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. High consumption of ultra-high strength steels in automotive and construction industries is one of the most significant factors driving the growth of the ultra-high strength steel market.
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Emerging companies in the ultra-high strength steel market have been expanding their business by adopting strategies such as expansions and new product developments. Expansions and new product launches have been the most preferred growth strategies adopted by the companies operating in the ultra-high strength steel market. Key companies operating in the ultra-high strength steel market include 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. (South Korea), Usiminas (Brazil), Hebei Puyang Iron and Steel Co., Ltd. (China), and Shougang Corporation (China).
The ultra-high strength steel market is fragmented. POSCO (South Korea) is one of the most active players in the ultra-high strength steel market. The company expanded its operations in different regions to enhance its market presence and widen its customer base. It has undertaken numerous efforts to modify and innovate its product series over the last 5 years. The company offers wide range of ultra-high strength steel products, such as hot-rolled, cold-rolled, wire rod, steel plate, and automotive materials. The company adopted expansions, agreements, and collaborations as key strategies to expand its presence in the market. In April 2017, the company completed the construction of the world’s first automotive steel plant built exclusively for Giga Steel. This plant has an annual production capacity of 500,000 tons of super high steels with a tensile strength of 1.5 Giga.
ArcelorMittal is another key player in the ultra-high strength steel market. The company is focused on expanding its market presence. In July 2017, the company planned to invest in its new production line of automotive steels at its manufacturing site located at Florange. This project is a part of the company’s strategy to have a center of excellence for the production of automotive steels.
Structural steel grades with a tensile strength of more than 700 MPa are referred to as ultra-high strength steels. These steel grades are primarily used to develop structural and safety-related automotive components. Ultra-high strength steels are subjected to multiple strengthening mechanisms to improve their strength, ductility, toughness, and fatigue resistance. 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. Factors such as high consumption rate of ultra-high strength steels in automotive and aerospace industries and government support are driving the ultra-high strength steel market during the forecast period.
Based on type, the dual phase ultra-high strength steel segment expected to grow at the highest rate from 2017 to 2022. Properties such as an outstanding combination of strength, drawability, and high strain hardenability make dual phase ultra-high strength steel suitable for automotive applications.
Based on end-use industry, the aerospace and defense segment is projected to grow at the highest CAGR from 2017 to 2022. The aerospace & defense industry requires high-performance metals with improved strength and high-temperature resistance. The use of these steel grades ensures that aerospace components have a lifespan of 30 years with minimal maintenance. 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.
Most ultra-high strength steels manufacturers are located in the North American and European regions, with their sales presence in the Asia Pacific region. The ultra-high strength steel market in the Asia Pacific region is projected to grow at the highest CAGR from 2017 to 2022 both, in terms of value and volume. Rapid industrialization in the Asia Pacific region, coupled with the increased demand for ultra-high strength steels from varied end-use industries, such as automotive, aerospace, and construction, is expected to drive the growth of the ultra-high strength steel market in this region.
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