The global high strength steel market size is projected to reach USD 27.9 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.9% during the forecast period. Increasing demand from construction and automotive industries is the chief factor driving market growth.
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Some of the major competitors in the market are carrying out active R&D investments in the high strength steel field to improve product scope and stay competitive in the industry. Key players are emphasizing on manufacturing high strength steel that is durable and has a wide application scope. Competition among manufacturers is intense as they have similar product portfolios and cater to similar end-use industries.
The governments in developed and developing economies have imposed stringent regulations on automotive manufacturers to meet crash safety requirements. Reduction in weight of vehicles using high strength steel has enable them to achieve these safety requirements. Ideal weldability, formability, and joinability of high strength steel has resulted in a fast-paced penetration of the material in automotive industry. The factors that have driven the use of high strength steel in automotive includes safety, fuel efficiency, durability, and environmental concerns.
Asia Pacific was the largest market for high strength steel in 2016, and this trend is expected to continue over the forecast period. Growth of construction and automotive industries in India and China is expected to drive product demand in the region. In addition, increase in disposable incomes and rising demand for passenger cars, apartments, and houses are expected to positively impact product demand.
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High strength steel is used to manufacture construction and earth moving equipment, quarrying equipment, and fork lift trucks. Various grades of high strength steel are used in truck beds, hoppers, buckets, chutes, crushers, and conveyor troughs. Other applications of high strength steel include use in trash truck bottoms, concrete mixer drums, bucket lips, dump trailers, and street sweepers.
Further key findings from the report suggest:
- In terms of volume, the global demand for High Strength Low Alloy (HSLs) steel is anticipated to reach 18,518.8 kilotons by 2025, at a CAGR of 5.9% from 2017 to 2025
- In terms of revenue, the construction segment is projected to ascend at a CAGR of 10.2% over the forecast period
- The automotive application segment dominated the market in terms of revenue, with a market share of 86.3% in 2016
- The U.S. high strength steel market is anticipated to exceed 8,820.6 kilotons by 2025
- The market for high strength steel is highly competitive with the presence of a number of multinational companies with massive product portfolios
- Some of the key companies present in the market are ArcelorMittal S.A., Tata Steel, United States Steel Corporation, Voestalpine AG, POSCO Co., Ltd, SSAB, ThyssenKrupp AG, Ansteel Group Corporation, AK Steel Corporation, and Nucor Corporation.
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