Published Date : 16 Oct 19 | Views: 51 | 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.
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