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The global high strength steel market size is projected to reach USD 54.07 billion by 2027 on account of growing adoption of high strength low alloy (HSLA) in the construction industry, shares Fortune Business Insights™ in its report, titled “High Strength Steel Market Size, Share & COVID-19 Impact Analysis, By Type (High Strength Low Alloy (HSLA), Dual Phase (DP), Transformation Induced Plasticity (TRIP), Martensitic (MS), and Others), By Application (Automotive; Building & Construction; Mechanical & Heavy Equipment; Rail, Aviation & Marine; and Others), and Regional Forecast, 2020-2027”. According to the report, the value of the global market stood at USD 31.03 billion in 2019 and is expected to grow at 7.4% CAGR from 2020 to 2027.
The high strength steel market growth is expected to get moderately impacted by the COVID-19 pandemic. Supply chain disruptions, shrinking demand for automobiles, and decline in construction activities worldwide will be the primary factors affecting the growth of this market in the immediate future.
Hyundai Steel Accelerates Development of High Strength Steel Products
Hyundai Steel Company, one of South Korea’s largest steel manufacturers, announced its plans to speed up the development and launch of advanced HSS materials in June 2020. The company is focused on engineering next-generation steels to serve the booming market for lightweight automobiles and electric vehicles as well as gain a decisive edge in the global market for automotive components. Hyundai aims at supplying 1 million tons of HSS plates to automakers worldwide in the coming few years. With its new high strength steel materials, Hyundai will seek to strengthen its position in China and Europe.
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Growing Demand for Efficient Vehicular Safety to Favor the Market
Car manufacturers around the world are looking for efficient and effective solutions to meet the growing requirement for enhance safety of occupants in vehicles. Steelmakers are offering the optimum solution for this problem in the form of this type of steel, which lowers the weight of the vehicle, whilst bolstering its external robustness to withstand shocks and corrosion. The World Steel Association estimates that advanced HSS (AHSS) can bring down vehicle component weight by 25-39% and save 2-3 tons of greenhouse gas emissions over the vehicle’s lifecycle. Given these benefits, automakers are launching vehicles armed with HSS materials. For example, the 2019 Jeep Cherokee contains 65% HSS and AHSS to make the vehicle lightweight yet strong. Similarly, the Mercedes-Benz G-Class model of 2019 is 170kg lighter than its predecessor owing to increased incorporation of HSS in the body. High strength steel, therefore, is not only making cars more fuel- and energy-efficient, but it is also raising their safety quotient.
Strategic Partnerships to be the Preferred Expansion Route for Key Players
The competitive landscape of this market is characterized by the expansion strategies employed by key companies to strengthen their foothold in this market. The most prominent route opted by players to achieve their expansion goals is to enter partnerships and joint ventures with other players. For instance, ArcelorMittal and Nippon Steel jointly acquire Essar Steel India in 2019 to capture the soaring steel demand from the country’s thriving construction industry. Thus, this strategy is allowing companies to establish presence in booming markets and broadening their business horizons.
List of Key Players Covered in the Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion) Volume (Million ton)
Type; Application; and Geography