DUBLIN--(BUSINESS WIRE)--The "High Strength Steel Market by Type (High Strength Low Alloy, Dual Phase, Bake Hardenable, Carbon Manganese), End-Use Industry (Automotive, Yellow Goods & Mining Equipment, Construction, Aviation & Marine), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering
The high strength steel market is projected to grow from USD 27.32 billion in 2018 to USD 40.85 billion by 2023, at a CAGR of 8.4% between 2018 and 2023.
Factors such as increasing consumption of high strength steels in the automotive and construction industries due to effective characteristics offered by them are driving the growth of the high strength steel market across the globe. Rising demand for high strength steels from the Asia Pacific region is also expected to lead to the growth of the high strength steel market. High production costs of high strength steels due to increased prices of raw materials are expected to restrain the growth of the high strength steel market across the globe.
Based on type, the high strength low alloy segment of the high strength steel market is expected to witness the highest growth during the forecast period. The growth of this segment of the market can be attributed to the increased use of high strength low alloy steels for manufacturing body panels of automobiles as they increase fuel efficiency of automobiles by reducing their weight by approximately 60%.
The automotive end-use industry segment is projected to lead the high strength steel market between 2018 and 2023.
Based on end-use industry, the high strength steel market has been segmented into automotive, construction, yellow good & mining equipment, aviation & marine, and others. The automotive end-use industry segment is projected to lead the high strength steel market from 2018 to 2023 due to the increasing use of high strength steels in the automotive industry for manufacturing body and various other components of automobiles. In comparison to conventional steels, high strength steels not only enable weight reduction of products but also provide them high impact strength.
Market Dynamics
Drivers
- Increasing Consumption of High Strength Steels in the AutomotiveAnd Construction Industries
- Effective Characteristics of High Strength Steels
Restraints
- High Production Costs of High Strength Steels Due to Increased Prices of Raw Materials
Opportunities
- Increased Investments and Required Support From GovernmentsOf Different Countries
- Increased Consumption of High Strength Steels in Emerging Economies
Challenges
- Advancements in the Grades of Advanced High Strength SteelsAnd Ultra-High Strength Steels
Company Profiles
- Angang Steel Company Limited
- Arcelormittal S.A.
- Baosteel Group Corporation
- China Steel Corporation
- Citic
- Gerdau S.A.
- Hebei Puyong Iron and Steel Group Co., Ltd.
- Hyundai Steel Company
- JSW Steel
- Jfe Steel Corporation
- Jiangsu Shagang International Trade Co., Ltd.
- Metinvest Holding, LLC
- Nippon Steel & Sumitomo Metal Corporation
- Novolipetsk Steel (NIMK)
- Nucor Corporation
- PAO Severstal
- Posco Group
- SSAB AB
- Shandong Iron and Steel Group
- Steel Authority of India Limited
- Tata Steel
- Thyssenkrupp Ag
- United States Steel Corporation
- Voestalpine Ag
- Wuhan Iron and Steel Corporation
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