Advanced High-strength Steel Market is estimated to be worth US$420,07 billion by 2024

Market Overview:

According to Market Prognosis, the Global advanced high-strength steel market is accounted for $13,650.53 billion in 2017 and is expected to reach $420,07.65 billion by 2026 growing at a CAGR of 13.3%. Rise in penetration of lightweight components, increase in need to curb CO2 emissions, development of the automotive industry are some of the key factors fueling the market growth. However, availability of substitutes in the market and high production costs of high strength steels due to increased prices of raw materials are restricting the market. In addition, increased investments, support from governments of different countries and increased consumption of high strength steels in emerging economies are expected to boost this market growth prospects in the coming years.
Advanced high-strength steels are complex sophisticated materials containing multiphase microstructures and chemical compositions resulting from precisely controlled cooling and heating processes. These steels possess yield strength of 550 MPa and tensile strength of 780 MPa. They offer high strength and optimized formability, which allows weight reduction and design freedom for various types of crash components and structural reinforcements.

Amongst type, the high strength low alloy segment held considerable market share during the predicted period. These low levels of alloying elements allow easy tempering and quenching of high strength low alloy steels so that high levels of impact toughness and strength can be obtained. High strength low alloy steels are low carbon steel and are widely used in the automotive industry. By Geography, Asia Pacific will be the major revenue contributor to the market and is projected to grow at the highest CAGR during the forecast period. Technological advancements in the automotive and construction industries of countries are China, Japan & South Korea

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Top Industry Players:

Some of the key players in the global advanced high-strength steel market Angang Steel Company Limited, Arcelormittal S.A, Tata Steel, United States Steel Corporation, Steel Authority of India Limited, Baosteel Group Corporation, Nippon Steel & Sumitomo Metal Corporation, SSAB AB, Posco Group, Voestalpine Ag, WEC Group Ltd, Kobe Steel, Ltd, Ak Steel Holding Corporation and Nucor Corporation.

What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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Market Segments:

Type of Materials Covered:
• TRIP Steels
• Martensitic Steels
• Dual Phase Steels
• Boron Steels
• Other Type of Materials
Applications Covered:
• Suspensions
• Body and Closures
• Bumper and Intrusion Beams
• Other Applications
Grades Covered:
• Complex phase
• Transformation-induced plasticity (TRIP)
• Other Grades
End Users Covered:
• Construction
• Automotive
• Other End Users

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This release was published on openPR.