The global high strength steel market size is projected to reach USD 54.07 billion by 2027, exhibiting a
CAGR of 7.4% during the forecast period. Increasing demand for electric vehicles (EVs) worldwide is
expected to emerge as a crucial growth determinant for this market, states Fortune Business Insights™ in
its report, titled “High Strength Steel Market Size, Share & COVID-19 Impact Analysis, By Type
(High Strength Low Alloy (HSLA), Dual Phase (DP), Transformation Induced Plasticity (TRIP),
Martensitic (MS), and Others), By Application (Automotive; Building & Construction; Mechanical
& Heavy Equipment; Rail, Aviation & Marine; and Others), and Regional Forecast, 2020-2027”.
According to the International Energy Agency (IEA), in 2019, global EV sales reached 2.1 million, surpassing
2018 levels and boosting the world EV stock to 7.2 million. EV car sales registered a 40% year-on-year
increase, accounting for 2.6% of the total global car sales in 2019. HSS has emerged as a promising
technology for EVs as this steel lowers the weight of the car while providing superior strength and enhanced
protection. Moreover, HSS also serves as an excellent battery protector for EVs owing to its high strength
and low weight. Furthermore, advanced HSS such as SSAB’s cold formable Docol® improves vehicle
performance, making them more fuel-efficient and lower emissions.
The global economy has gone into a tailspin as a result of the COVID-19 pandemic outbreak. Some
industries remain largely unaffected by the outbreak, some are thriving, but most are in serious trouble. The
steel industry is experiencing a mixed impact of this pandemic. Navigating through these challenging times
is a mammoth task and to aid you in your journey, Fortune Business Insights™ aims at equipping your
business with the most comprehensive market intelligence, collated and analyzed by our expert and
experienced research team.
As per the report, the global market value stood at USD 31.03 billion in 2019. The other highlights include: