PUNE, India, July 13, 2016 /PRNewswire/ --
According to the new market research report "High Strength Steel Market by Type (High Strength Low Alloy Steels, Dual Phase Steels, Bake Hardenable Steels, Carbon Manganese Steels, and Others), by End User (Automotive, Construction, and Others), by Region - Global Forecast to 2021, published by MarketsandMarkets, The market size is projected to reach at USD 21.17 Billion by 2021, at a CAGR of 8.2% from 2016 to 2021.
Browse 88 market data Tables and 57 Figures spread through 140 Pages and in-depth TOC on "High Strength Steel Market".
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Asia- Pacific led the global high strength steels market
Asia-Pacific is the largest and fastest-growing region in the global high strength steels market. Rapid industrialization and infrastructure development offer lucrative growth opportunities to players operating in the high strength steels market. 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. The Asia-Pacific high strength steels market is expected to grow at the highest CAGR between 2016 and 2021. Economic growth in countries such as China, India, and Taiwan are further propelling the growth of the high strength steels market in the Asia-Pacific region.
High strength low alloy steels (HSLA) segment is leading the global high strength steel market on the basis of type
The HSLA type segment accounted for the largest share of the global high strength steels market, in terms of volume. This large share is primarily attributed to the better mechanical properties exhibited by HSLA as compared to other types of high strength steels. In sheet or plate form, HSLA steels have low carbon content and provide improved weldability as well as good resistance and formability.
The automotive end-use industry will lead the global high strength steel market by 2021
The automotive segment is estimated to account for the largest share of the global High Strength Steel Market during the forecast period. Due to the increasing demand for high quality automotive components, various new grades of high strength steel are being developed. These new grades of high strength steels offer superior performance in comparison to conventional and low strength steels.
Some of the key players operating in the global high strength steel market include Arcelor Mittal (Luxembourg), United States Steel Corporation (U.S.), Voestalpine AG (Austria), SSAB (Sweden), Shandong Iron and Steel Group (China), Baosteel Group Corporation (China), Severstal JSC (Russia), & ThyssenKrupp AG (Germany), among others.
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