A new report by Reports and Data indicates that the global High-Strength Low-Alloy Steel market is expected to achieve a value of USD 50.02 Billion by 2027. High strength steel is used for structural purposes and in the automobile industry, with a growing need to decrease weight in vehicles in order to reduce energy consumption expected to drive demand for the product in the coming years. Additionally, increased investment in research and development by steel manufacturers is expected to propel market growth. Currently, 80% of a passenger car body is made up of high strength steel, with HSLA steel accounting for the majority and an increasing proportion made up of multiphase steel.
The aerospace industry's rapid growth and increasing industrialization and urbanization in emerging economies are predicted to create opportunities for market players. Furthermore, the use of the product in welding equipment manufacturing and advancements in technology for the production of ultra-high-strength steel with specific properties are expected to fuel market growth in the forecast period.
The Asia Pacific region is the key revenue-generating area in the market, with increased demand from the automotive and construction industries in countries such as China and India.
Other key findings from the report include the dominance of dual-phase steel in the market, with an anticipated growth rate of 7.6% in the forecast period. Body and closures contributed to the largest market share in 2019 due to the benefits of reducing vehicle weight and improving fuel efficiency while increasing crash-resistance.
North America held the second-largest market share in 2019, with a growth rate of 6.8% expected in the forecast period. The high demand in this region may be due to its healthy aerospace and marine sectors, where high strength steel finds widespread application in producing lightweight components.
Key participants in the market include Arcelor Mittal S.A., United States Steel Corporation, Baosteel Group Corporation, TATA Steel, SSAB AB, Nippon Steel Sumitomo Steel Corporation, POSCO, Steel Authority of India Limited, Anang Steel Company Limited, Nucor Corporation, JSW Steel, and JSW Steel. In February 2019, SSAB launched the EcoUpgraded program, allowing customers to upgrade to high-strength steel and reduce the weight of their equipment, increase fuel economy, and extend product lifetime, significantly reducing the automotive carbon footprint.
The report segments the global high strength steel market by product type, application, industry vertical, and region.
Get a sample copy of the high strength steel market report: https://www.reportsanddata.com/download-free-sample/1901
High Strength Steel Market: Notable Innovation
In the High-Strength Low-Alloy Steel market, notable innovations include the production of ultra-high-strength steel with specific properties, which has fuelled the growth of the market in the forecast period. Additionally, leading players in the market have launched programs to enable customers to upgrade to high-strength steel and reduce the weight of their equipment, enhance fuel economy, and extend product lifetime, all of which have a significant impact on reducing the carbon footprint of the automotive industry.
Other innovations include the development of dual-phase steel, which holds a considerable market share and is expected to grow at a rate of 7.6% in the forecast period. Dual-phase steels have higher tensile strength and elongation than HSLA steel, and more complex shapes can be formed from this product type, allowing for excellent crash response.
These innovations are expected to drive the market growth in the coming years, as high strength steel continues to find application in the automotive, construction, aerospace, and mining industries.
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