The high strength steel market is projected to reach USD 27.92 billion by 2023, at a CAGR of 8.4% from 2018 to 2023.
The high strength steel market is projected to grow from USD 18.67 billion in 2018 to USD 27.92 billion by 2023, at a CAGR of 8.4% between 2018 and 2023. Factors such as 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. Rising demand for high strength steels from the Asia Pacific region is also expected to lead to the growth of the high strength steel market. High production costs of high strength steels due to increased prices of raw materials are expected to restrain the growth of the high strength steel market across the globe.
The high strength low alloy type segment of the high strength steel market is expected to witness the highest growth from 2018 to 2023.
Based on type, the high strength low alloy segment of the high strength steel market is expected to witness the highest growth during the forecast period. The growth of this segment of the market can be attributed to the increased use of high strength low alloy steels for manufacturing body panels of automobiles as they increase fuel efficiency of automobiles by reducing their weight by approximately 60%. Thus, the increase in the global automobile production is a major factor leading to the growth of the high strength low alloy steel type segment of the high strength steel market across the globe. High strength low alloy steels also help in improving the safety of vehicles, reducing energy consumed by them, and improving their performance. This, in turn, contributes to the growing demand for high strength low alloy steels from the automotive industry.
The automotive enduse industry segment is projected to lead the high strength steel market between 2018 and 2023.
Based on enduse industry, the high strength steel market has been segmented into automotive, construction, yellow good mining equipment, aviation marine, and others. The automotive enduse industry segment is projected to lead the high strength steel market from 2018 to 2023 due to the increasing use of high strength steels in the automotive industry for manufacturing body and various other components of automobiles. In comparison to conventional steels, high strength steels not only enable weight reduction of products but also provide them high impact strength. The weight of vehicles is inversely proportional to their fuel efficiency and directly proportional to their carbon emissions. Several developed countries in North America and Western Europe have legislated stringent regulations on vehicular emissions to control the level of greenhouse gases in the environment. Reducing the weight of vehicles is one of the most effective ways to improve their fuel efficiency, thereby leading to the increased use of high strength steels in the automotive industry.
The Asia Pacific high strength steel market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific high strength steel market is projected to witness the highest growth between 2018 and 2023. The region is a major consumer of high strength steels, which are used in various enduse industries such as oil gas, aerospace, automotive, chemical, and marine, among others. The demand for high strength steels is increasing from various countries of the Asia Pacific region such as Japan, China, India, and South Korea, among others, thereby leading to the growth of the Asia Pacific high strength steel market across the globe.
Breakdown of the profiles of primary participants:
By Company Type: Tier 1 20%, Tier 2 30%, and Tier 3 50%
By Designation: CLevel 30%, DirectorLevel 10%, and Others 60%
By Region: Europe 20%, Asia Pacific 40%, North America 25%, South America 10%, and the Middle East Africa 5%
Major companies profiled in this report 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.
Research Coverage
This report offers an overview of the trends, drivers, restraints, challenges, and opportunities with respect to the high strength steel market. It also provides a detailed overview of the high strength steel market across five regions, namely, Asia Pacific, Europe, North America, the Middle East Africa, and South America. The report categorizes the high strength steel market based on type and enduse industry. A detailed analysis of the leading players of the high strength steel market, along with key growth strategies adopted by them, is also covered in the report.
Reasons to Buy the Report
This report covers the following key aspects:
The size of the high strength steel market by 2023 and its CAGR during the forecast period from 2018 to 2023
The key trends in the high strength steel market
The factors expected to drive the growth of the high strength steel market during the forecast period
The challenges expected to impact the growth of the high strength steel market during the forecast period
The key players operating in the high strength steel market
This global report on the high strength steel market covers key regions such as North America, Europe, Asia Pacific, the Middle East Africa, and South America including major countries of these regions such as the US, China, India, Belgium, and Germany, among others