High strength steel is majorly used for structural applications and is also known as structural steels. It can be produced using or without using small amount of micro alloying elements. The tensile strength and hardness of this steel requires high wear resistance and chipping resistance tooling materials.
The tempered and quenched steel are combined to form high strength and tough steel that are used in variety of applications in different industries. The global high strength steel is witnessing a good growth in the market, owing to its properties. Some of the quality of this steel includes high strength, high versatility, and formability. This type of steel is typically used in applications where high durability is required.
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The main factors identified as a challenge in high strength steel market growth which can hinder the market growth are high production cost and advancement in the grades of ultra-high strength steels and advanced high strength steels. In the recent years, high strength steel has replaced the mild grades of steels in the higher load-bearing and crash-resistant parts of the Body-In-White (BIW). Similarly, the consistent advances in steel processing technology are resulting in steels with new and improved properties, which can possibly affect the market growth in the coming years.
The value chain of the steel industry consists of multiple steps including sourcing of raw materials, production of steel, transportation, sales, end use, and recycling. The use of the this type of steel has enabled the customers to manufacture products that use less material, reduce cost, are stronger, lighter, and more durable, thus providing more competitive products.
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Globally, Asia-Pacific is the largest producer and consumer of steel in the world and thus dominating the high strength steel market. Developing countries such as China, India, Taiwan, and others are contributing significantly towards the increasing demand of this type of steel due to the expanding automobile industry and rapid industrialization. European market is expected to witness the fastest growth in the coming years, which will provide lucrative growth opportunities to the industry players.
Wuhan Iron and Steel Corporation, Tata Steels Limited, United States Steel Corporation, China Steel Corporation, SSAB, Novolipetsk Steel, Shandong Iron and Steel Group, JFE Steel Corporation, Hebei Puyong Steel Group, Baosteel Group Cororation, JSW Steel, and Metinvest Holding LLC are some of the major players operating in the high strength steel market.
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