & mining equipment, and aviation & marine, among others. The growth of these industries is expected to drive the demand for high strength steels across the globe.
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. Some of these companies are involved in the production of different grades of high strength steels while others are engaged in manufacturing products such as tubes, vessels, and wires, among others made from high strength steels.
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POSCO Group (South Korea) has been focusing on expansions to meet the increased demand for high strength steels from consumers across the globe and enter the untapped markets. In August 2016, POSCO Group (South Korea) expanded its production capacity by completing its first automotive steel plant in Thailand. The plant has a total annual auto steel sheets production capacity of 450,000 tons. This expansion helped POSCO to cater to the growing demand for steel products from the automotive industry across the globe. In May 2016, POSCO Group (South Korea) completed the construction of its automotive steel processing centers in Chongqing and Chengdu to supply high strength steels for the automotive industry of China. These centers are equipped with two blanking lines and a slitting line that process and produce 140,000 tons of high strength steels, annually. This expansion enabled POSCO to increase the sales of its premium structural steels across the globe.
SSAB AB (Sweden), which is another market leader in the high strength steel market, has been focusing on the strategy of new product developments to attain a large share in the high strength steel market. 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, SSAB AB (Sweden) developed its Hardox product range and introduced a new product, namely, Hardox 500. The new Hardox 500 offers excellent strength, toughness, and hardness. It is a combination of Hardox 450 and Hardox 500 products of SSAB. It is used for developing heavy-duty tipper bodies and buckets. These strategies are expected to help the company expand its market reach to untapped locations and also increase its share in the high strength steel market.
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