At present, the epidemic and pandemic COVID-19 virus change everything around the world. This virus has made a full shutdown and lockdown in the world which leads industries to the loss of millions of dollars. Apart from this, before this pandemic epidemic situation of the world, the research said that the advanced high strength steel market to grow at a CAGR of around 13 percent from 2019 through 2023. The major reason for this is that material is used and adopted by the construction industry for making the structure more durable and strong. And also, it is required and necessary material for modern and hybrid buildings and infrastructure. This has been possible because of its various advantages over conventional steel.
Moreover, on the other side, it has a high strength to weight ratio which ensures the lightweight steel frames for building and maximum load-bearing capacity. Although, steel is used to make everything that is a human user directly or indirectly. Steel is a convenient product and durable and also its demand across the world increasing annually. Innovation in equipment, machinery, and technology has taken us so far for making the steel more reliable, suitable, and variety.
Industries which required and increasing their demand for advance high strength steel
Automobile industries, Tool, equipment, Construction industries, Large Heavy machines, Power Generation, Transport, Infrastructures, and many small and big industries around the world are either using steel or its product. Several nations are still developing. Apart from this, the steel industry continually doing research and development to evolve a new composition, process, or technology for making the steel more useful and more cost-effective product without affecting its mechanical properties much more. And also replacing it with those materials which are expensive, hard to recycle, and affecting our ecosystem.
Meanwhile, on the other side, significantly high strength steel market has expanded globally due to such advantages as long life, high corrosion resistance, increased formability, weldability, high strength, etc. Even though, high demand for automobiles increasing and making the vehicle more secure and safe, lightweight, and strength for users. The fact is that the high strength steel automobile production will be going to be double of current requirement in the next 10-15 years. It is because of eco-friendly, hybrid, and electric cars which are the new era and interest of the industries as well as demanding in the market. Significantly, the demand for these cars will make a huge impact on the growth of high strength steel market over the prognosis period.