Increasing emphasis on products with improved strength and durability is estimated to stimulate the market demand.
HSLA Steel Market Size – USD 12.01 Billion in 2018, Growth - CAGR of 8.0%, Trends – Increasing demand from the automotive industry
The global HSLA Steel Market is expected to reach USD 22.13 Billion by 2028, according to a new report by Reports and Data. HSLA is an acronym for high-strength low-alloy steel. It is a type of carbon steel where small amounts of alloying elements are added primarily to increase the strength of the steel. In comparison to carbon steel, this kind of high strength steel has better corrosion resistance in addition to greater mechanical properties.
Increasing demand from the automotive and the structural engineering sectors, which are the chief consumers of the product in the market is likely to stimulate demand in the future. Moreover, the essential applications of HSLA steel in oil gas sector is anticipated to boost the growth of the market in the upcoming years
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Top Companies: ArcelorMittal S.A., Bohler-Uddeholm Corp., the United States Steel Corporation, Nucor Corporation, Ansteel Group Corporation, POSCO Co. Ltd., SSAB, AK Steel Holding Corporation, TATA Steel, and JSW Steel among others.
Further Key Finding from the Report Suggestion:
- Weathering steel, a category of HSLA Steel, is usually deployed in structural applications, where paint coating or layers are not applied, e.g., bridge construction. Common grades of weathering steel comprise ASTM A242 and ASTM A588.
- Automotive sector held the largest market share in the 2018 and is expected to grow at a rate of 7.9% in the forecast period. This is attributed to extensive usage in automotive body structures where better durability and mechanical strength is required.
- Trucks, off-highway vehicles, construction equipment, mining equipment, and other heavy-duty vehicles use HSLA sheets or plates for chassis components, grader blades, buckets, and structural members outside the body.
- The Asia Pacific region contributed to the largest market share in 2018 and is likely to maintain its dominance in the forecast period with a growth rate of 8.5% due to the growth of the automotive industry and increase in the level of disposable income.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global HSLA Steel market is segmented into:
Category Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Weathering Steel
- Micro-Alloyed Ferrite Pearlite Steel
- As-Rolled Pearlitic Steel
- Acicular Ferrite Steel
- Dual-Phase Steel
- Inclusion-Shape-Controlled Steel
Process Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Hot Rolled
- Cold Rolled
Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Oil Gas
- Industrial Equipment
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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