The high strength steel market is projected to grow from USD 27.32 billion in 2018 to USD 40.85 billion by 2023, at a CAGR of 8.4% between 2018 and 2023. 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.
Based on type, the high strength low alloy segment of the high strength steel market is projected to grow at the highest rate during the forecast period. High strength low alloy steels are low carbon steels, which contain up to 10% of alloying elements. These low levels of alloying elements allow easy tempering and quenching of high strength low alloy steels so that high levels of impact toughness and strength can be obtained. High strength low alloy steels are also known as microalloyed steels. They are very ductile, highly formable, and easy to weld. These types of high strength steels provide better mechanical properties as compared to other types of high strength steels. The growth of the high strength low alloy type segment of the high strength steel market is driven by the increased demand for high strength low alloy steels from various end-use industries such as automotive and construction.
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Based on end-use industry, the automotive segment is projected to lead the high strength steel market during the forecast period. High strength steels are being increasingly used in the automotive industry. The increased demand for high strength steels from the automotive industry can be attributed to the fact that high strength steels are lightweight and as such, increase the fuel efficiency of vehicles. They also ensure the safety of vehicles, owing to their high strength and emit a minimum amount of carbon dioxide in the environment. It is expected that in the coming years, the automotive industry will look for innovative ways to meet the Corporate Average Fuel Economy (CAFÉ) standards. Optimization of product designs, reduction in the overall weight of vehicles, low costs of raw materials, and innovative manufacturing processes are some of the major issues faced by the automotive industry across the globe. In the attempt to resolve these issues, high strength steels offer the best solution.
The high strength steel market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific high strength steel market can be attributed to the economic growth of the region and increased investments by various governments and leading market players to carry out innovations in the field of high strength steels. Moreover, increasing income of the middle-class population of the Asia Pacific region is also driving the demand for different products, which is fueling the growth of numerous end-use industries in the region. This, in turn, is fueling the growth of the Asia Pacific high strength steel market. Moreover, the growing number of end-use industries in the Asia Pacific region has also led to innovations and developments in the field of high strength steels, thereby fueling the growth of the Asia Pacific high strength steel market.
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