The High Strength Steel Market was valued at USD 25.23 billion in 2017 and is projected to reach USD 40.85 billion by 2023, at a CAGR of 8.4% between 2018 and 2023, as per a report by MarketsandMarkets.
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Browse 113 market data Tables and 53 Figures spread through 177 Pages and in-depth TOC on “High Strength Steel Market“
Why increased consumption of high strength steels in emerging economies is a good opportunity?
The Asia Pacific region is the largest and the fastest-growing market for high strength steels across the globe. A significant demand for high strength steels from emerging economies such as China and India is driving the growth of the high strength steel market across the globe. The Asia Pacific region is projected to account for a share of 36.7% of the high strength steel market in 2021, in terms of volume. Moreover, technological advancements in the automotive and construction industries of some major countries such as China, Japan, South Korea, and Taiwan, among others have also resulted in a solid turnaround in the consumption of high strength steels in these countries. The Government of China is determined to control pollution in the country, and this has been made evident by its 12th Five Year Plan. The current National Phase IV Vehicle Emission Standards of China have been revised, and the new National Phase V Vehicle Emission Standards are in place for implementation in the country. This is expected to put pressure on the Original Equipment Manufacturers (OEMs) in China to reduce the weight of cars manufactured in the country, thereby increasing the sales of high strength steels.
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How advancements in the grades of high strength steels and ultra-high strength steels pose a major challenge?
Growing safety concerns related to the automotive crash and accidents among consumers act as a challenge for the manufacturers of the automobiles and as such, these concerns need to be addressed by them before using high strength steels for manufacturing automobiles. Safety regulations have accelerated the use or incorporation of Advanced High Strength Steels (AHSS) in vehicles, thereby posing a challenge to the growth of the high strength steel market across the globe. The National Highway Traffic Safety Administration (NHTSA) of the US has set the standards for safety of vehicles to ensure high impact resistance and fuel economy. Various kinds of testing by the Insurance Institute for Highway Safety (IIHS) of the US have encouraged improved frontal and rear impact ratings of automobiles as well as improvement in their roof strength. Meeting all these standards often result in the increased weight of vehicles, which, in turn, can increase the production costs of vehicles.
Steel Rebar Market by Type (Deformed Steel, Mild Steel), Process (Basic Oxygen Steelmaking Process, Electric Arc Furnace Process), End User (Infrastructure, Housing and Industrial), Region
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