The global high strength steel market size is projected to reach USD 53.43 billi

Posted by Rushikesh Pise on January 17th, 2020

The global high strength steel market size is projected to reach USD 53.43 billion by 2026, exhibiting a CAGR of 8.1% during the forecast period. Rising demand for lightweight steel in the automotive industry is expected to be a major growth driver of this market. There is an urgent global need to reduce carbon emissions from automobiles and adoption of high strength steel in place of carbon steel offers a viable solution to this problem. This category of steel is known for its high strength capacity, which reduces the conventional steel requirement to manufacture vehicles and vehicular parts.


Furthermore, high strength steel has a greater yield of 275 MPa and above along with carbon content between 0.05% and 0.25%, manganese content below 2%, and a combination of other metals. These properties make this type of the steel the ideal candidate for producing lightweight vehicles and this will also become one of the leading high strength steel market trends.

Browse Report Summary:
https://www.fortunebusinessinsights.com/industry-reports/high-strength-steel-market-101854

 

Like it? Share it!


Rushikesh Pise

About the Author

Rushikesh Pise
Joined: November 4th, 2019
Articles Posted: 81

More by this author