Ultra-High Strength Steel Market worth 11.35 Bn USD by 2022

Monday 20 November 2017, Amsterdam

The report is now available on ASDreports, "Ultra-High Strength Steel Market by Type (Dual Phase, Complex Phase, Multiphase, Martensitic, Transformation-Induced Plasticity), End-Use Industry (Automotive and Aerospace & Defense), and Region - Global Forecast to 2022", The ultra-high strength steel market is estimated to be USD 7.96 Billion in 2017 and is projected to reach USD 11.35 Billion by 2022, at a CAGR of 7.35% from 2017 to 2022. Rapid industrialization in emerging countries and the increased demand for ultra-high strength steels in the automotive, aerospace, and construction industries are key factors anticipated to drive the growth of the ultra-high strength steel market.

Based on type, the dual phase segment of the ultra-high strength steel market is projected to grow at the highest CAGR from 2017 to 2022.
Based on type, the ultra-high strength steel market has been segmented into dual phase, complex phase, multiphase, martensitic, transformation-induced plasticity, and others. The dual phase type segment of the ultra-high strength steel market is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the exceptional properties of dual phase steels that include high strength, improved drawability, and high strain hardenability.

Based on end-use industry, the aerospace & defense segment of the ultra-high strength steel market is projected to grow at the highest CAGR from 2017 to 2022.

Based on end-use industry, the aerospace & defense segment of the ultra-high strength steel market is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing use of ultra-high strength steels to develop aerospace components, with a lifespan of 30 years and minimal maintenance requirements. Companies operating in the steel industry, especially in developed countries, such as the US and Germany, are undertaking efforts to develop advanced steel grades suitable for high-end applications, such as aircraft and shipbuilding.

The Asia Pacific ultra-high strength steel market is projected to grow at the highest CAGR during the forecast period.
The ultra-high strength steel market in Asia Pacific is projected to grow at the highest CAGR from 2017 to 2022. This growth is primarily driven by rapid industrialization and infrastructure development in this region. Key manufacturers of ultra-high strength steels are headquartered in the Asia Pacific region. Furthermore, the growth of the manufacturing sector in emerging countries, such as China, India, and Taiwan, is driving the demand for ultra-high strength steels in Asia Pacific.

The United States Steel Corporation (US), ArcelorMittal (Luxembourg), Schuler Group (Germany), SAIL (India), China Baowu Steel Group Corp. (China), POSCO (South Korea), Tata Steel (India), JSW Steel (India), Voestalpine Group (Austria), Nippon Steel & Sumitomo Metal Corporation (Japan), Kobe Steel (Japan), China Steel Corporation (Taiwan), JFE Steel  (Japan), Essar Steel (Mumbai), Novolipetsk Steel (Russia), Angang Steel Company Limited (China), Nucor Corporation (US), Gerdau S.A. (Brazil), AK Steel Holding Corporation (US), Hyundai Steel Co., Ltd. (South Korea), Usiminas (Brazil), Hebei Puyang Iron and Steel Co., Ltd. (China), and Shougang Corporation (China) are key players operating in the ultra-high strength steel market.