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The global high strength steel market is expected to witness a CAGR of 7.9% during the forecast period, 2018 - 2023. The major factor driving the market is the increasing demand for high strength steel from the automotive industry.
Growing Demand from the Automotive Industry
The growth of the market for high strength steel is majorly attributed to the growing automotive industries globally. There has been a rapid increase in the automotive production in countries, including China, Brazil, India, Japan, and Australia. High strength steel is preferred in the automotive industry since its physical properties allow high formability, ductility, and is easy to weld. Hence, the rising demand from the automotive sector is likely to augment the growth of the high strength steel market over the years.
High Production Costs of High Strength Steel
Although high strength steel offers cost-effectiveness, provides better performance, and weight reduction for automobile components, there are several restraining factors associated with the production of high strength steel. These factors include high production costs and technological constraints, which may restrain the market growth to a certain extent during the forecast period.
Asia-Pacific is the Most Dominating Region
In terms of consumption in 2017, Asia-Pacific held the largest share. There are several ongoing industrial and infrastructural projects in the region, which serve as important opportunities for the high strength steel market. Additionally, the rapidly increasing demand for lightweight vehicles and electronic vehicles in the region is further expected to augment the growth of the high strength steel market during the forecast period.
Notable Developments in the Market
June 2017: Audi A8 switched back to high-strength steel, most of which is supplied by ArcelorMittal. In 2009, only 8% of the Audi A8 body structure was steel, but the 2018 model will be 40.5% steel.
Major Players: ArcelorMittal, United States Steel Corporation, Tata Steels Ltd, JSW Steel, and Voestalpine AG, among others.
Reason to Purchase the Report
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the dominating segment in the market.
Identify the countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Growing Demand from the Automotive Industry
The growth of the market for high strength steel is majorly attributed to the growing automotive industries globally. There has been a rapid increase in the automotive production in countries, including China, Brazil, India, Japan, and Australia. High strength steel is preferred in the automotive industry since its physical properties allow high formability, ductility, and is easy to weld. Hence, the rising demand from the automotive sector is likely to augment the growth of the high strength steel market over the years.
High Production Costs of High Strength Steel
Although high strength steel offers cost-effectiveness, provides better performance, and weight reduction for automobile components, there are several restraining factors associated with the production of high strength steel. These factors include high production costs and technological constraints, which may restrain the market growth to a certain extent during the forecast period.
Asia-Pacific is the Most Dominating Region
In terms of consumption in 2017, Asia-Pacific held the largest share. There are several ongoing industrial and infrastructural projects in the region, which serve as important opportunities for the high strength steel market. Additionally, the rapidly increasing demand for lightweight vehicles and electronic vehicles in the region is further expected to augment the growth of the high strength steel market during the forecast period.
Notable Developments in the Market
June 2017: Audi A8 switched back to high-strength steel, most of which is supplied by ArcelorMittal. In 2009, only 8% of the Audi A8 body structure was steel, but the 2018 model will be 40.5% steel.
Major Players: ArcelorMittal, United States Steel Corporation, Tata Steels Ltd, JSW Steel, and Voestalpine AG, among others.
Reason to Purchase the Report
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the dominating segment in the market.
Identify the countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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