PUNE, India, July 23, 2018 /PRNewswire/ --
The report "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", published by MarketsandMarkets™, the 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% from 2018 to 2023.
Increasing consumption of high strength steels in the automotive
and construction industries to improve the fuel efficiency of
automobiles and ensure high strength and improved safety features
of buildings is driving the growth of the High Strength Steel
Market across the globe.
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Among types, the high strength low alloy segment is projected
to lead the High Strength Steel Market during the forecast
period.
The high strength low alloy type segment is expected to lead the
High Strength Steel Market in 2018. The growth of this segment of
the market can be attributed to the increased demand for high
strength low alloy steels from the automotive industry. High
strength low alloy steels are the most widely used steels in
various end-use industries as they offer superior mechanical
properties such as high corrosion resistance, increased
formability, and excellent weldability, among others.
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The automotive end-use industry segment is expected to lead
the High Strength Steel Market between 2018 and 2023.
Among end-use industries, the automotive segment is expected to
lead the High Strength Steel Market in 2018. The growth of the
automotive end-use industry segment of the High Strength Steel
Market can be attributed to the increased demand for high strength
steels from the automotive industry. It is expected that the amount
of high strength steels used in the production of automobiles will
be more than double in the next 15 years. The increase in the
global automobile production is a major factor leading to the
growth of the automotive end-use industry segment of the High
Strength Steel Market across the globe. The use of high strength
steels for manufacturing body panels of automobiles results in an
increase in their fuel efficiency by reducing their weight by
approximately 60%. This, in turn, contributes to the growing demand
for high strength steels from the automotive industry. The
increasing demand for electric and hybrid vehicles across the globe
is also expected to contribute towards the growth of the High
Strength Steel Market during the forecast period.
The Asia Pacific region is
projected to be the largest market for high strength steels between
2018 and 2023.
The Asia Pacific region is the
largest consumer of high strength steels across the globe, and this
trend is projected to continue during the forecast period as well.
The growth of the Asia Pacific High Strength Steel Market can be
attributed to the economic growth of emerging economies such as
China, India, and Taiwan, among others. Increasing production of
the manufacturing sector of the Asia
Pacific region to cater to the domestic requirements for
superior quality products and rising exports from the region are
factors leading to an increased demand for high strength steels
from the region.
The key players operating in the High Strength Steel
Market include 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), Severstal JSC (Russia), ThyssenKrupp AG (Germany), JFE Steel Corporation (Japan), Nucor Corporation (US), and JSW Steel
(India), among others.
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