The global High Strength Steel Market was valued at USD 23.8 billion in 2018 and is expected to reach USD 41.2 billion in 2026, growing at a CAGR of 7.2% during the forecast period.
High strength steels are primarily used for structural applications and are therefore also known as structural steels. They can be manufactured with or without the addition of a small number of micro-alloy components. It has a very high yield strength of 210-550 MPa. High strength steel is used in a variety of applications, most prominently automotive, heavy machinery, energy and power, shipbuilding, aerospace, packaging, and consumer goods.
The growth of the high strength steel market is primarily driven by the rising demand for high strength steel in major end-user industries. Moreover, the effective quality of high strength steel also drives the growth of the global high strength steel market. On the other hand, high production cost owing to the high price of raw materials is creating a major hindrance for its market growth. However, increased investment and support from the government and increased use of high strength steel in developing countries are expected to create major growth opportunities during the forecast period.
High Strength Steel Market Segmentation |
||
| By Type | 1. High Strength Low Alloy (HSLA) | |
| 2. Dual Phase (DP) | ||
| 3. Bake Hard Enable (BH) | ||
| 4. Carbon Manganese (CMN) | ||
| 5. Others | ||
| By End-use Industry | 1. Automotive | |
| 2. Construction | ||
| 3. Yellow Goods & Mining Equipment | ||
| 4. Aviation & Marine | ||
| 5. Others | ||
| By Region | 1. North America (US and Canada) | |
| 2. Europe (UK, Germany, France and Rest of Europe) | ||
| 3. Asia Pacific (China, Japan, India and Rest of Asia Pacific) | ||
| 4. Latin America (Brazil, Mexico and Rest of Latin America) | ||
| 5. Middle East & Africa (GCC and Rest of Middle East & Africa) | ||
The high strength low alloy (HSLA) segment expected to grow at the fastest rate of 9.5% CAGR during the forecast period
Based on type, the global high strength steel market has been segmented into high strength low alloy (HSLA), dual-phase (DP), bake hardenable (BH), carbon-manganese (CMn), and others. The high strength low alloy (HSLA) segment is expected to grow at the fastest rate of 9.5% CAGR during the forecast period. The growth of this segment can be attributed to the growing demand for high strength low alloy steel from the automotive industry. High strength low alloy steels are the most commonly used steels in multiple end-use industries, offering superior mechanical properties such as high corrosion resistance, increased formability, and excellent weldability, among others.
Based on end-use industry, the automotive segment is expected to lead during the forecast period
Based on the end-use industry, the market has been segmented into automotive, construction, yellow goods & mining equipment, aviation & marine, and others. The automotive segment accounted for the largest share of 29% in the market in 2018. The growth of the automotive end-use segment can be attributed to the growing demand for high strength steel from the automotive industry. The quantity of high strength steel used in the manufacture of automobiles is expected to be more than double over the next 15 years. The use of high strength steels for the manufacture of automobile body panel results in an increase in their fuel efficiency by a weight reduction of approximately 60%. Increased demand for electric and hybrid vehicles is also expected to contribute to the growth of the high strength steel market during the forecast period.
Asia-Pacific to dominate the high strength steel market throughout the forecast period
Asia-Pacific accounted for nearly 35% share of the global high strength steel market in 2018 and is expected to dominate the market throughout the forecast period followed by North America and Europe. The growth of the high strength steel market in Asia-Pacific can be attributed to the economic growth of emerging economies such as China, India, and Taiwan, among others. The rising construction industry, combined with an increasing population and strong economic conditions, is driving this regional market.
The major players operating in the global high strength steel market are Voestalpine AG (Austria), POSCO Group (South Korea), ArcelorMittal S.A. (Luxembourg), SSAB AB (Sweden), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), Steel Authority of India Limited (India), United States Steel Corporation (US), Baosteel Group Corporation (China), and Severstal JSC (Russia), among others.
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Chapter 1 Executive Summary
1.1. Market Summary
1.1.1. Global High Strength Steel Market, 2016-2026, (USD Million)
1.2. Market Snapshot: Global High Strength Steel Market
1.3. Market Dynamics
1.4. Global High Strength Steel Market, by Segment, 2018
1.4.1. Global High Strength Steel Market, by Type, 2018, (USD Million)
1.4.2. Global High Strength Steel Market, by End-Use Industry, 2018, (USD Million)
1.4.3. Global High Strength Steel Market, by Region, 2018 (USD Million)
1.5. Premium Insights
1.5.1. High Strength Steel Market In Developed Vs. Developing Economies, 2018 vs 2026
1.5.2. Global High Strength Steel Market: Regional Life Cycle Analysis
Chapter 2 Market Dynamics
2.1. Market Overview
2.2. Market Drivers
2.2.1. Rising demand of high strength steel in major end-user industries
2.2.2. Effective qualities of high strength steels.
2.3. Market Restraints
2.3.1. High production cost
2.4. Market Opportunities
2.4.1. Increased investments and support from government
2.4.2. Increased use of high strength steel in developing countries
2.5. Industry Value Chain Analysis
2.6. Pricing Analysis
2.7. Porter’s Five Forces Analysis
Chapter 3 Global High Strength Steel Market, by Type
3.1. Market Overview, by Type
3.1.1. Global High Strength Steel Market, by Type, 2016-2026 (USD Million)
3.1.2. Incremental Opportunity, by Type, 2018
3.2. High Strength Low Alloy (HSLA)
3.2.1. Global High Strength Steel Market, by High Strength Low Alloy (HSLA), 2016-2026, (USD Million)
3.3. Dual Phase (DP)
3.3.1. Global High Strength Steel Market, by Dual Phase (DP), 2016-2026, (USD Million)
3.4. Bake Hardenable (BH)
3.4.1. Global High Strength Steel Market, by Bake Hardenable (BH), 2016-2026, (USD Million)
3.5. Carbon Manganese (CMn)
3.5.1. Global High Strength Steel Market, by Carbon Manganese (CMn), 2016-2026, (USD Million)
3.6. Others
3.6.1. Global High Strength Steel Market, by Others, 2016-2026, (USD Million)
Chapter 4 Global High Strength Steel Market, by End-Use Industry
4.1. Market Overview, by End-Use Industry
4.1.1. Global High Strength Steel Market, by End-Use Industry, 2016-2026 (USD Million)
4.1.2. Incremental Opportunity, by End-Use Industry, 2018
4.2. Automotive
4.2.1. Global High Strength Steel Market, by Automotive, 2016-2026, (USD Million)
4.3. Construction
4.3.1. Global High Strength Steel Market, by Construction, 2016-2026, (USD Million)
4.4. Yellow Goods & Mining Equipment
4.4.1. Global High Strength Steel Market, by Yellow Goods & Mining Equipment, 2016-2026, (USD Million)
4.5. Aviation & Marine
4.5.1. Global High Strength Steel Market, by Aviation & Marine, 2016-2026, (USD Million)
4.6. Others
4.6.1. Global High Strength Steel Market, by Others, 2016-2026, (USD Million)
Chapter 5 Global High Strength Steel Market, by Region
5.1. Market Overview, by Region
5.1.1. Global High Strength Steel Market, by Region, 2016-2026, (USD Million)
5.2. Attractive Investment Opportunity, by Region, 2018
5.3. North America High Strength Steel Market
5.3.1. North America High Strength Steel Market, by Type, 2016-2026 (USD Million)
5.3.2. North America High Strength Steel Market, by End-Use Industry, 2016-2026 (USD Million)
5.3.3. United States High Strength Steel Market, 2016-2026 (USD Million)
5.3.4. Canada High Strength Steel Market, 2016-2026 (USD Million)
5.4. Europe High Strength Steel Market
5.4.1. Europe High Strength Steel Market, by Type, 2016-2026 (USD Million)
5.4.2. Europe High Strength Steel Market, by End-Use Industry, 2016-2026 (USD Million)
5.4.3. United Kingdom High Strength Steel Market, 2016-2026 (USD Million)
5.4.4. Germany High Strength Steel Market, 2016-2026 (USD Million)
5.4.5. France High Strength Steel Market, 2016-2026 (USD Million)
5.4.6. Rest of Europe High Strength Steel Market, 2016-2026 (USD Million)
5.5. Asia Pacific High Strength Steel Market
5.5.1. Asia Pacific High Strength Steel Market, by Type, 2016-2026 (USD Million)
5.5.2. Asia Pacific High Strength Steel Market, by End-Use Industry, 2016-2026 (USD Million)
5.5.3. China High Strength Steel Market, 2016-2026 (USD Million)
5.5.4. Japan High Strength Steel Market, 2016-2026 (USD Million)
5.5.5. India High Strength Steel Market, 2016-2026 (USD Million)
5.5.6. Rest of Asia Pacific High Strength Steel Market, 2016-2026 (USD Million)
5.6. Latin America High Strength Steel Market
5.6.1. Latin America High Strength Steel Market, by Type, 2016-2026 (USD Million)
5.6.2. Latin America High Strength Steel Market, by End-Use Industry, 2016-2026 (USD Million)
5.6.3. Brazil High Strength Steel Market, 2016-2026 (USD Million)
5.6.4. Mexico High Strength Steel Market, 2016-2026 (USD Million)
5.6.5. Rest of Latin America High Strength Steel Market, 2016-2026 (USD Million)
5.7. Middle East & Africa High Strength Steel Market
5.7.1. Middle East & Africa High Strength Steel Market, by Type, 2016-2026 (USD Million)
5.7.2. Middle East & Africa High Strength Steel Market, by End-Use Industry, 2016-2026 (USD Million)
5.7.3. GCC High Strength Steel Market, 2016-2026 (USD Million)
5.7.4. Rest of Middle East & Africa High Strength Steel Market, 2016-2026 (USD Million)
Chapter 6 Competitive Intelligence
6.1. Top 5 Players Comparison
6.2. Market Positioning of Key Players, 2018
6.3. Market Players Mapping
6.3.1. By Type
6.3.2. By End-Use Industry
6.3.3. By Region
6.4. Strategies Adopted by Key Market Players
6.5. Recent Developments in the Market
6.5.1. Mergers & Acquisitions, Partnership, New Type Developments
Chapter 7 Company Profiles
7.1. Voestalpine AG
7.1.1. Voestalpine AG Overview
7.1.2. Voestalpine AG Product Portfolio
7.1.3. Voestalpine AG Financial Overview
7.1.4. Voestalpine AG News/Recent Developments
7.2. POSCO Group
7.2.1. POSCO Group Overview
7.2.2. POSCO Group Product Portfolio
7.2.3. POSCO Group Financial Overview
7.2.4. POSCO Group News/Recent Developments
7.3. ArcelorMittal S.A.
7.3.1. ArcelorMittal S.A. Overview
7.3.2. ArcelorMittal S.A. Product Portfolio
7.3.3. ArcelorMittal S.A. Financial Overview
7.3.4. ArcelorMittal S.A. News/Recent Developments
7.4. SSAB AB
7.4.1. SSAB AB Overview
7.4.2. SSAB AB Product Portfolio
7.4.3. SSAB AB Financial Overview
7.4.4. SSAB AB News/Recent Developments
7.5. Nippon Steel & Sumitomo Metal Corporation
7.5.1. Nippon Steel & Sumitomo Metal Corporation Overview
7.5.2. Nippon Steel & Sumitomo Metal Corporation Product Portfolio
7.5.3. Nippon Steel & Sumitomo Metal Corporation Financial Overview
7.5.4. Nippon Steel & Sumitomo Metal Corporation News/Recent Developments
7.6. Tata Steel
7.6.1. Tata Steel Overview
7.6.2. Tata Steel Product Portfolio
7.6.3. Tata Steel Financial Overview
7.6.4. Tata Steel News/Recent Developments
7.7. Steel Authority of India Limited
7.7.1. Steel Authority of India Limited Overview
7.7.2. Steel Authority of India Limited Product Portfolio
7.7.3. Steel Authority of India Limited Financial Overview
7.7.4. Steel Authority of India Limited News/Recent Developments
7.8. United States Steel Corporation
7.8.1. United States Steel Corporation Overview
7.8.2. United States Steel Corporation Product Portfolio
7.8.3. United States Steel Corporation Financial Overview
7.8.4. United States Steel Corporation News/Recent Developments
7.9. Baosteel Group Corporation
7.9.1. Baosteel Group Corporation Overview
7.9.2. Baosteel Group Corporation Product Portfolio
7.9.3. Baosteel Group Corporation Financial Overview
7.9.4. Baosteel Group Corporation News/Recent Developments
7.10. Severstal JSC
7.10.1. Severstal JSC Overview
7.10.2. Severstal JSC Product Portfolio
7.10.3. Severstal JSC Financial Overview
7.10.4. Severstal JSC News/Recent Developments
Chapter 8 Preface
8.1. Data Triangulation
8.2. Research Methodology
8.2.1. Phase I – Secondary Research
8.2.2. Phase II – Primary Research
8.2.3. Phase III – Expert Panel Review
8.2.4. Approach Adopted
8.2.4.1. Top-Down Approach
8.2.4.2. Bottom-Up Approach
8.2.5. Supply- Demand side
8.2.6. Breakup of the Primary Profiles
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