Global High Strength Steel Market 2017-2021
About High Strength Steel
High strength steel is a steel that demonstrates enhanced formability and high strength. It is employed mainly in the automotive industry. These steels offer a cost-effective and energy-saving advantage on the overall weight of the vehicle in the automotive industry. Also, high strength steel reduces the weight of steel structures in buildings pertaining to the construction sector.
Technavio’s analysts forecast the global high strength steel market to grow at a CAGR of 8.18% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global high strength steel market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global High Strength Steel Market 2017-2021
Technavio recognizes the following companies as the key players in the global high strength steel market: ArcelorMittal, POSCO, Shanghai Baosteel Group (Baosteel), Tata Steel, and United States Steel.
Other Prominent Vendors in the market are: CITIC, Gerdau, Hyundai Steel Company, JFE Steel Corporation, JSW Steel, Nucor, and SSAB.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is TMCP technique for high strength steel. TMCP is a microstructural control technique used in the manufacturing of steel plates to obtain enhanced properties such as increased toughness, strength, and weldability. Some of the examples of TMCP are controlled cooling, controlled rolling, and direct quenching.”
According to the report, one driver in the market is corrosion resistance and mechanical properties. High strength steel improves the corrosion resistance of steel and demonstrates excellent mechanical properties such as tensile strength, formability, and weldability. Rolled-carbon steels show improved mechanical properties as they are subjected to special processing techniques such as accelerated cooling and controlled rolling.
Further, the report states that one challenge in the market is financial risks affecting sale of high strength steel. The sale of high strength steels is subject to financial risks. The demand for high strength steels is dependent upon the performance of the global steel industry. The steel and high strength steel markets are susceptible to price divergence risks, resulting from the deviation between derivative and physical prices of high strength steels because of economic factors across the globe.ArcelorMittal, POSCO, Shanghai Baosteel Group (Baosteel), Tata Steel, United States Steel, CITIC, Gerdau, Hyundai Steel Company, JFE Steel Corporation, JSW Steel, Nucor, and SSAB.