Increasing emphasis on products with improved strength and durability is estimated to stimulate the market demand.
The global High Strength Low Alloy (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 findings from the report suggest
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.
Ympress® is Tata Steel’s hot-rolled HSLA product, which is highly formable and provides weight reductions and increased component strength. This results in stronger, lighter, and more consistent products. Ympress® adds value to automotive, shipbuilding, lifting and excavating, and applications, among others.
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Market Segmentation:
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
- Forging
- Casting
Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Oil Gas
- Construction
- Industrial Equipment
- Power
- Automotive
- Mining
- Others
Regional Outlook:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Key questions covered in the global High Strength Low Alloy (HSLA) Steel Market report:
- What is the expected market size of the global High Strength Low Alloy (HSLA) Steel Market during the forecast period?
- What factors are expected to hamper global High Strength Low Alloy (HSLA) Steel Market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2022 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global High Strength Low Alloy (HSLA) Steel Market?
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