A
new research report by Transparency Market Research offers a
comprehensive evaluation of the global High
Strength Steel
Market. The
study, titled “High
Strength Steel Market - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 - 2024”,
is available for sale on the firm’s website.
Steel
is critical, as there is no other material with same unique
combination of strength, formability (malleability and ductility) and
versatility. Steel plays critical role in virtually every phase of
our lives. The rails, roads, vehicles that make up our transportation
chain use steel. High strength steel provides strong framework and
connections in the building constructions. They are used to deliver
food and water supply and also industrial product deliveries. It is a
basic component that generates and transmits energy.
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High
strength steel is primarily used for structural applications
(structural steels) as well as in automobile industry. It is
difficult to attain complex shapes, a requirement in these
industries, using mild steel. Thus, high strength steel is used for
complex shapes that are met along with durable and robust design
parameters. It can be developed even with or without addition of
microalloying elements such as Va, Ni, Co, Mb, and Ti.
Market
Dynamics and Trends
High
strength steel and its alloys are expected inevitably to gain demand
in the future and their markets to increase exponentially. Steel is
the only commercial product in usable metals which meets higher
environmental standards. High strength steel can be endlessly
recycled without loss in its strength, durability, or any of its
other distinctive properties. Today and in the future, high strength
steel is expected to succeed in meeting challenges of climate change,
population growth, water distribution, product carriages and energy
by reducing carbon footprint.
Major
drivers of high strength steel are its significant high rate of
consumption in automotive and construction industries, meeting
stringent environmental standards. However, it has its limitation
with its restraining factors such as its high cost of production, low
safety factor in its preparation, and high technological constraints.
New
generation high strength steel is likely to provide necessary
requirements and trend of the future demands of implementing durable
and light weight designs plus the volumes.
Market
Segmentation
COR-TEN
weathering steels, with its high corrosion resistance, are used
extensively in automobile, construction, and heavy equipment
manufacturing industries.
It
is used in heavy construction especially structures and bridges based
on its high rolling and continuous product line. It has low carbon
content, formability and easily hardened steels used in
transportation and automotive industry to a high extent. It is an
intrinsic part used in manufacturing alloy steel such as niobium,
vanadium, and titanium used in power generation and nuclear reactors.
The
high strength steel market can be divided into sectors such as
building and infrastructure, automobile industry, transportation
industry, energy, food and water, and tools and machineries. It can
be further classified into electro-galvanized steel, hot-dip
galvanized steel, and hot-dip galv-annealed steel.
Based
on manufacturing Process the application lies preparation of High end
Automobile body structures, reinforcement and brackets where high
strength is required for optimum part performance,
Region-wise
Outlook
Asia-Pacific
is the market leader in terms of high strength steel consumption and
production, followed by Europe. Majority of the Asia Pacific regions
are developing and there is a high requirement of high strength
steel. Developed countries such as the U.S. in North America and
other parts in Europe are rather saturated markets for high strength
steel.
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Key
Players
Key
players globally operating in the market are Arcelor-Mittal, China
Steel Corporation, Hyundai Steel Company, Tata Steel, and Gerdau S.
A.
The
report offers a comprehensive evaluation of the market. It does so
via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
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