Asia-Pacific High Strength Steel Market to Grow at a CAGR of 8.4% Between 2019 to 2026

High Strength Steel Market is forecast to grow at 8.26% for 2019 to 2026 with factors such as availability of alternative in market and complexity associated with the joining & welding hampering the market growth.
High strength steel market has shown a significant adoption rate and preferences from the Asia- Pacific region. Increasing high bridge construction and rising government initiatives is expected to enhance the market growth.
High strength steel is defined as steel that has yield strength ranging between 210-550 MPa and a tensile strength 270 to 700MPa. High strength steel is the type of steel that promotes high yield due to strengthening mechanisms that were employed on the steel to achieve better strength, toughness, fatigue and ductility.  High strength steel is used in a wide variety of applications, most prominent are automotive, heavy machinery manufacturing, energy and power, ship building, aerospace, packaging and consumer goods. Most commonly high strength steel is produced with the cold rolled process followed by hot rolled, metallic rolled and direct rolled. High strength steel also reduce production cost, provide environmental & financial advantages in various application of automotive and construction sectors such as structural designing of auto parts, lifting equipment, materials handling, trailers and others.
Asia Pacific transcritical CO2 market is growing at a CAGR of 8.4% in the forecast period 2019 to 2026.

Scope of Global High Strength Steel Market

High strength steel market is segmented on the basis of countries into U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa.

Competitive Analysis: Asia-Pacific High Strength Steel Market

Some of the major players operating in this market are POSCO, Arcelormittal S.A., Nippon Steel & Sumitomo Metal Corporation, Tata Steel, NUCOR, HBIS Group, HYUNDAI STEEL, AK Steel Corporation, Voestalpine AG, SSAB AG, Angang Steel Company Limited, Shanghai Baosteel Chemical Co., Ltd. (A Subsidiary Of Baosteel Co., Ltd), Shougang.Com, Thyssenkrupp AG, Shandong Iron And Steel Group Co., Ltd., BENXI STEEL GROUP, JFE Steel Corporation, United States Steel, SAIL, JSW Steel Limited and other.
Product Launch:
  • In November, 2018, SSAB AB announced the launch of Strenx 1100 Plus strip steel which is a hot-rolled, high-strength steel that possesses unique weld properties and delivers outstanding welding and bending performance. This product launch will help in the manufacturing and production of automotive components in China.
  • In January, 2018, Benxi steel group launched 2000MPa super strength steel in the market. Launching a new product helped the company to enhance their product portfolio in automotive industries.
  • In August 2018, AK Steel Corporation announced the launch of NEXMET, an innovative range of high strength steel, which is applicable for lightweight components in the automotive industry. These products are designed for the manufacturing of automotive original equipment.

Market Segmentation: Asia-Pacific High Strength Steel Market

Asia Pacific high strength steel market is segmented into four notable segments such as grade type, product type, end user and geography
  • On the basis of grade type, the market is segmented into high strength low alloy, dual phase, transformation inducted plasticity, bake hardenable, rephosphorised steel, interstitial free and others. Dual phase high strength steel segment is growing at the highest CAGR of in the forecast period of 2019 to 2026.
  • On the basis of product type, the market is segmented into cold rolled, hot rolled, metallic coated and direct rolled. Cold rolled high strength steel segment is the largest and growing at the highest CAGR of in the forecast period of 2019 to 2026.
    • In April 2018, AK Steel Corporation announced the expansion of the New NEXMET Advanced High Strength Steel. NEXMET will enable the automotive companies to manufacture light weight components and vehicles. This also provides the passengers safety.
  • On the basis of end users, the market is segmented into automotive, construction, heavy machinery, ship building, aerospace, energy & power, packaging, consumer goods and others. Construction end use segment is growing at the highest CAGR of in the forecast period of 2019 to 2026.
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