High Strength Steel Market By Product Type (Transformation Inducted Plasticity Steel, Dual Phase Steel, High Strength Low Alloy Steel, Bake Hardenable Steel) By Application (Automotive, Building & Construction, Mining) and Region - Global Forecast to 2026

The global high strength steel market is estimated to value of over US$ 26 Bn in 2017, and is projected to register a CAGR of 8.7% in terms of value during forecast period 2017–2026. The report offers in-depth insights, revenue details, and other vital information regarding the global high strength steel market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report includes PEST analysis, Porter’s Five Forces analysis, and opportunity map analysis for in-depth understanding of the market. The High strength steel market report offers insightful and detailed information regarding the various key players operating in the global high strength steel market, their financials, technological innovations, key developments, apart from future strategies, SWOT analysis, acquisitions & mergers, and market footprint. The global high strength steel market is segmented on the basis of product type, application, and region.

High strength steel is low carbon steel produced from a little quantity of copper, nickel, niobium, nitrogen, vanadium, chromium, molybdenum, titanium, calcium, rare earth elements, or zirconium. Copper, titanium, vanadium, and niobium is usually used to provide high strength to this material.

Global High Strength Steel Market Dynamics:

Increasing adoption of high strength steels for various end-use applications in automotive and construction sectors is a major factor driving growth of the global high strength steels market, currently.

High strength steels are majorly used in the automotive industry owing to rising focus on products with improved performance, strength, safety, and durability. Automakers have increasingly incorporated high strength steels into vehicles, especially structural and safety components in the recent past and the trend is expected to continue well into the future.

High strength steels are primarily used in manufacturing of automotive parts, such as rocker-panels and reinforcements, automotive A-, B-, and C- pillars, various cross-car beams, box girders for chassis, crash boxes, crossbeams and cross members, roof bows, door and sill reinforcements, and support components.

Increasing adoption of high strength steels from the construction sector for various applications such as in building frames, structural hollow sections, steel floor decking, and metal building envelope systems is another factor fueling growth of the target market

Growing automotive and construction industries, owing to convergence of various technologies and industries with the automotive space, coupled increasing global population are major factors driving growth of the target market.

However, high production costs of high strength steels owing to increase in cost of raw materials is a major factor limiting adoption of high strength steels. Also, high cost associated with energy required for manufacturing of high strength steels is another factor responsible to increase in end-product cost.

Analysis by Product Type:

On the basis of product type segmentation, the high strength low alloy steel segment is expected to contribute major revenue share to the global market and is expected to maintain its dominance over the forecast period. The high strength low alloy steel segment witnesses a CAGR over 8.5%. High strength low alloy steel has various properties such as high strength, toughness, formability, weld ability, and high resistance to corrosion, and as a result, adoption in the oil & gas industry for transmission pipelines has been increasing significantly. In addition, adoption of various HSLA grades for construction of bridges and manufacturing of storage tanks is another factor expected to support revenue growth of this segment over the forecast period.

Analysis by Application:

Among all the application segments, the automotive segment accounts for highest share in terms of revenue in the global market. The automotive segment is projected to register a CAGR over 9.1% during the forecast period. In automobiles, high strength steel used in various applications such as door impact beams, bumper reinforcements, and seat constructions, etc. that increases safety and reduces weight. Growing demand for passenger vehicles, coupled with rising environmental pressures on cars manufacturers to reduce weight of vehicles in order to increase fuel-efficiency and reduce carbon emissions are factors expected to support revenue growth of the segment over the forecast period.

Analysis by Region:

Growth of the high strength steel market in North America is attributed to rising demand from automotive, aviation, and construction industries in the US and Canada. Rising demand for automobiles in countries in the region owing to changing lifestyle and increasing purchasing power of consumers are among some of the major factors expected to boost production of automobiles across the region, and in turn drive revenue growth of the North America high strength steel market over the forecast period.

The Europe market accounted for major share in terms of revenue in the global high strength steel market in 2017. The market in Europe is expected to witness considerable growth in terms of revenue during the forecast period. Increasing growth of the construction sector in countries this region, coupled with rising demand for high strength steel in the automotive manufacturing sector owing to its advantages such as high ductility, strength, corrosion resistance, and wear resistance. Europe is the second-largest producer of crude steel in the world, which is expected to continue to support revenue growth of countries in the region over the forecast period. Furthermore, presence of prominent international players in the market such as JFE Holdings, Inc., ArcelorMittal, Tata Steel Limited, and others in countries in the region are expected to fuel growth of the Europe high strength steel market.

The Asia Pacific market accounts for significant share in terms of revenue in the global market. The Asia Pacific high strength steel market is expected to witness highest growth in terms of revenue and is expected to register a CAGR of over 9% during the forecast period. Rising demand for high strength steel from aerospace and marine industries owing to its advantages such as high tensile strength, easy fabrication, and others are expected to drive growth of the Asia Pacific high strength steel market over the next 10 years. Moreover, rising demand for high strength steel from the commercial vehicle sector, especially for use in agriculture, construction, and landscaping applications, is another major factor expected to drive growth of the high strength steel market in countries in the region.

The market in Latin America accounts for over 4.2% of revenue share in the global market in 2016. Growing demand for vehicles owing to increasing population, rising income levels, and changing lifestyle of consumers is expected to boost production of automobiles in Latin America, and in turn drive growth of the Latin America high strength steel market over the forecast period.

Global high strength steel market segmentation:

Segmentation on the basis of product type:

• Transformation Inducted Plasticity Steel
• Dual Phase Steel
• High Strength Low Alloy Steel
• Bake Hardenable Steel
• Others

 Segmentation on the basis of application:

• Automotive
• Building & Construction
• Mining Machinery
• Aviation & Marine
• Others

Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa