Global High Strength Steel Market Estimated for Steady Growth at a CAGR of 8% during 2017 to 2021

This industry research report identifies ArcelorMittal, POSCO, Shanghai Baosteel Group (Baosteel), Tata Steel, and United States Steel as the key vendors in the global high strength steel market. This industry research report also presents a competitive analysis of the market by end-use industry (automotive, aviation and marine, construction, and others) and by geography (the Americas, APAC, and EMEA).

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Overview of the global high strength steel market

Market research analysts at Market Research Hub predict that the global high strength steel market will grow steadily at a CAGR of more than 8% by 2021. This market research analysis identifies the increasing demand for high quality automobile components as one of the primary growth factors for this market. Owing to the performance of high strength steels in comparison to low and mild-strength steels, automotive manufacturers mainly prefer high strength steel over mild strength steel for manufacturing vehicle components that find applications including door beams, chassis, bumpers, and cross-members and seating. With the increasing growth of the automotive industry, this demand for manufacturing high-quality components will significantly fuel the growth of the high strength steel market.

One of the major trends that will gain traction in the high strength steel market in the coming years is the increased use of advanced high strength steel (AHSS). Owing to the benefits including high strain hardening ability, superior combination of ductility and strength, and increased work-hardening rates, there is an increased demand for AHSS from the automotive industry. The focus of the players in the automotive industry to develop lightweight and eco-friendly products will further increase the demand for AHSS to meet the performance demands.

Competitive landscape and key vendors

The high strength steel market is characterized by the presence of a considerable number of vendors and is competitive. The growth of the of the vendors in this marketspace mainly depends on factors such as fluctuations in the cost of capital and increased productivity. To manufacture high-quality high strength steel, vendors in the market are constantly on the lookout for innovative techniques. To gain a competitive edge over their competitors, major steel vendors such as ArcelorMittal focus on offering value-added solutions such as anti-graffiti and anti-corrosion coatings in high strength steel.

The leading vendors in the market are -

ArcelorMittal
POSCO
Shanghai Baosteel Group (Baosteel)
Tata Steel
United States Steel
The other prominent vendors in the market are CITIC, Gerdau, Hyundai Steel Company, JFE Steel Corporation, JSW Steel, Nucor, and SSAB.

Segmentation by end-use industry and analysis of the high strength steel market

Automotive
Aviation and marine
Construction
During 2016, the automotive industry was the major end-user to the high strength steel market. High strength is used for manufacturing several automotive components including bumpers, chassis, wheel systems, seat cross membranes, roofs, and crash sectors. The need for automotive manufacturers to meet the growing demand for consumer safety and fuel efficiency will be a major factor driving the demand for high strength steel in this segment.

Geographical segmentation and analysis of the high strength steel market

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Americas
APAC
EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the high strength steel market throughout the forecast period. Rapid industrialization and infrastructural development in APAC and the demand for high strength steel from countries such as India, China, and Taiwan for manufacturing automobile components, will be the major factors fueling market growth.

Key questions answered in the report include

What will the market size and the growth rate be in 2021?
What are the key factors driving the global high strength steel market?
What are the key market trends impacting the growth of the global high strength steel market?

What are the challenges to market growth?
Who are the key vendors in the global high strength steel market?
What are the market opportunities and threats faced by the vendors in the global high strength steel market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.

What are the key outcomes of the five forces analysis of the global high strength steel market?
Market Research Hub also offers customization on reports based on specific client requirement.

High strength steel is a variant of steel that holds advantageous properties such as enhanced corrosion resistance and mechanical properties. The scope of high strength steel encompasses conventional steel, advanced high strength steel, and ultra-high strength steel. This upcoming report by Market Research Hub is a fundamental part of the chemicals and materials industry and offers a detailed study of rapidly growing sectors like metals and minerals, specialty chemicals and additives, adhesives, and sealants.

To accurately forecast the chemicals and materials industrys growth prospects, our market research specialists follow a structured approach comprised of primary and secondary data collection methods and also carry out detailed analysis based on several market facets, including advancements in technology and the demand for products and services across the globe. This upcoming report on the high strength steel market also considers the growth of related markets like iron castings market and metal oxide nanoparticles market, which are expected to grow at a CAGR of around 7% and nearly 10%, respectively by 2021. As per our market research analysts, there is an increase in the demand for the application of high-strength steel in the automobile industry, especially for the HSLA steels segment. This, in turn, is expected to significantly contribute to the growth of this market over the next few years.

The upcoming industry research report on the high strength steel market also highlights the key drivers, prospective trends, and the imminent challenges currently experienced by the chemicals and materials industry and also presents a holistic overview into the markets of paints, coatings, and pigments and olefins.

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