Market Analysis:
The global High Strength Steel Market is a substantial rise, consecutively over the past few years, due to the extensive uses of this steel in the automotive and construction sector. Due to its range of properties, such as lightweight, durability, better weldability, and excellent formability, high strength steel is consumed in the automotive industry. Similarly, a huge amount of high strength steel is absorbed in the construction sector as well.
According to Market Research Future (MRFR), the global High Strength Steel Market is expected to colossal accruals by 2030,. In its recently published study report, MRFR also asserts that the market would register over 8.8 % CAGR throughout the forecast period (2022– 2030). The construction industry is witnessing sustainable growth due to the rising numbers of residential, non-residential, and infrastructure projects.
Moreover, advancements in technology are accelerating the growth of the market, driving the prefabricated and pre-engineered building projects. Basically, the rise in disposable income is escalating the market growth, driving the sales in construction and automotive industry. Additionally, factors such as the rapid industrialization and urbanization alongside, the increasing investments led by the improving economic conditions are fostering the growth of the market.
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The consumption of 25 to 30% more energy in the processing of high strength steel makes it highly capital intensive as compared to carbon steels. Therefore, the capital-intensive nature of high strength steel impedes the growth of the market, restricting its usages. Also, price volatility and the demand-supply gap in the materials required for the production of high strength steel is expected to obstruct the growth of the market during the assessment period.
Global High Strength Steel Market – Segments
The report is segmented into three dynamics to widen the scope of understanding,
By Product Type : Dual-Phase Steel, High Strength Low Alloy Steel, Hardenable Bake Steel, Carbon Manganese Steel and others.
By End-use Industry: Automotive, Construction, Hoisting Mining Equipment, Marine, and Aviation, among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global High Strength Steel Market – Geographical Analysis
The Asia Pacific region leads the global high strength steel market with the largest share. Rapid industrialization and constructional activities in the region drive the growth of the market. Large advancements in technology and increasing uses of high strength alloy steel in the automobile sector to produce fuel-efficient vehicles boost the market demand in the region. Heading with the increased investments by governments and the presence of major players, the region would continue its dominance throughout the forecast period.
Besides, the rapidly improving economy in the region is fostering the regional market growth, driving more innovations in the manufacturing techniques, increasing investments in the market. China accounts for the largest consumer of high strength steel led by the increasing population and growing demand from the automotive industry. India, South Korea, Japan, and other Southeast Asian countries are supporting the growth of the regional market.
North America takes the second-leading position in the global high strength steel market. Driven by the rapidly developing industrialization and growing adoption rate in the flourishing construction industry, the region accounted for a substantial share in 2022. Additionally, innovations in technology to produce superior quality high strength steel products for automotive applications are fostering the growth in the regional market. The growing demand for high strength steel in residential and commercial construction applications in the US is expected to drive the market growth.
The European high strength steel market is emerging as a promising market globally. The extensive use of high strength steel in manufacturing lightweight automotive body parts substantiates the growth of the market in the region. Moreover, the availability of funds, strong government support, and increasing demand for quality, high strength steel in the building and construction sector, as a result, increases the size of the regional market.
Germany accounts for the major contributor in the regional market owing to the presence of various automobiles components and automobile producers. Besides, European countries such as the UK, Germany, and France driving the regional market growth with increased investments in the construction domain. Additionally, the use of high strength steel in the manufacturing of aircraft and constituent parts is expected to allow the region to register a significant CAGR throughout the forecast period.
Global High Strength Steel Market – Competitive Analysis
Highly competitive, the high strength steel market appears to be fragmented due to the presence of many well-established players. To gain a larger market share, these players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, and technology launch. To achieve their goal, they figure out the changing requirements of customers and use advanced technology that pushes the product to new extremes of performance.
They strive to offer on-site coordination that ensures a quick turnaround. The high growth potential that the market demonstrates attracts several new entrants which result in intensifying the completion further. Matured players are substantially investing in RD to bring out improvements in the existing product.
Major Players:
Players leading the global high strength steel market include United States Steel Corporation (US), Arcelor Mittal (Luxembourg), Voestalpine AG (Austria), Shandong Steel Group (China), SSAB (Sweden), AK Steel Corporation (US), Nippon Steel and Sumitomo Metal Corporation (Japan), SAIL (India), POSCO (South Korea), Hyundai Steel Company(South Korea), Wuhan Iron and Steel Corporation (China), and China Antsteel Group Corporation Limited (China), among others.
Industry/ Innovations/ Related News
September 09, 2019 ---- The US Department of Energy (DOE), announced its partnership with PPG Industries, Inc. (the US), a global supplier of specialty materials to accelerate the development and testing of adhesives made explicitly for vehicles built from lightweight materials. Collaborating with DOE’s Lawrence Livermore National Laboratory (LLNL) and Pacific Northwest National Laboratory (PNNL), PPG would develop computer-based models of a variety of next-generation adhesives designed to join lightweight materials.
Automakers are exploring the use of high-strength steel, magnesium, aluminum, and carbon-fiber composites alongside, other lightweight materials to reduce total vehicle mass and improve fuel economy. This approach requires new adhesive chemistries that will mitigate corrosion and thermal expansion issues associated with joining dissimilar materials.
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