Increasing emphasis on products with improved strength and durability is estimated to stimulate the market demand.
Market Size – USD 10.12 billion in 2018, Market Growth - CAGR of 8.0%, Market Trends – Increasing demand from the automotive industry
NEW YORK, May 30, 2019 (GLOBE NEWSWIRE) -- The global High Strength Low Alloy (HSLA) steel market is expected to reach USD 18.95 Billion by 2026, 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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Grades like improved-formability HSLA steels (ASTM A715 grade for steel sheet, and ASTM A656 grade for steel plates) have maximum yield strengths of 80,000 psi. These high strength steels were developed mainly for the automotive industry to substitute low-carbon steel parts with thinner cross-section parts for weight reduction without forgoing strength and dent resistance. Typical applications in passenger car segment comprise door-intrusion beams, reinforcing and mounting brackets, chassis members, steering and suspension parts, bumpers, and wheels.
The greater tensile strength makes the product more durable and increases longevity. Hence, it finds application in oil storage tanks, street lighting poles, and earth moving equipment.
Equipment like cement mixers, power cranes, trucks, trailers, farm machinery, and power-transmission towers deploy HSLA bar, with minimum yield strengths varying from 50,000 to 70,000 ps. Also, products containing nitrogen are found in weldable reinforcing bars owing to nitrogen’s positive impact on creep strength, steam and gas turbine components, and boiler tubes.
The high cost of High Strength Low Alloy (HSLA) steel may hamper the growth of the market in the forecast period.
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.
- Key participants include 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.
- 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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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented global High Strength Low Alloy (HSLA) steel market on the basis of category, process, application, and region:
Category Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- 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; 2016-2026 and Revenue, USD Million; 2016-2026)
- Hot Rolled
- Cold Rolled
- Forging
- Casting
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Oil & Gas
- Construction
- Industrial Equipment
- Power
- Automotive
- Mining
- Others
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Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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