Global High Strength Steel Market by Product (Dual Phase, High Strength Low Alloy), by Application (Automotive, Construction, Mining, Aviation & Marine) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Industry Insights

In 2016, the global high strength steel market was worth USD 15.4 billion. Market demand is expected to grow due to growing demand in the construction and automotive sectors, as well as the sustainability of high-strength steel over the forecast period.

There have been significant challenges for the automotive industry in meeting various government standards regarding safety, weight, fuel economy, emission, and other factors. This product is a practical solution that allows designers to create fuel-efficient, safe vehicles while reducing their weight. Its excellent metallurgical qualities make it an attractive alternative to other materials in the automotive industry.

A variety of high strength steel grades are available, including specialty steels that can be used in many sectors. This product is made from key raw materials such as iron ore, manganese and microalloying components. It is used in many industries including construction, automotive and marine, mine equipment, electric equipment and pipes.

Industry players around the world are striving to reduce their environmental impact due to rising levels of pollution from greenhouse gas emissions. Steel manufacturers are striving to improve their environmental sustainability through lower CO ₂ emission, energy consumption, and lower waste generation. High strength steel is produced with less energy than carbon steel.

Modern research programs have allowed for the development of new and improved products. Hot stamping technology has allowed for improved structural properties. Advanced hot stamping technology uses a variety of processes, including microstructure control, heating and stimulation of phase control. For product development, various CAD and CAE software are being developed, as well as non-destructive test instruments.

The majority of the product is used to manufacture automotive parts such as rocker panels and reinforcements. Product demand is expected to rise due to the growth of the automobile industry.

Major automotive, aircraft and welding equipment manufacturers use high strength steel. Over the forecast period, the market will see a rise in demand for products that are stronger, more durable, and perform better.

Product Insights

The market can be divided by product into high strength low alloy (HSLs), dual phase (DP), transformation inducible plasticity (TRIP), bake hardenable (BH), martensitic and others. These products are mainly used in the automotive sector. The product's demand is expected to rise due to the growing demand for lightweight, durable and strong materials in the construction, aviation, and marine industries.

Over the last few years, HSLs have gained a substantial share of the high strength steel market. This trend is expected to continue over the forecast period. HSLs accounted for around 37.0% of global revenue in 2016. The product has been specially developed to resist atmospheric corrosion and have better mechanical properties than conventionally produced carbon steels. These elements increase strength by forming stable carbonitrides or carbides, as well as affecting the steel's hardenability.

Over the forecast period, dual phase steel will gain significant market share. These characteristics make DP steels a great choice for structural parts and reinforcements. Dual phase steel has high mechanical strength, exceptional fatigue resistance, and excellent energy absorption capacity.

Application Insights

Major application segments in the market include construction, mining machinery and automotive. The automotive sector accounted for 85.0% of total industry revenue in 2016. It is used extensively in automobile body structures that require high durability. High strength steel is not easy to work with, but it's possible to create complex shapes using high-strength steel. However, a well-designed die and thorough analysis can help you make strong parts for your vehicle.

The market growth will be limited by strict regulations from the U.S. EPA, and other regulatory bodies, regarding the storage and use high strength steel and related materials. High strength steel will be in demand as more people move into houses and apartments. The growth in residential and commercial construction is also expected to have an impact on the demand for high strength steel over the forecast period.

The forecast period will see steady growth in the aviation and marine applications segment, especially in advanced economies like the U.S. It is used in many aviation and marine applications. The product will be popular in light-weight applications, as both aircraft and ships require it. Because they resist corrosion, they are being used more frequently in marine applications.

Regional Insights

Asia Pacific was the largest market segment in 2016, and it is expected to maintain its dominance during the forecast period. The region is expected to see a rise in population, household formation, low mortgage rates and strong economic conditions which keep unemployment low. Additionally, rising incomes will drive residential construction. Product demand is expected to rise due to rising demand for apartments and single-family homes.

The promising growth of the automotive industry worldwide will play a major role in driving demand in the region for high-strength steel, which is increasingly used in automobile body parts. Over the last few years, passenger and commercial vehicle production has been steadily increasing in the United States, India, Germany and Mexico. A healthy rise in automobile manufacturing has had a positive effect on product demand. The key factor that influenced the usage of the product was its weight.

In 2016, the North American market was second in global revenues. This is due to the rapid growth in the Mexican automotive industry and the expansion of the construction sector in the member countries. These industries' growth across the region is expected to drive future product demand.

Market Share in High Strength Steel

The competitive landscape for high-strength steel is made up of raw material suppliers, manufacturers and distributors. The market is dominated by large international companies, which has increased the level of competition. Product demand has increased due to the increased use of the product in construction parts, mining equipment and automotive parts. The industry has seen fierce competition through partnerships with customers and long-term agreements. High strength steel is developed by a variety of manufacturers to meet the needs of customers in the mining, construction, automotive and construction sectors. To meet rising consumer demand, manufacturers are increasing their production capacity.

ArcelorMittal S.A. and Tata Steel are some of the major players in the industry.

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional and country level and offers an analysis of industry trends in each sub-segment from 2014 to 2025. Grand View Research has divided the global high-strength steel market report by product, region, and application.

• Product Outlook (Volume of Kilotons; Revenues, USD Millions, 2014-2025)

  • Steel with high strength and low alloy (HSLs).

  • Dual Phase (DP).

  • Transformation Induced Plasity (TRIP).

  • Bake Hardenable (BH)

  • Martensitic

  • Other

• Application Outlook (Volume of Kilotons; Revenues, USD Millions, 2014-2025)

  • Automotive

  • Construction

  • Mining Machinery

  • Aviation & Marine

  • Other

• Regional Outlook (Volume of Kilotons; Revenues, USD Millions, 2014-2025)

  • North America

    • The U.S.

  • Europe

    • The U.K.

    • Germany

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

Up Market Research published a new report titled “High Strength Steel Market research report which is segmented by Product (Dual Phase, High Strength Low Alloy), by Application (Automotive, Construction, Mining, Aviation & Marine), By Players/Companies Tata Steel, POSCO Co, AK Steel Corporation, Ansteel Group Corporation, United States Steel Corporation, Nucor Corporation, Voestalpine AG, ThyssenKrupp AG, ArcelorMittal SA, SSAB, Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global High Strength Steel Market Report Segments:

The market is segmented by Product (Dual Phase, High Strength Low Alloy), by Application (Automotive, Construction, Mining, Aviation & Marine).

High Strength Steel Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the High Strength Steel Market

Overview of the regional outlook of the High Strength Steel Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The High Strength Steel Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of High Strength Steel Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Dual Phase

                2. High Strength Low Alloy

                1. Automotive

                2. Construction

                3. Mining

                4. Aviation & Marine

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the High Strength Steel Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the High Strength Steel Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.