High Strength Steel Market Overview to 2023
Steel is an alloy of carbon, iron, and other elements, which is extensively used in the infrastructure, buildings, machinery, ships, automobiles, and weapons among others. High strength steels are a class of steel that possesses better chemical and mechanical properties. These high strength has better resistance to corrosion & chemicals and is manufactured to meet specific mechanical properties, unlike normal carbon steel. High strength steel has a carbon content of around 0.05 to 0.25 %, and other alloys include manganese (around 2%), copper, niobium, nickel, and others.
World wid top Key Players
Some of the prominent players operating in the global high strength steel market are Arcelor Mittal (Luxembourg), United States Steel Corporation (U.S.), Voestalpine AG (Austria), SSAB (Sweden), Shandong Steel Group (China), SAIL (India), Tata Steels (India), Nippon Steel and Sumitomo Metal Corporation (Japan), POSCO (South Korea), Wuhan Iron and Steel Corporation (China), Tata Steels Limited (India) and Nippon Steel & Sumitomo Metal Corporation (Japan) among others.
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- High strength steel market manufacturers
- Traders and Distributors of High strength steel market
- Production process industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory
These high strength steel are used in applications such as trucks, cranes, roller coasters, and other infrastructures, which requires specific strength to weight ration. The major end-use industries include automotive, building & construction, military & defense, mining & other manufacturing units. However, high production cost coupled with the safety and technological constraints are some of the major downsides to the growth of the market.
The growing infrastructural developments across the globe along with the growing adoption in the automobile sector is the key factor driving the growth of the global high strength market. Moreover, the growing purchasing power in the developing regions has augmented the sale of automobiles, which, in turn, is expected to substantially contribute to the growth of the high strength steel market. Growing defense budget has further boosted the demand for high strength steel in the military equipment owing to its enhanced fatigue, corrosion, and impact resistance.
The High strength steel market is segmented into five regions: Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa. Among these, Asia Pacific is the leading region in the market and is expected to exhibit an expanding CAGR during the forecast period. Growing development of industries in the developing economies such as China and India are primarily driving the growth of the high strength steel market. Moreover, the developing automobile industry in the region is expected to have a positive impact on the growth of the high strength steel market. The growing infrastructural development, especially in China, is anticipated to further propel the demand for high strength steel in the region.
North America is a dominant region in the global market and is anticipated to retain its dominance during the assessed years. The developed end-use industries coupled with the growing technological advancement in the region is the key factor attributing to this growth. Moreover, the presence of the major automobile manufacturers in the region has further boosted the market demand for high strength steel. Europe is another significant market due to the well-developed automobile industry. Moreover, the implementation of emission standards such as Euro 5 and Euro 6 is expected to push the growth of the high strength steel market further in the region. High strength steel helps in reducing the weight of automobile, which, in turn, add to the minimization of vehicle emissions.
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The global high strength steel market is segmented into product type and end-user industry. On the basis of the product type, the market is segregated into high strength low alloy steel, dual phase steel, hardenable brake steel, carbon manganese steel, and others. On the basis of the end-user industry, the global market can be further segmented into automotive, building & construction, mining & other equipment, aviation, marine, military & defense, and others.
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