The ultra-high strength steel market is estimated to be USD 7.96 billion in 2017
NEW YORK, Nov. 21, 2017 /PRNewswire/ -- "The ultra-high strength steel market is projected to reach USD 11.35 billion by 2022."
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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. The high consumption of ultra-high strength steels in the automotive and aerospace & defense industries is one of the most significant factors driving the growth of the market. In addition, technological advancements in the field of structural steels have resulted in the development of advanced steel grades, which, in turn, have provided lucrative growth opportunities to manufacturers of ultra-high strength steels. However, the high production cost of ultra-high strength steels is restraining the growth of the ultra-high strength steel market.
"Based on end-use industry, the automotive segment is projected to lead the ultra-high strength steel market from 2017 to 2022."
Based on end-use industry, the automotive segment is expected to lead the ultra-high strength steel market during the forecast period. The increasing use of ultra-high strength steels to develop structural and safety-related components of automobiles is driving the growth of the market in the automotive industry. In addition, automobile manufacturers prefer the use of ultra-high strength steels as compared to aluminum and plastics, owing to the exceptional properties of these steel grades such as high weldability, high strength, and improved fatigue resistance.
"The ultra-high strength steel market in Asia Pacific is projected to grow at the highest CAGR from 2017 to 2022."
The ultra-high strength steel market in Asia Pacific is projected to grow at the highest CAGR from 2017 to 2022. Asia Pacific is the largest consumer of ultra-high strength steels. Steel manufacturers in the Asia Pacific region are increasingly investing in the development of advanced ultra-high strength steel grades. Furthermore, established steel manufacturers are planning to undergo capacity expansions to cater to the rising demand for ultra-high strength steels from various end-use industries, such as automotive and shipbuilding.
Breakdown of profiles of primary participants:
- By Company Type: Tier 1 – 21%, Tier 2 – 36%, and Tier 3 – 43%
- By Designation: C-Level – 24%, Director-Level – 42%, and Others – 34%
- By Region: North America – 20%, Europe – 18%, Asia Pacific – 50%, South America – 7%, and Middle East & Africa – 5%
Major companies profiled in this report 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., Ltd. (South Korea), Usiminas (Brazil), Hebei Puyang Iron and Steel Co., Ltd. (China), and Shougang Corporation (China).
Research Coverage
This report offers an overview of key market dynamics such as drivers, restraints, opportunities, and challenges impacting the growth of the ultra-high strength steel market. It also provides a detailed overview of the market across 5 regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America. The report categorizes the ultra-high strength steel market on the basis of type, end-use industry, and region. A detailed analysis of leading players, along with key growth strategies adopted by them, is also covered in the report.
Reasons to Buy the Report
This report covers the following key aspects:
- What will be the size of the ultra-high strength steel market by 2022 and what will be the growth rate of the ultra-high strength steel market during the forecast period (2017-2022)?
- What are the key market trends?
- What are the factors expected to drive the growth of the ultra-high strength steel market during the forecast period?
- What are the challenges that impact the growth of the ultra-high strength steel market during the forecast period?
- Who are the key players in the ultra-high strength steel market?
- The global report covers key regions such as North America, Europe, and Asia Pacific, including major countries, such as the US, China, India, Russia, and Germany.
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