Zion Market Research has published a new report titled “High Strength Steel Market by Type (Carbon Manganese, High Strength Low Alloy, Bake Hardenable, and Dual Phase Steel) and End-Use Industry (Automotive, Construction, Aviation & Marine, Yellow Goods & Mining Equipment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global high strength steel market was valued at USD 27.10 billion in 2018 and is expected to reach USD 47.97 billion by 2025, at a CAGR of 8.5% between 2019 and 2025.
High strength steel is used in several end-use industries to produce lightweight parts and components. High strength steel enhances the mechanical property of a material. Due to its high strength, versatility, and formability, it is widely used in the construction of rails, roads, and transportation of vehicles.
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The global high strength steel market is expected to grow considerably in the next few years, owing to the rising demand for high strength steel across various industries, such as construction and automotive. Moreover, the rapidly growing demand for infrastructure and the flourishing manufacturing industries are projected to further propel the global high strength steel market in the future. However, the high cost for production of high strength steel may hinder the market in the years ahead. Alternatively, the increasing investments and government support are anticipated to offer lucrative opportunities in the high strength steel market in the future.
The global high strength steel market is classified based on the type and end-user industry. The type segment includes carbon manganese, high strength low alloy, bake hardenable, and dual phase steel. The high strength low alloy segment held a significant share, i.e., around 37%, of the global high strength steel market in 2018, owing to its wide application across myriad sectors, such as structural engineering due to its excellent corrosion resistance properties. Additionally, the increasing application of high strength low alloy steel by the automotive industry has further propelled the demand for high strength low alloy. Based on end-use industry, the global high strength steel market includes automotive, construction, aviation and marine, yellow goods and mining equipment, and others. In 2018, the automotive segment dominated the global market and is anticipated to continue its dominance in the upcoming years as well. The surging application of high strength steel in the automotive industry is expected to boost the high strength steel market.
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By region, Asia Pacific contributed the largest share in the global high strength steel market in 2018 and is projected to lead in the future as well. The growing construction industry coupled with a rising population and strong economic conditions is driving factors this regional market. North America is the second largest regional market for high strength steel, followed by Europe.
Some key manufacturers of global high strength steel market are United States Steel Corporation, Wuhan Iron and Steel Corporation, Shandong Iron and Steel Group, Tata Steels Limited, China Steel Corporation, JFE Steel Corporation, Novolipetsk Steel, Metinvest Holding LLC, HebeiPuyong Steel Group, Baosteel Group Corporation, and JSW Steel.
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This report segments the global high strength steel market into:
Global High Strength Steel Market: Type Analysis
- Carbon Manganese
- High Strength Low Alloy
- Bake Hardenable
- Dual Phase Steel
Global High Strength Steel Market: End-Use Industry Analysis
- Aviation and Marine
- Yellow Goods and Mining Equipment
Global High Strength Steel Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific