High Strength Steel Market Growth, Analysis, Size, Trends, Emerging Factors, Demands, Key Players, Emerging Technologies and Potential of Industry Till 2027
The global high strength steel market size is projected to reach USD 54.07 billion by 2027, exhibiting a CAGR of 7.4% during the forecast period. Increasing demand for electric vehicles (EVs) worldwide is expected to emerge as a crucial growth determinant 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, 2020-2027”. According to the International Energy Agency (IEA), in 2019, global EV sales reached 2.1 million, surpassing 2018 levels and boosting the world EV stock to 7.2 million. EV car sales registered 40% year-on-year increase, accounting for 2.6% of the total global car sales in 2019. High strength steel (HSS) has emerged as a promising technology for EVs as this steel lowers the weight of the car, while providing superior strength and enhanced protection. Moreover, HSS also serves as an excellent battery protector for EVs owing to its high strength and low weight. Furthermore, advanced HSS such as SSAB’s cold formable Docol® improve vehicle performance, making them more fuel-efficient and lower emissions.
The global economy has gone into a tailspinas a result of the COVID-19 pandemic outbreak. Some industries remain largely unaffected by the outbreak, some are thriving, but most are in serious trouble. The steel industry is experiencing mixed impact of this pandemic. Navigating through these challenging times is a mammoth task and to aid you in your journey, Fortune Business Insights™ aims at equipping your business with the most comprehensive market intelligence, collated and analyzed by our expert and experienced research team.
As per the report, the global market value stood at USD 31.03 billion 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.
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Multiple Benefits of HSS in Construction to Stoke Adoption
High strength steel offers a wide array of advantages to the construction industry. According to the Australian Steel Institute (ASI), the high-yield stress and tensile strength of HSS can be leveraged to increase design stresses, which can potentially reduce the required plate thickness and lower deadweight. TheASI estimates that savings ranging between 28% and 38% are possible if high strength steel is deployed for primary building columns in large structures. This advanced steel variant also provides superior durability and 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 are extensively used to counter the devastating effects of earthquakes in the regions. Thus, expanding utilization of HSS in the construction industry is likely to fuel the high strength steel market growth in the near future.
Dynamic Growth in Automotive Manufacturing to Augment the Asia Pacific Market
Asia Pacific led the high strength steel market share in 2019 and is expected to retain its dominant position during the forecast period owing to the dynamic expansion of the automotive industry, especially in China. Heavy equipment manufacturing and construction activities in India will further propel the regional market, while advancements in e-mobility in Japan and South Korea are anticipated to boost adoption of HSS.
In Europe, the demand for high strength steel is slated to rise on account of rapid uptake of electric and hybrid vehicles, stoked by the stringent emission norms in the region. The market in North America will be mainly driven by the high consumption advanced steel products in automotive and equipment manufacturing industries in the United States.
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Investments in Innovation & Strategic Expansion to be the Core Focus for Key Players
The rising demand for high strength steel across diverse industries is compelling key market players to innovate and introduce novel steel products. Additionally, rapidly growing economies such as India are attracting investments from major global players as these countries are creating massive, lucrative opportunities for companies to expand and diversify.
- December 2019: ArcelorMittal announced the acquisition of Essar Steel India for an estimated value of INR 42,000crore. The company is also partnering with Nippon Steel Corporation to create ArcelorMittal Nippon Steel India Limited forownership and management of Essar.
- April 2019: SSAB released theStrenx® 1100 Plus strip steel, the company’s newest high strength steel offering. The product is hot-rolled HSS, providing novel weld properties and delivering superior bending and welding performance in cranes, booms, and other lifting equipment.
List of Key Companies Profiled in the High Strength Steel Market Report:
- 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)
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