High Strength Steel Market Size Worth $56.1 Billion By 2027 | CAGR: 8.4%

The global high strength steel market size is expected to reach USD 56.1 billion by 2027 according to a new study by Polaris Market Research. The report “High Strength Steel Market Share, Size, Trends, Industry Analysis Report, By Type [Dual phase (DP), Martensitic (MS), Transformation-induced plasticity (TRIP), Twinning-induced plasticity (TWIP), Others]; By Tensile Strength (Up to 600 MPa, 600-900 MPa, 900-1200 MPa, 1200-1500 MPa, Above 1500 MPa); By Application; By Regions; Segment Forecast, 2020 - 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Advanced High Strength Steel (AHSS) are multiphase complex microstructures with yield strength over 550 MPa. AHSS with tensile strength exceeding 780 Mpa is often termed as ultrahigh-strength steel and with tensile strength of about 1000 Mpa is termed as Giga Pascal steel. AHSS were developed partly to address decreased formability with increased strength in conventional steels. Intended for complex geometrical parts that require high formability, AHSS are used in broad range of applications including crash boxes, front end structures, automotive pillars, automotive rails, sill reinforcements, and doors among others.

Material selection for automotive applications is often driven by safety, manufacturability, fuel efficiency, durability, environmentalism, and quality. Cost is also an important factor in the highly competitive automotive industry. As an effort to reduce vehicle weight, automakers are continuously evaluating material selection to increase overall efficiency. Hence to meet the demand of improved material on the parameters of manufacturability, durability, quality, and cost, the steel industry has developed AHSS with unique properties to meet the diverse performance requirements of vehicle components. AHSS strikes a balance between strength for performance and ductility for production.

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The combination of strength with ductility is the key performance parameter for automotive applications. Higher strengths come at the expense of ductility. Maintaining high ductility with greater tensile strength remains a major challenge for the manufacturers. However, with the innovation from Nano steel, manufacturers have redirected their efforts for high elongation and high strength steel.

Companies such as United States Steel Corporation, Tata Steel Ltd, ThyssenKrupp AG, Nucor Corporation, ArcelorMittal SA, AK Steel Holding Corporation, Baoshan Iron & Steel Co., Ltd, SSAB AB, POSCO, Steel Technologies LLC, and Big River Steel are some of the key players operating in the global market.

Polaris Market Research has segmented the High Strength Steel market report on the basis of type, tensile strength, application, and region

High Strength Steel by Type Outlook (Revenue - USD Million, 2016 – 2027)

• Dual phase (DP)
• Martensitic (MS)
• Transformation-induced plasticity (TRIP)
• Twinning-induced plasticity(TWIP)
• Others

High Strength Steel, By Tensile Strength Outlook (Revenue - USD Million, 2016 – 2027)

• Upto 600 Mpa
• 600-900 Mpa
• 900-1200 Mpa
• 1200-1500 Mpa
• Above 1500 MPa

High Strength Steel, By Application Outlook (Revenue - USD Million, 2016 – 2027)

• Automotive
• Construction
• Mining equipment
• Aviation & Marine
• Others

High Strength Steel, By Regional Outlook (Revenue - USD Million, 2016 – 2027)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Hungary
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Central & South America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa