Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the High Strength Steel market.
Trusted Business Insights presents an updated and Latest Study on High Strength Steel Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the High Strength Steel market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ 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 2020-2029-(Includes Business Impact of COVID-19)
The global high strength steel market size was USD 28.79 billion in 2018 and is projected to reach USD 53.43 billion by 2026, exhibiting a CAGR of 8.1% during the forecast period.
We have updated the High Strength Steel Market with business impact analysis and disruption caused by COVID-19.
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Steel has been the major material in the fabrication of heavy structures including automotive bodies and heavy machines in various industries such as automotive, construction, mining, aerospace, and marine for over 100 years. It remains the major material used in these industries by innovation in metallurgy and material processing to meet the critical needs of end-users. High strength steel has been designed to deliver higher strength and ductility in comparison to carbon steel.
High strength steel is an advanced type of steel that is stronger and tougher in comparison to conventional steel. It is lighter in weight, thinner in size, highly malleable, weldable, and ductile. Besides, this type of steel is highly resistant to corrosion, offers excellent crash-resistance, and provides safety as the structures manufactured with this steel would be in use for a long time. This steel has yield strength greater than 275 MPa or 40 ksi, carbon content between the range of 0.05% to 0.25%, manganese content lower than 2.0%, and small quantities of other elements including chromium, nickel, copper, vanadium, and nitrogen in various combinations.
It is mainly available in the form of sheets, plates, and rods and can be directly used to fabricate small equipment. This type of steel finds uses in the fabrication of various large structures including automobile body, equipment & machinery, and electronics. The use of this steel would help reduce the weight of various heavy structures such as automobile body panels by over 50%.
In the current global scenario, high strength steel is majorly used in the automotive industry for the manufacturing of vehicles and various auto parts. Rising demand for lightweight vehicles to make vehicles cost and energy- efficient is expected to drive the high strength steel consumption globally. Major manufacturers of this steel type are investing in R&D to enhance the strength of steel and reduce the weight of steel sheets formed.
Hence, one of the current leading high strength steel market trends is the rising demand for lightweight steel from automotive, construction, and industrial applications.
Growing Demand for High Strength Steel from Automotive Industry to Aid Market Growth
High strength steel is mainly used for the excellent strength that it offers, which reduces the amount of steel required to manufacture a vehicle and various auto parts, hence, making the vehicle lightweight. This will further help reduce the amount of CO2 emissions from vehicles through improved fuel economy and cause less damage to road surfaces. The rising consumption of lightweight materials from the automotive industry will effectively influence the growth of this market.
Besides, this steel is resistant to corrosion and offers excellent crash-resistance. Therefore, it increases the safety and durability of vehicles and passengers traveling in these vehicles. Rising demand for hybrid and electric vehicles is expected to boost the demand for high strength steel across the globe during the forecast period.
Moreover, high strength steel is an important material used in the design of bridges and other infrastructures as its use increases the distance between the center spans and requires fewer supporting beams. Rising infrastructure development activities in various regions will increase the consumption of this steel during the forecast period. Similarly, growth in the aerospace, marine, equipment & machinery, and electronics industries is expected to drive the high strength steel market demand.
By Type Outlook
High Strength Low Alloy Segment to Exhibit Rapid Growth during the Forecast Period
The high strength steel market is segmented into High Strength Low Alloy (HSLA), Dual Phase (DP), Transformation Induced Plasticity (TRIP), martensitic (MS), and others, on the basis of types. Amongst these, HSLA accounts for the largest market share owing to its characteristics including ductility, highly formable, tougher than ordinary carbon steels, weldability, and high resistance to corrosion. Increasing demand for HSLA from applications such as automotive and building & construction is expected to drive this market globally.
Dual Phase is mainly used to manufacture crumple zones in the body structure of a vehicle such as hood, doors, front & rear rails, fasteners, and wheels as its yield strength and ductility can be controlled by monitoring hot coiling and bake hardening temperature. The use of DP steel is increasing in the manufacturing of automotive parts, which is expected to increase its demand. Moreover, other types of high strength steel include TRIP steel, martensitic steel, complex phase steel (CP), ferritic-bainitic steel, and hot-formed steel (HF). Increasing demand for all these types of high strength steel from various applications will drive the high strength steel market substantially.
By Application Outlook
The Automotive Segment is Expected to Generate the Highest Revenue
The market is segmented into automotive, building & construction, mechanical & heavy equipment, rail, aviation & marine, and others, on the basis of application. Amongst these, automotive is expected to be dominant throughout the forecast period. High strength steel is used in automotive bodies due to their ability to offer high strength and lower weight than conventional steel. Reduced weight of a vehicle means low carbon emission, high fuel efficiency, and better performance, which is an important aspect in the automotive industry.
Rising urbanization and infrastructural activities have led to an increased demand for high strength steel. Growth in the MEA, owing to the need for residential as well as commercial buildings has led to the rise in the consumption of this type of steel.
This steel is also being used for the manufacture of heavy equipment, rail & aviation parts, and electronics and energy applications. Growing demand for high strength steel from these applications is expected to propel the high strength steel market.
Asia-Pacific accounted for the largest portion of the high strength steel market share in 2018 and is expected to remain highest throughout the forecast period owing to the increased demand for high strength steel from automotive, building & construction, and mechanical & heavy equipment applications. China, India, and Japan are key countries contributing to the market growth in the region owing to the rising demand for high strength steel from automotive and construction industries in these countries. China is the major producer and consumer of this steel type across the globe due to the large automobile production in the country.
Europe is projected to witness substantial growth in this market. The increasing demand for lightweight material for the manufacturing of electric and hybrid vehicles would contribute to the growth of the market in this region. Moreover, the use of high strength steel in the building & infrastructural developments is another factor driving market in Europe.
The market in North America is anticipated to grow at a significant CAGR. The U.S. is one of the major consumers of this steel for automotive and mechanical & equipment applications globally, which will aid high strength steel market growth.
Increasing demand for high strength steel from building & infrastructural development is one of the major factors influencing the growth of the market in Latin America and the Middle East & Africa. Additionally, it is excessively used in mining and automotive applications in these regions. Rising demand for a steel with higher strength and lower weight will surge the high strength steel market revenue in these regions.
KEY INDUSTRY PLAYERS
Key Market Players to Strengthen the Market Position by Providing Advanced Solutions to the Construction Industry
Major producers of high strength steel are spread out over the globe, leading to a diversified market. Majority of these producers are located in Asia Pacific. The producers located in North America and Europe region are aiming to increase their presence in China and other countries in Asia Pacific to strengthen the market position and drive the business growth of the organization. The key players in the high strength steel market have developed a strong regional presence, distribution channels, and product offerings. ArcelorMittal S.A., Baosteel Group Corporation, and Nippon Steel & Sumitomo Metal Corporation are the leading players in this market. They have adopted strategies such as acquisition and joint ventures to increase their regional footprint and market share in the market.
LIST OF KEY COMPANIES PROFILED:
- ArcelorMittal S.A.
- Baosteel Group Corporation
- Nippon Steel & Sumitomo Metal Corporation
- HBIS Group
- Posco Group
- JFE Steel Corporation
- United States Steel Corporation
- China Steel Corporation
- Steel Authority of India Limited (SAIL)
- Tata Steel
- Angang Steel Company Limited
- Hebei Puyong Iron and Steel Group Co., Ltd.
- JSW Steel
- SSAB AB
- Novolipetsk Steel (NLMK)
- CITIC Pacific Special Steel Holdings
- Hyundai Steel Company
- Voestalpine AG
- Nucor Corporation
- Thyssenkrupp Ag
- Metinvest Holding, LLC
- PAO Severstal
- Gerdau S.A.
- Shandong Iron and Steel Group
- Other Key Players
A growing trend observed is the penetration of the high strength steel market across industries such as automotive & transportation, construction, mechanical & heavy equipment, energy, and electronics.
An Infographic Representation of High Strength Steel Market
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The high strength steel market report provides qualitative and quantitative insights on this market and a detailed analysis of market size & growth rate for all possible segments in the market. The high strength steel market is segmented by type, application, and geography. Based on the type, the market is classified into high strength low alloy, dual phase, transformation induced plasticity, martensitic and others. By application, the market is divided into automotive; building & construction; mechanical & heavy equipment; rail, aviation & marine; and others. Geographically, the market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. These regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global high strength steel market, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape, and company profiles.
Report Scope & Segmentation
- High Strength Low Alloy (HSLA)
- Dual Phase (DP)
- Transformation Induced Plasticity (TRIP)
- Martensitic (MS)
- Building & Construction
- Mechanical & Heavy Equipment
- Rail, Aviation & Marine
- North America (U.S., and Canada)
- Europe (Germany, France, Italy, Spain, UK, Poland, Russia, and Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Southeast Asia, and Rest of Asia-Pacific)
- Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
- Middle East & Africa (Saudi Arabia, Egypt, Turkey, Iran, and Rest of Middle East & Africa)
Key Industry Developments
In December 2019, ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation jointly acquired Essar Steel India Limited and formed a joint venture named ArcelorMittal Nippon Steel India Limited. Essar Steel India Limited was India™s fourth largest steelmaker. ArcelorMittal will hold 60% share in this joint venture and Nippon Steel will hold the remaining 40% share. This acquisition and joint venture will help the companies to serve the steel demand in India.
In June 2018, Nippon Steel & Sumitomo Metal Corporation acquired Ovako AB, a specialty steel producer in Sweden which has developed a global top-level technology about high-cleanliness steel for bearing steel and other related products. With this acquisition the company expects to strengthen its special steel businesses and develop a global business promotion system to meet the rising steel demand.
In December 2019, HBIS Group and POSCO Group have signed a memorandum of understanding (MoU) to form a joint venture for the development, production, and sell of high-end steel products in China for automobile industry. With this joint venture the companies aim to grab the opportunities in automotive industry in China.
Quick Read Table of Contents of this Report @ 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 2020-2029-(Includes Business Impact of COVID-19)
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