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. Increasing deployment of electric cars worldwide will be a key growth-driving factor for this market, states Fortune Business Insights™ in its report, titled “High Strength Steel Market Size, Share & Industry Analysis, By Type (High Strength Low 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 2019-2026”. According to the International Energy Agency (IEA), global electric car fleet surpassed 5 million in 2018, showing a rise of 63% from 2017 levels. The growth trend was led by China, which accounted for 45% of the global deployment of electric vehicles. High strength steel plays a vital role in reducing the weight of an electric vehicle, whilst offering greater strength per unit density, ensuring energy-efficiency of these cars. Moreover, since these steels are thinner and stronger, they enable housing of larger batteries, thus extending driving range of the vehicle. Thus, rising demand for electric passenger cars will surge the adoption of high strength steels and fuel the market growth.
The report states that the global market value stood at USD 28.79 billion in 2018 and also features the following highlights:
- Actionable insights into the upcoming market opportunities;
- Thorough analysis of the market drivers, segments, and restraints;
- Comprehensive examination of the key market players and their strategies; and
- In-depth study of the regional dynamics influencing the market.
Market Driver
Rising Steel Production to Augment Market Growth
One of the primary forces accelerating the high strength steel market growth is the rising production output of crude steel. According to the World Steel Association (WSA), global crude steel production rose by 3.4% in 2019 from 2018 levels, reaching 1,869.9 million tons (Mt). Asia led the growth trajectory, producing 1,341.6 Mt in 2019, reflecting an increase of 5.7% from 2018 levels. Production of high strength steels is heavily dependent on crude steel as it forms the basic raw material for different steel derivatives. These steels are extensively utilized in a variety of industries ranging from aerospace to building & construction as they provide superior strength to structures and also make them energy efficient. Combined, these factors are propelling the growth of the global market.
To Gain More Insights into the Market with Detailed Table of Content and Figures: https://www.fortunebusinessinsights.com/industry-reports/high-strength-steel-market-101854
List of Companies Covered in the High Strength Steel Market Report:
- Shandong Iron and Steel Group
- PAO Severstal
- Thyssenkrupp Ag
- Voestalpine AG
- CITIC Pacific Special Steel Holdings
- SSAB AB
- Hebei Puyong Iron and Steel Group Co., Ltd.
- Tata Steel
- China Steel Corporation
- JFE Steel Corporation
- HBIS Group
- Baosteel Group Corporation
- Gerdau S.A.
Rapid Industrialization in China and India to Support Market Growth in Asia Pacific
Asia Pacific is expected to hold a prominent position in the high strength steel market share during the forecast period on account of rapid expansion and growth of industrial activities in India and China. Industrialization has also escalated the demand for heavy machinery and equipment in the automotive and construction sectors in the region, further fueling the regional market growth.
In Europe, the market is anticipated to be mainly driven by the adoption of lightweight and high-strength materials for the manufacturing of electric vehicles. North America, with a market size of USD 3.21 billion in 2018, is expected to grow at a steady CAGR owing to strong demand for high strength steel from the automotive sector.
