High Strength Steel Market Size, Growth Insight, Share, Trends, Industry Key Players, Regional Forecast To 2027

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The global high strength steel market size isprojected to reach USD 54.07 billion by 2027, exhibiting a CAGR of 7.4% duringthe forecast period.

High Strength Steel Market Size, Growth Insight, Share, Trends, Industry Key Players, Regional Forecast To 2027

The global high strength steel market size isprojected to reach USD 54.07 billion by 2027, exhibiting a CAGR of 7.4% duringthe forecast period. Increasing demand for electric vehicles (EVs) worldwide isexpected to emerge as a crucial growth determinant for this market, statesFortune Business Insights™ in its report, titled “High StrengthSteel Market Size, Share & COVID-19 Impact Analysis, By Type (High StrengthLow Alloy (HSLA), Dual Phase (DP), Transformation Induced Plasticity (TRIP),Martensitic (MS), and Others), By Application (Automotive; Building &Construction; Mechanical & Heavy Equipment; Rail, Aviation & Marine;and Others), and Regional Forecast, 2020-2027”. Accordingto the International Energy Agency (IEA), in 2019, global EV sales reached 2.1million, surpassing 2018 levels and boosting the world EV stock to 7.2 million.EV car sales registered a 40% year-on-year increase, accounting for 2.6% of thetotal global car sales in 2019. HSS has emerged as a promising technology forEVs as this steel lowers the weight of the car while providing superiorstrength and enhanced protection. Moreover, HSS also serves as an excellentbattery protector for EVs owing to its high strength and low weight.Furthermore, advanced HSS such as SSAB’s cold formable Docol® improves vehicleperformance, making them more fuel-efficient and lower emissions.

The global economy has gone into a tailspin as a result of theCOVID-19 pandemic outbreak. Some industries remain largely unaffected by theoutbreak, some are thriving, but most are in serious trouble. The steelindustry is experiencing a mixed impact of this pandemic. Navigating throughthese challenging times is a mammoth task and to aid you in your journey,Fortune Business Insights™ aims at equipping your business with the mostcomprehensive market intelligence, collated and analyzed by our expert andexperienced research team.

As per the report, the global market value stood at USD 31.03billion in 2019. The other highlights include:

Comprehensive assessment of the various drivers and trends shaping market growth;
Actionable insights into the challenges confronting the market;
Detailed evaluation of all possible market segments; and
In-depth analysis of the regional developments and competitive dynamics influencing the market.

Market Driver

Multiple Benefits of HSS in Construction to Stoke Adoption

High strength steel offers a wide array of advantages to theconstruction industry. According to the Australian Steel Institute (ASI), thehigh-yield stress and tensile strength of HSS can be leveraged to increasedesign stresses, which can potentially reduce the required plate thickness andlower deadweight. The ASI estimates that savings ranging between 28% and 38%are possible if high strength steel is deployed for primary building columns inlarge structures. This advanced steel variant also provides superior durabilityand strength to withstand tectonic activities.

For example, in New Zealand, where seismic activities are common,purlins, beams, and rafters made from ultra-high strength tensile steel areextensively used to counter the devastating effects of earthquakes in theregions. Thus, expanding utilization of HSS in the construction industry islikely to fuel the high strength steel market growth in the near future.

List of the Leading Companies Profiled in the Global High StrengthSteel Market are:

Shandong Iron and Steel Group (China)
PAO Severstal (Russia)
Thyssenkrupp Ag (Germany)
Voestalpine AG (Austria)
CITIC Pacific Special Steel Holdings (China)
SSAB AB (Sweden)
Hebei Puyong Iron and Steel Group Co., Ltd. (China)
Tata Steel (India)
China Steel Corporation (China)
JFE Steel Corporation (Japan)
HBIS Group (China)
Baosteel Group Corporation (China)
Gerdau S.A. (Brazil)
Metinvest Holding, LLC (Ukraine)
Nucor Corporation (U.S.)
Hyundai Steel Company (South Korea)
Novolipetsk Steel (NLMK) (Russia)
JSW Steel (India)
United States Steel Corporation (U.S.)
Posco Group (South Korea)
ArcelorMittal S.A. (Luxembourg)

Regional Insights

Dynamic Growth in Automotive Manufacturing to Augment the AsiaPacific Market

Asia Pacific led the high strength steel market share in 2019 andis expected to retain its dominant position during the forecast period owing tothe dynamic expansion of the automotive industry, especially in China. Heavyequipment manufacturing and construction activities in India will furtherpropel the regional market, while advancements in e-mobility in Japan and SouthKorea are anticipated to boost adoption of HSS.

In Europe, the demand for high strength steel is slated to rise onaccount of rapid uptake of electric and hybrid vehicles, stoked by thestringent emission norms in the region. The market in North America will bemainly driven by the high consumption advanced steel products in automotive andequipment manufacturing industries in the United States.

Competitive Landscape

Investments in Innovation & Strategic Expansion to be the CoreFocus for Key Players

The rising demand for high strength steel across diverseindustries is compelling key market players to innovate and introduce novelsteel products. Additionally, rapidly growing economies such as India areattracting investments from major global players as these countries arecreating massive, lucrative opportunities for companies to expand anddiversify.

Industry Developments:

December 2019: ArcelorMittal announced theacquisition of Essar Steel India for an estimated value of INR 42,000crore. Thecompany is also partnering with Nippon Steel Corporation to createArcelorMittal Nippon Steel India Limited for ownership and management of Essar.

April 2019: SSAB released the Strenx® 1100Plus strip steel, the company’s newest high strength steel offering. Theproduct is hot-rolled HSS, providing novel weld properties and deliveringsuperior bending and welding performance in cranes, booms, and other liftingequipment.

Browse a Detailed Summary of 210 Pages Research Report With TOC:

https://www.fortunebusinessinsights.com/industry-reports/high-strength-steel-market-101854

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