A new report by Reports and Data indicates that the global high strength steel market is expected to achieve a value of USD 50.02 Billion by 2027. High strength steel is used for structural purposes and in the automobile industry, with a growing need to decrease weight in vehicles in order to reduce energy consumption expected to drive demand for the product in the coming years. Additionally, increased investment in research and development by steel manufacturers is expected to propel market growth. Currently, 80% of a passenger car body is made up of high strength steel, with HSLA steel accounting for the majority and an increasing proportion made up of multiphase steel.
The aerospace industry's rapid growth and increasing industrialization and urbanization in emerging economies are predicted to create opportunities for market players. Furthermore, the use of the product in welding equipment manufacturing and advancements in technology for the production of ultra-high-strength steel with specific properties are expected to fuel market growth in the forecast period.
The Asia Pacific region is the key revenue-generating area in the market, with increased demand from the automotive and construction industries in countries such as China and India.
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Other key findings from the report include the dominance of dual-phase steel in the market, with an anticipated growth rate of 7.6% in the forecast period. Body and closures contributed to the largest market share in 2019 due to the benefits of reducing vehicle weight and improving fuel efficiency while increasing crash-resistance.
North America held the second-largest market share in 2019, with a growth rate of 6.8% expected in the forecast period. The high demand in this region may be due to its healthy aerospace and marine sectors, where high strength steel finds widespread application in producing lightweight components.
Key participants in the market include Arcelor Mittal S.A., United States Steel Corporation, Baosteel Group Corporation, TATA Steel, SSAB AB, Nippon Steel Sumitomo Steel Corporation, POSCO, Steel Authority of India Limited, Anang Steel Company Limited, Nucor Corporation, JSW Steel, and JSW Steel. In February 2019, SSAB launched the EcoUpgraded program, allowing customers to upgrade to high-strength steel and reduce the weight of their equipment, increase fuel economy, and extend product lifetime, significantly reducing the automotive carbon footprint.
The report segments the global high strength steel market by product type, application, industry vertical, and region.
High Strength Steel Market: Drive factors
The high strength steel market is driven by several factors, including the growing demand for lightweight vehicles in the automotive industry, which leads to the adoption of high strength steel for its structural applications. Additionally, the increasing investments by steel manufacturers in research and development activities to produce high strength steel with specific properties is expected to drive the market growth in the forecast period.
Moreover, the rapid growth of the aerospace industry and the increasing rate of industrialization and urbanization in emerging economies are expected to create opportunities for the players in the market. The market is also expected to witness growth due to the increasing use of high strength steel in the manufacturing of welding equipment, along with innovative technological advancements to produce ultra-high-strength steel with specific properties.
The Asia Pacific region is expected to be the key revenue-generating region in the market, owing to increased demand from the automotive and construction industries in countries such as China and India. The market is also expected to witness growth in North America, which may be attributed to the healthy aerospace and marine sectors in the region, as high strength steel finds widespread application in producing lightweight components.
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