The global high strength steel market size was USD 31.03 billion in 2019 and is projected to reach USD 54.07 billion by 2027, exhibiting a CAGR of 7.4% during the forecast period. Asia Pacific dominated the high strength steel market with a market share of 63.62% in 2019. Increasing demand for electric vehicles (EVs) worldwide is expected to emerge as a crucial growth determinant for this market, states Fortune Business Insights™ in its report, titled “High Strength Steel Market Size, Share & Industry Analysis, By Type (High Strength Low Alloy (HSLA), Dual Phase (DP), Transformation Induced Plasticity (TRIP), Martensitic (MS), and Others), By Application (Automotive; Building & Construction; Mechanical & Heavy Equipment; Rail, Aviation & Marine; and Others), and Regional Forecast, 2025-2032”.

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List of Key Companies Profiled in the High Strength Steel Market Report:

• Shandong Iron and Steel Group (China)
• PAO Severstal (Russia)
• Thyssenkrupp Ag (Germany)
• Voestalpine AG (Austria)
• CITIC Pacific Special Steel Holdings (China)
• SSAB AB (Sweden)
• Hebei Puyong Iron and Steel Group Co., Ltd. (China)
• Tata Steel (India)
• China Steel Corporation (China)
• JFE Steel Corporation (Japan)
• HBIS Group (China)
• ArcelorMittal S.A. (Luxembourg)

According to the International Energy Agency (IEA), in 2019, global EV sales reached 2.1 million, surpassing 2018 levels and boosting the world EV stock to 7.2 million. EV car sales registered 40% year-on-year increase, accounting for 2.6% of the total global car sales in 2019. High strength steel (HSS) has emerged as a promising technology for EVs as this steel lowers the weight of the car, while providing superior strength and enhanced protection. Moreover, HSS also serves as an excellent battery protector for EVs owing to its high strength and low weight. Furthermore, advanced HSS such as SSAB’s cold formable Docol® improve vehicle performance, making them more fuel-efficient and lower emissions.

The demand for materials with a high strength-to-weight ratio is observed from various end-use industries such as automotive and construction. High strength steel (HSS), being an advanced type of steel, has superior properties than conventional steel such as light in weight and high ductility, malleability & weldability. The addition of additives has further improved the anti-corrosion properties of this grade of steel, which makes it attractive for mining, aerospace, and marine applications. On the other hand, the evolving requirements for automotive construction materials, which can improve the fuel efficiency and vehicle strength, have provided a push to the demand for HSS.

As per the report, the global market value stood at USD 31.03 billion in 2019. The other highlights include:

• Comprehensive assessment of the various drivers and trends shaping market growth;