High strength steel is a low carbon content steel that consists of low amount of molybdenum, titanium niobium, and vanadium. The high strength steel market report has been segmented on the basis of product type, application, and region. The global high strength steel market revenue is expected to register a highest CAGR over the forecast period.
Increasing demand for automotive industries and continuous recycling of high strength steel are major factor expected to drive growth of the market over the forecast period. However, high costs of production owing to high prices of raw materials is a major factor expected to hamper growth of the global high strength steel market over the forecast period.
On the basis of product type, the global high strength steel market is segmented based on transformation inducted plasticity (TRIP), dual phase (DP), high strength low alloy (HSLs) steel, bake hardenable (BH), others (Carbon Manganese (CMn) and Martensitic). High strength low alloy (HSLs) steel is expected to contribute major revenue share as compared to other product type segment and expected to maintain its dominance over the forecast period as it offers greater resistance to atmospheric corrosion.
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On the basis of region, the global high strength steel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to account major revenue share in the global high strength steel market owing to presence of large number of manufacturers in the region. Moreover, technological advancements in automotive and building & construction sectors and increasing number of research and development activities to develop advance grade steels in countries like China and India is other factor expected to boost the growth of the region over the forecast period.
Key players operating in the global high strength steel market includes United States Steel Corporation, ArcelorMittal S.A., Nippon Steel & Sumitomo Metal Corporation, Ansteel Group Corporation, Baosteel Group Corporation, Steel Authority of India Limited, AK Steel Holding Corporation, Tata Steel Limited, JFE Steel Corporation, and China Steel Corporation.