The ever expanding automobile industry has led to a steady demand for high strength steel in recent years. As such, based on usage, the automotive segment of the global high strength steel market is expected to witness a highly promising growth in the near future. The growth of the segment will be in terms of both volume as well as value. Thus, the companies in the global market are expected to tap into the opportunities in the automobile sector to manufacture lightweight vehicles. For example, General Motors, a leading US based brand in automotive sector, announced that the company has won the “Automotive Excellence Award” at the 18th Annual Great Designs in Steel Seminar. The company won the award for 2019 Chevrolet Silverado.
Increasing Focus on Improving Vehicular Sustainability
The companies operating in the global high strength steel market are working towards improving their production and manufacturing capacities for Advanced High Strength Steel and Ultra-High Strength Steel. These companies are heavily investing in the activities of research and development in the field of high strength steel technologies. The manufacturers are trying to leverage the advantages of advanced high strength steel so as to reduce the weight of the vehicles. Hence, the introduction of new vehicles is leading to the creation of incremental opportunities for these leading companies operating in the global market. The new age high strength steel technologies are providing the best value for OEMs and are becoming increasingly popular as they help in improving the overall sustainability and performance of vehicles.
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The North America segment of the global high strength steel market is expected to emerge as the most dominant one in the near future. With the presence of several notable players such as POSCO Group, ArcelorMittal, Tata Steel, JFE Steel Corporation, and Essar Steel among others, the regional market is expected to contribute significantly in terms of both value as well as volume.