Global High Strength Steel Market by Type (High Strength Low Allow Steels, Dual Phase Steels, Bake Hardenable Steels, & Others), by Application (Body and Closures, Suspensions, Bumper and Intrusion Beams), by End-User (Automotive, Construction, & Others), and by Region With Forecast 2016-2024

Global High Strength Steel Market 

Market Overview

In order to make wide range of solutions for automotive industry and material supplier to meet the requirements related to reduce fuel consumption, improve driver safety, ensure product reliability, and increase affordability, high strength steel (HSS) market have seen the new heights. Now HSS material is the dominant engineering alloy in order to implement all the mentioned requirements in vehicles due to its affordability, performance, manufacturability, and recyclability.

Goldstein Research analyst forecast the High Strength Steel Market size is set to reach USD 24.3 billion by 2024, at a CAGR of 7.9% over the forecast years. Tata Steel's Service Center Maastricht subsidiary in the Netherlands commissioned a large heavy gauge decoiler which served the growing markets in Europe for high strength steels, especially in the Lifting & Excavating sector.

Covered In This Global High Strength Steel Market Report        

The report covers the present ground scenario and the future growth prospects of the High Strength Steel Market for 2016-2024 along with the details of government initiatives worldwide regarding the High Strength Steel and the sales of devices and drugs. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe.

Global High Strength Steel Market Segmentation

By Product Type

• High Strength Low Alloy Steels
• Dual Phase Steels
• Bake Hardenable Steels
• Carbon Manganese Steels
• Others

By Application

• Body and Closures
• Suspensions
• Bumper and Intrusion Beams
• Others

By End User

• Automotive
• Construction
• Others (Heavy Machinery)

Based on Geography

• North America (U.S. & Canada) High Strength Steel Market
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) High Strength Steel Market
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) High Strength Steel Market
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) High Strength Steel Market
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) High Strength Steel Market

On the basis of product type, dual phase is the fastest-growing segment of the high strength steels market with a CAGR of 21.1% owing to its excellent combination of strength and drawability as a result of their good ductility and strain hardening capacity from the beginning of deformation, which ensure homogeneous strain redistribution and reduce local thinning. High strength low alloy steels accounted for largest share in terms of volume attributed to the mechanical properties and it has low carbon content that provide improved weldability as well as resistance and formability.        

High Strength Steel Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global High Strength Steel Market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global High Strength Steel Market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our global High Strength Steel Market report comprises of the following companies as the key players: Arcelor Mittal, United States Steel Corporation, Voestalpine AG, SSAB, Shandong Iron and Steel Group, Baosteel Group Corporation, Severstal JSC and ThyssenKrupp AG.

Other high-flying vendors in the market are: Essar Steel, Gerdau S.A., Hebei Puyang Iron and Steel Co., Ltd., Hyundai Steel Co., Ltd, JFE Steel Corporation, JSW Steel, Kobe Steel, Ltd., Nippon Steel & Sumitomo Metal Corporation, Novolipetsk Steel, Nucor Corporation, Posco, Saab Group, Schuler Group, Shougang Corporation, Steel Authority of India Limited, Tata Steel Limited, Usiminas, Voestalpine Group.

According to our global market study on the basis of extensive primary and secondary research:  “One trend is the innovation in metallurgy and material processing while addressing industry’s critical needs. Tubular steel towers for multi-megawatt turbines are the emerging end user segment as steel towers represent about 15 to 20% of the total installation costs and innovative connection has substantially improved structural performance of the connection in fatigue, at least double fatigue endurance and almost no limits to the connection strength.”

According to the report, major driving factor for High Strength Steel Market is the automotive weight reduction with steel making important contribution ecologically and economically, the greatest of which is to cut CO2 emissions. For example, there are steels that only achieve their final high strength during forming at the OEM’s plant while other steels are initially readily formable and then achieve high strength through the high temperatures of the painting process.  

Further, the report states the major challenge that is high production cost of high strength steels is restraining the growth of the high strength steel market. High cost of high strength steel affect its penetration rate into other verticals like heavy machinery in energy sector.

Based on geography, North America held the highest share i.e. 40% in the high strength steel market in 2016 while APAC tends to be the fastest growing high strength steel market registering the CAGR of 8.1% owing to the increasing number of automotive manufacturers, water projects, petrochemical industry, chemical industry, agricultural industry and urban construction. China tends to be the opportunistic market for high strength steel due to growing industrialization and infrastructural developments.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this High Strength Steel Market report

• What is the total market size by 2024 and what would be the expected growth rate of market?
• What is the revenue of High Strength Steel in 2015-16 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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