High Strength Steel (HSS) Market Size will Observe Lucrative Surge by the End 2027

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High Strength Steel (HSS) Market

• Global Industry Analysis, Size, Share, Growth,
  Trends and Forecast, 2027

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High Strength Steel (HSS) Market Introduction

• In terms of value, the high strength steel (HSS)
  market is anticipated to expand at a CAGR of
  9 from 2019 to 2027 and reach US 41.3
  Bn by 2027.
• In terms of demand, Asia Pacific led the global
  high strength steel (HSS) market in 2018. This
  trend is anticipated to continue
  between 2019 and 2027. Rise in demand for steel
  in various end-use industries, such as
  automotive, construction infrastructure, and
  aerospace, is estimated to propel the global high
  strength steel (HSS) market during the forecast
  period.

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High Strength Steel (HSS) Market Key Drivers and
Opportunities

• Electric vehicles essentially favor lightweight
  designs. This is likely to necessitate the usage
  of HSS in innovative automotive designs.
• Focus on enhancing the functional quality and
  fuel efficiency of an automobile is expected to
  be a key factor driving the global high strength
  steel (HSS) market in the next decade. Automotive
  manufacturers have been designing vehicles with
  reduced weight wherein steel has been a
  cost-effective, lightweight material of choice
  over the years.
• For instance, the body-in-white of Chevrolet
  Bolt contains 86 of steel, including 44 of
  Advanced High Strength Steel (AHSS). The Hyundai
  Kona electric vehicle uses 52 of AHSS. HSS
  grades (AHSS and UHSS) are preferred, as they
  help enhance a vehicles safety.

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Asia Pacific to be Highly Lucrative High Strength
Steel (HSS) Market

• In terms of value, Asia Pacific held major of
  more than 60 of the global high strength steel
  (HSS) market in 2018.
• Development of smart cities, particularly in
  India, and increasing urbanization in Asia
  Pacific are projected to boost the demand for
  steel in the region in the next decade.
• This is expected to augment the demand for HSS in
  Asia Pacific during the forecast period.
  Infrastructure and highway expansion is a key
  part of Chinas 13th Five Year Plan.
• Currently, the government is building two types
  of road networks tolled expressways with low
  tariff and expressways without toll. Construction
  and infrastructure developments in China are
  anticipated to augment the demand for HSS in the
  next decade.

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Major players operating in the global high
strength steel (HSS) market include

• POSCO Group
• ArcelorMittal
• Nippon Steel Corporation
• Tata Steel
• Baosteel Group Corporation
• Essar Steel
• JFE Steel Corporation
• Nucor Corporation

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