The rising demand of high strength steel in major end-use industries, effective quality of high strength steel and rising construction industries coupled with strong economic conditions are the main growth factors for thehigh strength steel market.
The global high strength steel market was valued at USD 23.8 billion in 2018 and is expected to reach USD 41.2 billion in 2026, growing at a CAGR of 7.2% during the forecast period.
The global high strength steel market is expected to grow significantly over the next few years due to the increasing demand for high strength steel in various industries, such as construction and automotive. However, the rapidly growing demand for infrastructure and the booming manufacturing industries is expected to further fuel the global high strength steel market in the future.
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High strength steel is the type of steel that facilitates high yield due to the strengthening processes used on steel to achieve better strength, durability, fatigue, and ductility. High strength steel is used in a wide range of applications, most prominently automotive, heavy machinery, energy and power, shipbuilding, aerospace, packaging, and consumer goods. Most commonly high strength steel is produced by the cold-rolled process followed by hot rolled, metallic rolled and direct rolled. High strength steel also lowers production costs, offers environmental and financial advantages for various applications in the automotive and construction industries, such as the structural design of auto parts, lifting equipment, materials handling, trailers, and others.
The increasing construction industry coupled with a growing population and strong economic condition in developing countries is also expected to increase the growth of the global high strength steel market. Increased investment in the global high strength steel market and support from the government expected to boost the growth of the market during the forecast period. However, the increasing costs of iron ores are affecting the prices of steel. The cost of manufacturing high strength steel is higher than that of other steel manufactured from conventional materials, which is the major constraint for the high strength steel market.
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- Based on the product type, the high strength low alloy (HSLA) segment expected to grow at the fastest rate of 9.5% CAGR during the forecast period.
- Based on the end-use industry, the automotive segment is expected to register 29% market share in 2018
- In 2018, Asia Pacific is accounted to hold the highest market share of 35% in the global high strength steel market.
- In November 2018, SSAB AB has launched Strenx 1100 Plus Strip Metal, a hot-rolled, high-strength metal that has unique welding properties and offers outstanding welding and bending performance.
- In August 2018, AK Steel Corporation has launched NEXMET, an innovative range of high strength steel for lightweight components in the automotive industry. These were designed for the manufacture of original automotive equipment.