The global high strength steels market was valued at USD 14.27 billion in 2015 and is projected to reach USD 21.17 billion by 2021, at a CAGR of 8.2% from 2016 to 2021
The increasing applicability of high strength steels across varied end-use industries, technological advancements, and the growing demand of high strength steels in the Asia-Pacific region are driving the high strength steels market.
Dual phase is the fastest-growing segment of the high strength steels market by type, in terms of value. These steels offer outstanding strength. They are widely used in the automotive end-use industry. Some of the major advantages of dual phase steels are that they have high tensile strength, excellent cold workability, and good weldability.
The automotive segment is the largest segment of the global HSS market, by end-use industry. High strength steels are fuel efficient as it is lightweight in nature. HSS also provides safety owing to its strength, and emits minimum amount of CO2. Due to these added benefits of HSS, conventional steel is likely to be replaced by HSS in the automotive industry.
Asia-Pacific is the fastest-growing region for the high strength steels market, globally. The region's growing industrialization and infrastructural developments offer enormous opportunities for the high strength steels market. In addition, the increasing middle class population, which has led to urbanization and rise in the manufacturing sector, drives the demand of high strength steels in this region.