High Strength Steel [HSS] Market: Growth Analysis By Revenue, Market Size, Share, Scenario on Latest Trends & Types, Applications to Forecast 2022-2031

“The report on High Strength Steel [HSS] Market was recently published by SDKI, which includes the latest market trends, current and future opportunities along with the factors that are driving the growth of the market. This report further encompasses the records for the expansion of the market along with information on the investment opportunities that help the clients to take positive decisions on the parameters for gaining profitable revenues. Moreover, the report also contains identification and investigation of the market structure, in-depth qualitative analysis, restraints & challenges, growth drivers, emerging product trends & market opportunities and Porter’s five forces.

Download Sample of This Strategic Report: https://www.sdki.us/sample-request-110410

High Strength Steel (HSS) Market: Overview

  • In terms of value, the global high strength steel (HSS) market is expected to reach ~US$ 41.3 Bn by 2027
  • The global automotive industry offers strong potential for the production of electric vehicles, due to the increase in demand for environment-friendly vehicles. As per the International Energy Agency (IEA), the share of electric vehicles in total sales of vehicles in Europe is expected to reach 26% by 2030. Substantial rise in the production of electric vehicles across the globe is anticipated to augment the demand for HSS in the near future.

High Strength Steel (HSS) Market: Key Drivers and Restraints

  • Electric vehicles represent a lucrative end use for HSS during the forecast period. In response to toughening regulations around the world, automakers are intensifying their efforts to develop mass market electric vehicles (EVs). Consumption of EVs lags behind that of conventional ICE vehicles; however, EVs are projected to make up a quarter of all new car sales by 2027.
  • Rise in infrastructure development in Asia Pacific is anticipated to boost the demand for HSS in the region during the forecast period

High Strength Steel (HSS) Market: Key Product Segments

  • Based on product, the global high strength steel (HSS) market has been broadly segregated into conventional HSS, Advanced High Strength Steel (AHSS), and Ultra High Strength Steel (UHSS)
  • Demand for AHSS is estimated to be high in the automotive industry during the forecast period. The use of AHSS reduces a vehicle’s structural weight by as much as 25% and can cut total lifecycle carbon dioxide emissions by up to 15% more than any other automotive material.
  • Major automotive companies are likely to demand AHSS in order to lower the weight of vehicles to maximize fuel economy for internal combustion engines and increase range for battery electric powertrains. In order to meet stringent fuel efficiency regulations, vehicle body structures have been modified with an increasing content of AHSS (above 50%).
  • Demand for High Strength Low Alloy (HSLA) steel is projected to be high in application areas such as heavy-duty vehicles, passenger car components, oil & gas pipelines, construction & industrial machinery, mining, and lawn mowers

High Strength Steel (HSS) Market: Key End Use Segments

  • Based on end use, the global high strength steel (HSS) market has been divided into building & infrastructure, automotive, industrial machinery, aerospace & defense, and others
  • Steel has been the material of choice in the automotive industry over a long period of time. In 2017, Audi A8 switched back to steel, with body structures made of more than 40% of steel. The body structure of Peugeot 3008 is made of 90% of steel. Demand for HSS in the automotive industry is expected to rise at a CAGR of ~8% during the forecast period.
  • Increase in demand for steel in automotive production is anticipated to boost the high strength steel (HSS) market between 2022-2031

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Asia Pacific to be Highly Lucrative Region of High Strength Steel (HSS) Market

  • In terms of value and volume, Asia Pacific constituted major share of the global high strength steel (HSS) market in 2018. This trend is projected to continue during the forecast period.
  • China and India collectively accounted for more than 60% share of the high strength steel (HSS) market in Asia Pacific in 2018
  • India replaced Japan as the world’s second-largest steel-producing country in 2018, following China. Favorable demand-supply dynamics of the steel industry in India is estimated to be a key factor driving the high strength steel (HSS) market in the country in the next few years. Initiatives such as ‘Make in India’ and growth of the chemical industry can play a major role in making India a key consumer of high strength steel in the next decade.
  • The automotive industry in ASEAN has been attracting significant investments of late. In February 2019, Scania AB inaugurated a new assembly plant for heavy commercial vehicles in Bangkok, Thailand, It also unveiled an entire range of new trucks. In January 2019, Vietnam’s Trường Hải Auto Corporation (Thaco) invested VNĐ 4.5 Trn (nearly US$ 200 Mn) in a car manufacturing plant with the annual capacity of producing 20,000 Peugeot cars for domestic use and exports. In October 2018, Mitsubishi Motors announced plans to increase the production capacity of its plant at Bekasi, West Java (Indonesia), from 160,000 units to 220,000 units by 2020. 

High Strength Steel (HSS) Market: Competition Landscape

  • Major players operating in the global high strength steel (HSS) market include
    • POSCO Group
    • ArcelorMittal
    • Nippon Steel Corporation
    • Tata Steel
    • Baosteel Group Corporation
    • Essar Steel
    • JFE Steel Corporation
    • Nucor Corporation
    • Hesteel Group
  • The global high strength steel (HSS) market was moderately concentrated in 2018. This trend is projected to continue during the forecast period.

High Strength Steel (HSS) Market – Scope of the Report

A new study on the global high strength steel (HSS) market presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as structure of the global high strength steel (HSS) market. the study offers valuable information on the global high strength steel (HSS) market to illustrate how growth would discern during the forecast period i.e. 2019–2027.

Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR), are elucidated in the study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global high strength steel (HSS) market during the forecast period.

For more information about this report visit: High Strength Steel [HSS] Market

An extensive analysis of leading market players’ business strategies is also featured in the study on the global high strength steel (HSS) market. This can help readers understand principal factors to foresee growth of the global high strength steel (HSS) market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global high strength steel (HSS) market, which would guide market players in making apt decisions in the near future.

Key Questions Answered in the Study on High Strength Steel (HSS) Market

  • What is the scope for growth of high strength steel companies in the automotive sector?
  • What would be the Y-o-Y growth rate of the global high strength steel (HSS) market between 2019 and 2027?
  • What is the influence of changing trends in technologies on the high strength steel (HSS) market?
  • Would Asia Pacific continue to remain the most profitable regional market for providers of HSS in the near future?
  • Which factors would impede the growth of the global high strength steel (HSS) market during the forecast period?
  • Which are leading companies in the global high strength steel (HSS) market?

Research Methodology

A unique research methodology is utilized to conduct comprehensive research on the global high strength steel (HSS) market arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.

Secondary resources referred to by analysts during production of the report on the global high strength steel (HSS) market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of the study on the global high strength steel (HSS) market as a primary resource.

These primary and secondary resources provided exclusive information during interviews, which served as a validation from leading players operating in the global high strength steel (HSS) market. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global high strength steel (HSS) market with accuracy. The study also uses a top-down approach to assess numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making estimates on future prospects of the global high strength steel (HSS) market more reliable and accurate.

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