High Strength Steel Report 2018-2023: Global $27.9 Billion Market Driven by Increased Consumption in Emerging Economies
DUBLIN, May 22, 2018 /PRNewswire/ --
The "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" report has been added to ResearchAndMarkets.com's offering.
The high strength steel market is projected to grow from USD 18.67 billion in 2018 to USD 27.92 billion by 2023, at a CAGR of 8.4% between 2018 and 2023.
Factors such as increasing consumption of high strength steels in the automotive and construction industries due to effective characteristics offered by them are driving the growth of the high strength steel market across the globe. Rising demand for high strength steels from the Asia Pacific region is also expected to lead to the growth of the high strength steel market. High production costs of high strength steels due to increased prices of raw materials are expected to restrain the growth of the high strength steel market across the globe.
Based on type, the high strength low alloy segment of the high strength steel market is expected to witness the highest growth during the forecast period. The growth of this segment of the market can be attributed to the increased use of high strength low alloy steels for manufacturing body panels of automobiles as they increase fuel efficiency of automobiles by reducing their weight by approximately 60%. Thus, the increase in the global automobile production is a major factor leading to the growth of the high strength low alloy steel type segment of the high strength steel market across the globe. High strength low alloy steels also help in improving the safety of vehicles, reducing energy consumed by them, and improving their performance. This, in turn, contributes to the growing demand for high strength low alloy steels from the automotive industry.
Based on end-use industry, the high strength steel market has been segmented into automotive, construction, yellow good & mining equipment, aviation & marine, and others. The automotive end-use industry segment is projected to lead the high strength steel market from 2018 to 2023 due to the increasing use of high strength steels in the automotive industry for manufacturing body and various other components of automobiles. In comparison to conventional steels, high strength steels not only enable weight reduction of products but also provide them high impact strength.
The weight of vehicles is inversely proportional to their fuel efficiency and directly proportional to their carbon emissions. Several developed countries in North America and Western Europe have legislated stringent regulations on vehicular emissions to control the level of greenhouse gases in the environment. Reducing the weight of vehicles is one of the most effective ways to improve their fuel efficiency, thereby leading to the increased use of high strength steels in the automotive industry.
The Asia Pacific high strength steel market is projected to witness the highest growth between 2018 and 2023. The region is a major consumer of high strength steels, which are used in various end-use industries such as oil & gas, aerospace, automotive, chemical, and marine, among others. The demand for high strength steels is increasing from various countries of the Asia Pacific region such as Japan, China, India, and South Korea, among others, thereby leading to the growth of the Asia Pacific high strength steel market across the globe.
Key Topics Covered
1 Introduction
1.1 Objectives of The Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency & Pricing
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
3 Premium Insights
3.1 The High Strength Steel Market is Expected to Witness Significant Growth Between 2018 and 2023
3.2 High Strength Steel Market, By Region
3.3 High Strength Steel Market, By Type and End-Use Industry
3.4 High Strength Steel Market, By Type
3.5 High Strength Steel Market, By Region
3.6 High Strength Steel Market: Emerging vs Developed Economies
4 Executive Summary
4.1 High Strength Steel Market, By Type
4.2 High Strength Steel Market, By Region
4.3 High Strength Steel Market, By End-Use Industry
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Consumption of High Strength Steels in the Automotive and Construction Industries
5.2.1.2 Effective Characteristics of High Strength Steels
5.2.2 Restraints
5.2.2.1 High Production Costs of High Strength Steels Due to Increased Prices of Raw Materials
5.2.3 Opportunities
5.2.3.1 Increased Investments and Required Support From Governments of Different Countries
5.2.3.2 Increased Consumption of High Strength Steels in Emerging Economies
5.2.4 Challenges
5.2.4.1 Advancements in the Grades of Advanced High Strength Steels and Ultra-High Strength Steels
5.3 Porter's Five Forces Analysis
5.3.1 Bargaining Power of Suppliers
5.3.2 Threat of New Entrants
5.3.3 Threat of Substitutes
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
6 High Strength Steel Market, By Type
6.1 Introduction
6.2 High Strength Low Alloy (HSLA)
6.3 Dual Phase (DP)
6.4 Bake Hardenable (BH)
6.5 Carbon Manganese (CMN)
6.6 Others
7 High Strength Steel Market, By End-Use Industry
7.1 Introduction
7.2 Automotive
7.3 Construction
7.4 Yellow Goods & Mining Equipment
7.5 Aviation & Marine
7.6 Others
8 Regional Analysis
8.1 Introduction
8.2 Asia Pacific
8.2.1 China
8.2.2 India
8.2.3 Japan
8.2.4 South Korea
8.2.5 Taiwan
8.2.6 Australia
8.2.7 Rest of Asia Pacific
8.3 North America
8.3.1 US
8.3.2 Mexico
8.3.3 Canada
8.4 Europe
8.4.1 Germany
8.4.2 France
8.4.3 UK
8.4.4 Belgium
8.4.5 Russia
8.4.6 Italy
8.4.7 Spain
8.4.8 Rest of Europe
8.5 Middle East & Africa
8.5.1 Iran
8.5.2 South Africa
8.5.3 Saudi Arabia
8.5.4 UAE
8.5.5 Rest of the Middle East & Africa
8.6 South America
8.6.1 Brazil
8.6.2 Argentina
9 Competitive Landscape
9.1 Introduction
9.1.1 Expansions: the Most Popular Growth Strategy
9.2 Posco Group (South Korea): the Most Active Player in the High Strength Steel Market Between January 2012 and February 2018
9.3 Competitive Situations & Trends
9.3.1 Expansions
9.3.2 New Product Developments
9.3.3 Agreements, Contracts, and Collaborations
9.3.4 Mergers & Acquisitions
9.3.5 Divestments
9.3.6 Joint Ventures
10 Company Profiles
10.1 Introduction
10.2 Arcelormittal S.A.
10.3 United States Steel Corporation
10.4 Baosteel Group Corporation
10.5 SSAB AB
10.6 Voestalpine AG
10.7 Posco Group
10.8 Nippon Steel & Sumitomo Metal Corporation
10.9 Steel Authority of India Limited
10.10 Tata Steel
10.11 Angang Steel Company Limited
10.12 Other Companies
10.12.1 Hebei Puyong Iron and Steel Group Co. Ltd.
10.12.2 Jiangsu Shagang International Trade Co. Ltd.
10.12.3 JFE Steel Corporation
10.12.4 Nucor Corporation
10.12.5 China Steel Corporation
10.12.6 Thyssenkrupp AG
10.12.7 Metinvest Holding, LLC
10.12.8 PAO Severstal
10.12.9 JSW Steel
10.12.10 Novolipetsk Steel (NIMK)
10.12.11 Gerdau S.A.
10.12.12 Citic
10.12.13 Hyundai Steel Company
10.12.14 Wuhan Iron and Steel Corporation
10.12.15 Shandong Iron and Steel Group
For more information about this report visit https://www.researchandmarkets.com/research/rpvdts/high_strength?w=5
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article