The global ultra-high-strength steel market is expected to witness a remarkable growth from 2017 to 2025, according to the latest report published by Transparency Market Research. Cost effectiveness of ultra-high-strength steel is one of the major drivers of the market growth, as per the report. Offering exceptionally high strength and improved formability, ultra-high-strength steel is anticipated to expand at healthy pace over the forecast period. The market is exponentially growing due to increase in the consumption of dual-phase ultra-high-strength steel. The rise in the consumption can be attributed to extraordinary characteristics such as having high cyclic resistance and preventing fatigue cracks. Additionally, properties of ultra-high-strength steel like ability to withstand the pressure and its lightweight are expected to further fuel the market growth significantly. Moreover, the consumption of hot-rolled steel products has shown substantial growth over the past few years and will continue to impact the global ultra-high-strength steel market.
The heavy usage of ultra-high-strength steel in automotive sector to further fuel the market growth
On the basis of end-use industry, the global ultra-high-strength steel market is segmented into automotive, aerospace, construction, heavy machinery, and others. The aerospace & defense segment of the market is expected to be a major driver for the market growth during the forecast period. The increase in usage of ultra-high-strength steels to develop aerospace components is reported to be among the leading factors responsible for the market growth. Moreover, ultra-high-strength is extensively used in automotive sector due its energy saving property.
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Another major factor behind this heavy usage of ultra-high-strength steel is weight reduction of steel structures. The demand for ultra-high-strength steel is also expected to upsurge from building and construction segment, which will further impact the market growth significantly. Efforts to develop advanced steel grades suitable for high-end applications are commenced by companies that are operating in the steel industry, especially in developed countries like Germany and the US.
Several major players operating in global ultra-high strength steel market are included in this TMR report, such as Arcelor Mittal Group, Schuler Inc. , Tata Steel, Nucor Corporation, Usui Kokusai Sangyo Kaisha Ltd. , Nippon Steel & Sumitomo Metal Corporation, Tenaris, Aubert & Duval, JFE Steel Corporation, Shougang Jingtang United Iron & Steel Co. Ltd. , and Baosteel Group.
The findings presented above is based on the TMR’s new research report, titled, “Ultra-High-Strength Steel Market (Product Type - Dual Phase, Complex Phase, Multiphase, Martensitic, Transformation-Induced Plasticity; End-Use Industry - Aerospace, Automotive, Construction, Heavy Machinery and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”.
The ultra-high-strength steel market is segmented into following categories:
Global Ultra-High-Strength Steel Market, by Product Type
- Dual Phase (DP)
- Complex-Phase (CP)
- Ferritic-Bainitic (FB)
- Martensitic (MS or MART)
- Transformation-Induced Plasticity (TRIP)
- Hot-Formed (HF)
- Twinning-Induced Plasticity (TWIP)
Global Ultra-High-Strength Steel Market, by End-Use Industry
- Heavy Machinery
Global Ultra-High-Strength Steel Market, by Geography
- Asia Pacific
- Rest of Asia Pacific
- North America
- U. S.
- U. K.
- Rest of Europe
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa