The global high strength steel market size is projected to reach USD 53.43 billion by 2026, exhibiting a CAGR of 8.1% during the forecast period.
The global high strength steel market report contains market revenue, market share, and production of the service providers is also mentioned with accurate data. Moreover, the global market report majorly focuses on the current developments, new possibilities, advancements, as well as dormant traps. Furthermore, the market report offers a complete analysis of the current situation and the advancement possibilities of the market across the globe.
According to the International Energy Agency (IEA), global electric car fleet surpassed 5 million in 2018, showing a rise of 63% from 2017 levels. The growth trend was led by China, which accounted for 45% of the global deployment of electric vehicles. High strength steel plays a vital role in reducing the weight of an electric vehicle, whilst offering greater strength per unit density, ensuring energy-efficiency of these cars. Moreover, since these steels are thinner and stronger, they enable housing of larger batteries, thus extending driving range of the vehicle. Thus, rising demand for electric passenger cars will surge the adoption of high strength steels and fuel the market growth.
Rising Steel Production to Augment Market Growth
One of the primary forces accelerating the high strength steel market growth is the rising production output of crude steel. According to the World Steel Association (WSA), global crude steel production rose by 3.4% in 2019 from 2018 levels, reaching 1,869.9 million tons (Mt). Asia led the growth trajectory, producing 1,341.6 Mt in 2019, reflecting an increase of 5.7% from 2018 levels. Production of high strength steels is heavily dependent on crude steel as it forms the basic raw material for different steel derivatives. These steels are extensively utilized in a variety of industries ranging from aerospace to building & construction as they provide superior strength to structures and also make them energy efficient. Combined, these factors are propelling the growth of the global market.
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List of Companies Covered in the High Strength Steel Market Report:
- Shandong Iron and Steel Group
- PAO Severstal
- Thyssenkrupp Ag
- Voestalpine AG
- CITIC Pacific Special Steel Holdings
- SSAB AB
- Hebei Puyong Iron and Steel Group Co., Ltd.
- Tata Steel
- China Steel Corporation
- JFE Steel Corporation
- HBIS Group
- Baosteel Group Corporation
- Gerdau S.A.
- Metinvest Holding, LLC
- Nucor Corporation
- Hyundai Steel Company
- Novolipetsk Steel (NLMK)
- JSW Steel
- Angang Steel Company Limited
- Steel Authority of India Limited (SAIL)
- United States Steel Corporation
- POSCO Group
- Nippon Steel & Sumitomo Metal Corporation
- ArcelorMittal S.A.
Rapid Industrialization in China and India to Support Market Growth in Asia Pacific
Asia Pacific is expected to hold a prominent position in the high strength steel market share during the forecast period on account of rapid expansion and growth of industrial activities in India and China.