Ultra-High Strength Steel Market- Global Industry Analysis and Forecast (2023-2029)

Ultra-High Strength Steel Market is expected to grow at a CAGR of 7.31% during the forecast period and market is projected to reach US$ 18.58 Bn. by 2029.

The global Ultra-High Strength Steel market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Ultra-High Strength Steel report also provides trends by market segments, technology, and investment with a competitive landscape.To know about the Research Methodology :- Request Free Sample Report
Ultra-High Strength Steel Market Overview:
Ultra high-strength steel has improved formability and tremendously high strength and consequently, it is chiefly used in the automotive industry. The challenge for ultra-high-strength steel is growing on account of its cost efficacy. Ultra high-strength steel is also energy-saving and is therefore used widely in the automotive sector. Another reason driving the request for ultra-high-strength steel is that it decreases the weight of steel structures. This is predictable to fuel its demand from the building and construction sector as well.

The global ultra-high strength steel market is predicted to expand at a healthy pace during the forecast period from 2023 to 2029 on account of its increased uptake from the aerospace sector, defense sector, and construction sector. Technological progressions in the ground of structural steel have directed the expansion of advanced steel grades which in turn will continue to drive the growth diagnoses of the ultra-high-strength steel market.
Ultra-High Strength Steel Market Dynamics:
Increasing Aerospace Industry

The growing demand for ultra-high-strength steel from the aerospace division due to its wide-ranging properties such as low cost, corrosion resistance, great influence strength, durability, and more. Conferring to the International Trade Administration (ITA), in 2019 China was the world’s second-largest civil aerospace and aeronautics services markets and one of the fastest-growing markets.

In 2016, according to Boeing, China is valued to require around 6,811 new profitable aircraft, valued at USD 1 trillion, over the next two decades. By the end of 2018, China had more than 58 airlines and 3,614 civil aircraft (an increase of 10% over 2017). Bestowing to China’s 13th Five Year Plan (2016-2020), by 2020, China will have more than 4,500 civil aircraft, and by 2018, the number of Chinese civil airports had grown to 235.

According to the International Trade Administration (ITA), in 2018 the Indian government spent a total of $646 in the civil aviation sector. Also, according to Boeing India is likely to drive the demand for 2,300 aircrafts worth US$319 billion over the next 20 years. The growing aviation industry acts as a motorist for the Ultra-high strength steel market.
Increasing Building and Construction Activities
There is a growing plea for ultra-high-strength steel from the building and construction industry to apply harm control design is the building, which controls the destruction to columns and beams by employing a seismic energy absorption mechanism termed as a hindrance to enable the reuse of the building even after an earthquake.

The Ultra-high strength steel structure offers rewards in structural, environment protection, architectural, economic and energy-saving aspects due to which the ultra-high strength market is being widely used in building and construction activities. According to the US Census Bureau, in February 2020 total construction was at a seasonally adjusted annual rate of 1,366,698 which is 6.0% above the February 2019 rate of 1,288,952.

According to the European Commission, the total construction investment in Germany amplified by 9.4% over 2008-2015. Also, the European Construction 2020 Action Plan is intended at stimulating favourable investment conditions. The building and construction activities are also rising owed to the various government initiatives such as Foreign Direct Investments (FDI), which acts as a motorist for the Ultra-high strength steel market during the forecast period.
Challenges
Volatility in Raw Material Prices
Raw materials of Ultra-high strength steel have always shown important volatility in their prices that replicate temporary deficiency or surplus conditions in the markets. For example, in 2017, coking coal prices enlarged in April when the tropical cyclone Debbie hit Queensland in Australia, damaging the foremost railway carrying coal to docks; and then it improved again in December when prices went over USD 240 per ton due to intervals in shipments from Dalrymple Bay, a coal terminal in Australia. These rises were also generated by the limitations of coking coal production in China. As of 31 December 2018, iron ore prices calmed at around USD 72 per tonne, up from USD 64 in June 2018.

On 31 December 2018, coking coal prices stabilized at USD 195 per tonne, after a volatile period of 2017-2022. Scrap prices reduced steadily during 2018, withdrawing most of their 2017 gains, falling to USD 264 per tonne as of 31 December 2018. Thus the volatility in the raw materials of Ultra-high strength steel due to various factors may delay the Ultra-high strength steel market growth during the forecast period.
Covid-19 Impact on the Ultra-high Strength Steel Market
The COVID-19 pandemic outbreak has jammed the imports and exports of Ultra-high strength steel raw materials such as iron ore, nickel, and coking coal, ferrous scrap, others as Governments of the leading manufacturing countries have compulsory export restrictions which are significantly disrupting the supplies.

Also, meanwhile, the industries which require Ultra-high strength steel for manufacturing products such as automotive and aviation are shut down, the mandate for Ultra-high strength steel have obtrusively fallen, which is affecting the Ultra-high strength steel market negatively.
Ultra-High Strength Steel Market Segment Analysis:
By Type, the Segment is divided into Dual Phase, Complex Phase, Residual Austenitic, Martensitic, Transformation Induced Plasticity, Multi-Phase, Ferrite-Bainite, and Others. The martensitic material segment seized the largest share in the Ultra-high strength steel market in 2022, owed to the exclusive properties of martensitic steels such as higher strength-to-weight ratio as compared to other conventional cold-rolled steels.

Martensitic materials are mainly utilized in the development of welfare and structural components of automobiles. Martensitic steel has a high stretchy strength which makes them ideal for the cold forming of structural components. In totalling, Ultra-high strength steel owns high energy absorption characteristics and large elongation. Also, it has better formability and component strength, which is projected to lift the demand for martensitic material from the Ultra-high strength steel market during the forecast period.

By End-Use, the segment is categorized into Automotive & Transportation, Aerospace & Defense, Building & Construction, and Electrical & Electronics. The aerospace and defense application held the biggest share in the Ultra-high strength steel market in 2022 and is growing at a CAGR of 5.68%, owing to the swelling demand for Ultra-high strength steel such as remaining austenitic (RA) steels and transformation induced plasticity from the aerospace sector to meet the advanced performance expectations, reduced weight, and rigorous regulatory requirements at bottom life cycle cost.

The automotive and transportation segment held the second-largest share in the ultra-high-strength steel market. Ultra-high strength steel is broadly used in vehicle body structures to make the vehicle lighter, to optimize vehicle designs that improve the safety of the passengers in the automobile, and enhance boost economy by reducing automobile bodyweight to reduce CO2 emissions.

Also, the Ultra-high strength steel is being expansively used in the automotive industries for manufacturing car components such as bodies, reinforcement parts, door impact beams, bumpers, seat frame parts, and more as their strength permits automakers to manufacture very thin measures, thus reducing the weight of the vehicles, which is predictable to surge the demand of Ultra-high strength steel from the automotive and transportation sectors during the forecast period.
Ultra-High Strength Steel Market Regional Insights:
Asia Pacific region held the largest share in the ultra-high-strength steel market in 2022 up to 41%, owing to the rise in demand and production of automobiles in the region, due to the increasing population. In 2018, according to OICA, the automotive production in India, Thailand, Indonesia, and Malaysia has increased up to 5174645, 2167694, 1343714, and 564800, i.e., 8.0%, 9.0%, 10.3%, and 12.2% higher than the previous year due to rising per capita income of the individuals which further led to the massive demand for advanced automotive machines manufacturing in the APAC region.

According to the International Trade Administration (ITA), China is the world's largest vehicle market and the Chinese government is expecting that automobile production will reach 30 million units by 2020 and 35 million by 2025. In 2018, according to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in the country.

Thus, the increasing automation production will require more Ultra-high strength steel such as residual austenitic (RA) steels and transformation induced plasticity for manufacturing various automotive parts, which is anticipated to propel the Ultra-high strength steel market in the APAC region during the forecast period.

The objective of the report is to present a comprehensive analysis of the global Ultra-High Strength Steel market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Ultra-High Strength Steel market dynamics, structure by analyzing the market segments and project the global Ultra-High Strength Steel market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the global Ultra-High Strength Steel market make the report investor’s guide.
Ultra-High Strength Steel Market Scope: Inquire before buying



Ultra-High Strength Steel Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 11.34 Bn.


Forecast Period 2023 to 2029 CAGR:
7.31%
Market Size in 2029:
US $ 18.58 Bn.


 Segments Covered:
by Type
• Dual Phase
• Complex Phase
• Martensitic
• Ferritic-Bainitic
• Hot Formed
• Other


by End-User
• Automotive
• Building and Construction
• Aerospace and Defense
• Electrical And Electronics



Ultra-High Strength Steel Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Ultra-High Strength Steel Market Key Players:
• Anshan Iron and Steel Group Corporation
• ArcelorMittal S.A
• China Baowu Steel Group Corp. Ltd.
• JFE Steel Corporation
• Kobe Steel Ltd.
• Nippon Steel & Sumitomo Metal Corporation
• Tata Steel Limited
• ThyssenKrupp AG
• Voestalpine Stahl GmbH.
• Schuler Inc.,
• Nucor Corporation
• Usui Kokusai Sangyo Kaisha Ltd.
• Tenaris, Aubert & Duval
• Shougang Jingtang United Iron & Steel Co. Ltd.
• Baosteel Group.

Frequently Asked Questions:

1. Which region has the largest share in Global Ultra-High Strength Steel Market?
Ans: Asia-Pacific region holds the highest share in 2022.

2. What is the growth rate of Global Ultra-High Strength Steel Market?
Ans: The Global Ultra-High Strength Steel Market is growing at a CAGR of 7.31% during forecasting period 2023-2029.

3. What is scope of the Global Ultra-High Strength Steelmarket report?
Ans: Global Ultra-High Strength Steel Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Ultra-High Strength Steelmarket?
Ans: The important key players in the Global Ultra-High Strength Steel Market are – Anshan Iron and Steel Group Corporation, Arcelor Mittal S.A, China Baowu Steel Group Corp. Ltd., JFE Steel Corporation, Kobe Steel Ltd., Nippon Steel & Sumitomo Metal Corporation, Tata Steel Limited

5. What is the study period of this market?
Ans: The Global Ultra-High Strength Steel Market is studied from 2022 to 2029.