Ultra-High Strength Steel Market worth 11.35 Billion USD by 2022 | Key players ArcelorMittal, SAIL, POSCO, Tata Steel, JSW Steel

According to recent market research "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.

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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 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.

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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.

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).

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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.

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