High-strength steel market worth $40.85 billion by 2023, says report

A new report states that the market for high-strength steel (HSS) is projected to grow from $27.32 billion in 2018 to $40.85 billion by 2023, at a CAGR of 8.4 percent.

The report, titled "High Strength Steel Market by Type (High Strength Low Alloy, Dual Phase, Bake Hardenable, Carbon Manganese), End-Use Industry (Automotive, Yellow Goods & Mining Equipment, Construction, Aviation & Marine), and Region - Global Forecast to 2023,” was published by MarketsandMarkets™.

Driving growth will be the increased consumption of HSS in the automotive and construction industries.

Among end-use industries, the automotive segment is expected to lead demand for HSS in 2018, and the amount of HSS used in automobile production is expected to more than double in the next 15 years as car production increases globally. The use of HSS for manufacturing autobody panels reduces their weight by about 60 percent, which increases fuel efficiency.

The Asia Pacific region is the largest consumer of HSS, and this trend is projected to continue during the forecast period. Growth in this market can be attributed to the economic growth of emerging economies such as China, India, and Taiwan.

For more information, visit www.marketsandmarkets.com/market-reports/high-strength-steel-market-4627428.html.