Published Date : 16 Oct 19 | Views: 121 | Industry : Chemical & Material
Demand for High-strength Steel to Increase Remarkably
in Automotive Industry
The global high-strength
steel market is segmented into carbon-manganese steels, bake-hardenable steels,
dual-phase steels, and high-strength low-alloy steels based on type of product.
Among these, high-strength low-alloy steels are anticipated to show quicker
growth in the global market. On the basis of application, the global
high-strength steel market is segmented into aviation and marine, hoisting and
mining equipment, automotive, and others. Among these, automotive could collect
a significant share of the global high-strength steel market because of high
production of automobiles in key regions. High-strength steel is frequently
used in the manufacture of automobile parts such as vehicle body panels.
Asia Pacific to Gain Faster Growth with Increase in
Infrastructure Development
According to
market experts, Asia Pacific is expected to become a highly lucrative market
for high-strength steel in the coming years. The high-strength steel market in
Asia Pacific could gain growth on the back of infrastructure improvement and the
aggressive rate of industrialization. Impressive development of the automotive
industry could be another factor helping with growth opportunities for
high-strength steel manufacturers in the region. Japan, India, and China are
predicted to support the market growth of the region as they show high economic
growth.
Manufacturers to Launch New Grades of Products and
Invest in Research and Development
The report
profiles almost all important players of the global high-strength steel market,
including ArcelorMittal, Ansteel, SSAB, Baosteel, POSCO, ThyssenKrupp AG, United
States Steel Corporation, and Voestalpine AG.
Market to Benefit from High Use of High-strength Steel
in Construction and Automotive
Global demand
for high-strength steel is expected to largely increase in lucrative end-use
industries such as construction and automotive. High-strength steel is widely
used in construction activities because of its favorable properties such as
exceptional weldability and ability to increase toughness of structures in low
temperature conditions. Automotive manufacturers use high-strength steel to produce
vehicle components and parts. High-strength steel is also adopted in other
industry verticals such as aviation, marine, and mining. Rapid urbanization and
economic growth in emerging countries are likely to help increase the
consumption of high-strength steel in the near future. Introduction of advanced
products such as ultra-high-strength steel could further improve the global
market growth.
However, expensive prices of raw materials could increase the production cost in the global high-strength steel market, which is expected to act as a growth restraint during the forecast period.
For more
information, please click: https://www.qyrconsulting.com/reports/high-strength-steel-market