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 2018-2023 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.