- The growth of the global high strength steel has been primarily driven by the booming automotive industry as they try to develop lightweight vehicles
- Moreover, growing activities of research and development are also expected to be beneficial for the overall development of the global market
ALBANY, New York, Feb. 18, 2020 /PRNewswire/ -- A recent research report by Transparency Market Research is provides a great insight on the overall working dynamics of the global high strength steel (HSS) market. The research report expects the global market to register a promising CAGR of ~9% for the mentioned forecast period of 2019 to 2027. With this impressive rate of growth, the valuation of the global market is expected to rise up to ~US$41.3 billion by the end of 2027.
Key Findings in the Research Report:
- The global high strength steel market can be broadly divided into type of product, end use, and region.
- Based on the type of product, the global market is further segmented into conventional HSS, AHSS, and UHSS. Of these, the segment of AHSS is expected to emerge as a dominant one in the near future. Increasing adoption of AHSS in production of lightweight vehicles is expected to drive the growth of the segment.
- Based on end-use, the global market is further segmented into building and infrastructure, automotive, industrial machinery, aerospace and defense, and others. Of these, the segment of automotive vehicles is expected to emerge as the leading one.
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Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global High Strength Steel (HSS) Market by Product Type: Conventional HSS [Carbon-Manganese, Bake-Hardenable, and High Strength Low Alloy {HSLA}], AHSS [Dual Phase, Transformation Induced Plasticity, and Others], and UHSS; and End Use: Building & Infrastructure, Automotive [Conventional Vehicles and Electric Vehicles], Industrial Machinery, Aerospace & Defense, and Others, Forecast 2019 - 2027 at https://www.transparencymarketresearch.com/high-strength-steel-market.html
Global High Strength Steel Market - Key Driving Factors
There are several micro as well as macroeconomic factors that are currently shaping up the growth of the global high strength steel market. Some of the key driving factors are listed below:
- One of the biggest driving factor for the overall development of the global high strength steel market is the increasing demand for them from the automotive industry. In recent years, there has been a growing onus on developing electric vehicles in order to bring more sustainability and reduce the growing carbon footprint. Electric vehicles need lightweight designs. This is thus projected to provide a solid impetus to the use of high strength steel, driving the market growth.
- In addition to this, use of high strength steel is highly cost effective and the material is also durable. This provides a double benefit in terms of manufacturing. Thus the companies in the automotive sector are increasingly preferring HSS materials. Thus, the market growth is on the rise.
- In recent years, there has been a growing adoption of AHSS in several prominent end use industries, including automotive. This too has worked in favor of driving the growth of the global market.
Global High Strength Steel Market - Key Restraining Factors
Even though the market is moving in the right growth direction, there are certain factors that are expected to impede the overall development of the global market. These factors may slow down the market growth and stop it from reaching its full potential. Manufacturers in the global market must be ready to tackle these issues and bring back the growth rate back on track. There are a few limitations to the use of HSS and the manufacturers must address these issues so as to maximize their profits.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/18491
Global High Strength Steel Market - Geographical Outlook
- In terms of geographical segmentation, there are five key regions of the global high strength steel market namely North America, Middle East and Africa, Asia Pacific, Europe, and Latin America.
- Of these, the regional segment of North America is expected to show a decent rate of growth. The presence of a superior competitive landscape in the region is one of the key reasons behind its growth. These companies are eyeing for long-term sustainability and thus, there has been a growing demand for high strength steel in the region.
- On the other hand, the regional segment of Asia Pacific is expected to show a highly promising rate of development over the course of the give period of forecast. In 2018, Asia Pacific region led in terms of both volume as well as value. The growth of the market is primarily attributed to the increasing demand from the emerging economies such as India and China.
- These two nations collectively accounted for nearly 60% of the overall market share in Asia Pacific in 2018.
Analyze High Strength Steel market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global High Strength Steel Market - Competitive Landscape
The vendor landscape of the global high strength steel market is fragmented. The leading seven players in the global market account for nearly 20% of the overall market share. The companies in the global market are investing heavily in the development of innovative and technologically advanced products that will serve the demands from the end use industries.
Some of the key companies in the global market are ArcelorMittal, POSCO Group, Baosteel Group Corporation, Nippon Steel Corporation, Essar Steel, Tata Steel, JFE Steel Corporation, Hesteel Group, and Nucor Corporation.
Global High Strength Steel (HSS) Market: Segmentation
High Strength Steel (HSS) Market, by Product Type
- Conventional HSS
- Carbon-Manganese
- Bake-Hardenable
- High Strength Low Alloy (HSLA)
- AHSS
- Dual Phase (DP)
- Transformation Induced Plasticity (TRIP)
- Others
- UHSS
High Strength Steel (HSS) Market, by End Use
- Building & Infrastructure
- Automotive
- Conventional Vehicles
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Duty Vehicles
- Electric Vehicles
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Duty Vehicles
- Industrial Machinery
- Aerospace & Defense
- Others
High Strength Steel (HSS) Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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