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High Strength Steel Market Poised for Steady Growth in the Future 2020-2027

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New York, NY 16 Apr 2021: The global high strength steel market size is expected to reach USD 56.1 billion by 2027 according to a new study by Polaris Market Research. The report “High Strength Steel Market Share, Size, Trends, Industry Analysis Report, By Type [Dual phase (DP), Martensitic (MS), Transformation-induced plasticity (TRIP), Twinning-induced plasticity (TWIP), Others]; By Tensile Strength (Up to 600 MPa, 600-900 MPa, 900-1200 MPa, 1200-1500 MPa, Above 1500 MPa); By Application; By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Advanced High Strength Steel (AHSS) are multiphase complex microstructures with yield strength over 550 MPa. AHSS with tensile strength exceeding 780 Mpa is often termed as ultrahigh-strength steel and with tensile strength of about 1000 Mpa is termed as Giga Pascal steel. AHSS were developed partly to address decreased formability with increased strength in conventional steels. Intended for complex geometrical parts that require high formability, AHSS are used in broad range of applications including crash boxes, front end structures, automotive pillars, automotive rails, sill reinforcements, and doors among others.

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Material selection for automotive applications is often driven by safety, manufacturability, fuel efficiency, durability, environmentalism, and quality. Cost is also an important factor in the highly competitive automotive industry. As an effort to reduce vehicle weight, automakers are continuously evaluating material selection to increase overall efficiency. Hence to meet the demand of improved material on the parameters of manufacturability, durability, quality, and cost, the steel industry has developed AHSS with unique properties to meet the diverse performance requirements of vehicle components. AHSS strikes a balance between strength for performance and ductility for production.

 

The combination of strength with ductility is the key performance parameter for automotive applications. Higher strengths come at the expense of ductility. Maintaining high ductility with greater tensile strength remains a major challenge for the manufacturers. However, with the innovation from Nano steel, manufacturers have redirected their efforts for high elongation and high strength steel.

 

Companies such as United States Steel Corporation, Tata Steel Ltd, ThyssenKrupp AG, Nucor Corporation, ArcelorMittal SA, AK Steel Holding Corporation, Baoshan Iron & Steel Co., Ltd, SSAB AB, POSCO, Steel Technologies LLC, and Big River Steel are some of the key players operating in the global market.

 

To get Incredible Discounts on this Premium Report, Click At : https://www.polarismarketresearch.com/industry-analysis/high-strength-steel-market/request-for-discount-pricing

 

The companies in the market are focussing on acquisitions to increase their market share. For instance, recently in February 2020, the U.S., based supplier of refurbished medical equipment Probo Medical, announced the acquisition of Elite Medical Technologies, LLC and Future Medical Equipment, Ltd. The former is the renowned re-seller of the pre-owned digital medical devices, while the latter is specialized in de-installation and sales of second hand equipment.

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.

Contact Us:

Polaris Market Research

Phone: 1–646–568–9980

Email[email protected]

Webhttp://www.polarismarketresearch.com

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