Global Ultra-High Strength Steel Market - 2023-2030

Market Overview

The global ultra-high strength steel market reached US$ XX million in 2022 and is projected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of XX% during the forecast period (2023-2030).

Steel with a tensile strength greater than 780 MPa is known as ultra-high strength steel (UHSS). AHSS is frequently called "GigaPascal steel" if its tensile strength is at least 1,000 MPa (1GPa = 1000 MPa). The complex, sophisticated materials that make up ultra-high strength steel have multiphase microstructures and chemical compositions resulting from carefully designed cooling and heating processes.

The steel has a yield strength of 550 MPa and a tensile strength of >780 MPa. They provide excellent formability and high strength, enabling weight reduction and design flexibility for various crash components and structural reinforcements. Recently, funding and research for creating the third generation of advanced ultra-high strength steel have increased. These steels offer improved strength-ductility combinations and indicate the potential for effective joining capabilities at lower costs. The global ultra-high strength steel market is segmented into type, application and production procedure.

Market Dynamics

The increase in global auto production is a significant factor fueling the demand for ultra-high strength steels globally. Body panels made of ultra-high strength steel have a weight reduction that increases fuel efficiency by about 60%. As a result, there is a growing need for high-strength steel in the automotive industry. During the forecast period, the market for high-strength steel is anticipated to expand in response to the growing demand for electric and hybrid vehicles around the world. The aerospace industry is witnessing an increase in demand for ultra-high-strength steel because of its many desirable qualities, including affordability, corrosion resistance, high-impact strength, durability and more.

Ultra-high strength market is used extensively in building and construction activities because Ultra-high strength steel structure offers benefits in structural, environmental protection, architectural, economic and energy-saving aspects. US Census Bureau reports that the total volume of construction increased by 6.0% from February 2019 to February 2020, reaching a seasonally adjusted annual rate of 1,366,698.

Steel supports the expansion of the market by offering superior, affordable solutions for automotive vehicles

Currently, steel makes up about 54% of the typical vehicle. American families rely on cars to keep them safe. Steel is essential for recycling a car at the end of its long lifespan because it is continuously recyclable and strong, reliable and durable. The American steel industry is still investing in innovative materials and manufacturing techniques, which has resulted in the development of numerous new automotive sheets of steel. These modern high-strength steels (AHSS) help automakers reduce the overall carbon footprint of a vehicle because they are durable, lightweight and produced with minimal life cycle impact. This empowers automakers to build lighter cars while maintaining safety standards, which improves fuel efficiency and lowers tailpipe emissions. Compared to other automotive materials, using current grades of AHSS can reduce a vehicle's structural weight by up to 25% and its overall life cycle CO2 emissions by up to 15%. Today's products are six times stronger than a decade ago and more than 200 steel grades are available. In support of future mobility, which has the potential to completely transform the transportation sector through the proliferation of electrified, connected and shared autonomous vehicles, the steel industry continues to innovate by introducing new grades and manufacturing techniques. Therefore, these factors support the growth of the Ultra-high-strength steel market.

The primary factor limiting market growth is high production costs

Along with other minor elements like copper, chromium and nickel, iron ore is the main component needed to produce UHSS. Due to the high cost of iron ore and these auxiliary components, the product has a higher total cost than traditional steel. The logistics and transportation of steel also accelerate the costs of the product. Due to all of these factors, the product's total cost is significantly higher than the cost of traditional steel, which is the main cause of UHSS's limited market adoption.

COVID-19 Impact Analysis

Due to mandatory export restrictions imposed by the governments of the top producing nations due to the COVID-19 pandemic outbreak, supplies of raw materials for ultra-high strength steel, including iron ore, nickel, coking coal and ferrous scrap, are severely disrupted. Additionally, since the automotive and aviation sectors, which depend on ultra-high-strength steel for product manufacturing, have closed, the requirement for ultra-high-strength steel has subtly decreased, negatively impacting the Ultra-high-strength steel market.

The coronavirus pandemic has also caused numerous automotive and construction projects to be shelved and delayed, significantly decreasing demand for ultra-high-strength steel in those sectors. However, the development of medical facilities like hospitals and quarantine facilities offers a product opportunity for market players to gain the Upper hand during the pandemic.

Segment Analysis

The global ultra-high strength steel market is segmented based on type, application, production procedure and region.

The dual-phase type segment is greatly enhanced by the ability to provide high yield strength and good ductility, which in turn boosts sales of ultra-high strength steel

High yield strength and good ductility are combined in dual-phase steels, which assure excellent fatigue properties and energy absorption. According to Tata Steel, lightweight ultra-high-strength steel grades for automotive applications, like its HyperForm product, allow for more design freedom for intricate parts. They provide shape accuracy and tolerancing due to their high yield and ductility, enabling preserved in-service performance for hard-to-form parts. Furthermore, the dual-phase type segment is expected to dominate the global market during the forecast period.

Geographical Analysis

The global ultra-high strength steel market is segmented based on type, application, production procedure and region.

Higher production of steel and automotive in the region bolsters the Asia-Pacific ultra-high steel market growth

Because of the highly developed auto industries in China, Korea, Japan and India, as well as ongoing investments made in the region to advance the construction technology sector over time, Asia-Pacific is predicted to dominate the global market. The largest auto manufacturer in China. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia-Pacific has surpassed Europe as the world's top producer of automobiles. The total amount of crude steel produced worldwide in 2020 was 1877.5 million tonnes (Mt). China, which produced 57% of the world's steel in 2020, is currently the largest steel-producing country. China produced more than a billion tonnes of steel in 2020, making it the first nation to do so. Consequently, China and India's increased steel production support the market for ultra-high-strength steel.

Competitive Landscape

The products and services offered by the competitors in ultra-high strength steel market have top-notch physical and material qualities, like durability and corrosion resistance. Manufacturers are making several strategic decisions in the global ultra-high-strength steel market to develop effective technologies and increase production rates to meet market demand. The primary focus areas include product launches, collaborations, strategic mergers and acquisitions. The key players in the market are ArcelorMittal S.A., Nippon Steel & Sumitomo Metal Corporation, Posco Group, U.S. Steel Corporation, Steel Authority of India Limited, Tata Steel Limited, Hyundai Steel Co., Ltd., Thyssen Krupp AG, SSAB and JSW Steel.

ArcelorMittal S.A.

Overview: A multinational steel manufacturing company with its headquarters in Luxembourg City is called ArcelorMittal S.A. ArcelorMittal manufactures steel. The company produces cold-rolled, electro galvanized and coated steels, slabs, bars and wire rods. Customers are served globally by ArcelorMittal. The company serves the end-use market, including building, energy, appliances, agricultural and construction machinery, transport, road safety and non-prime sales. The company is specialized in industry, automotive and packaging end-use markets. The company operates in North America, South America, MEA, Europe and Asia-Pacific. The company has a steel manufacturing facility across 16 countries and consumers in 155 countries and 11 research centers across all its locations.

Product Portfolio:

A22 - Amstrong Ultra - Ultra High Strength Steels: These low alloy steel grades offer exceptionally high yield strength values and round out the Amstrong product line. They have a controlled internal purity, a low carbon content for better weldability and a fine grain structure. They have benefits like lighter weight and resistance to wear and abrasion. Their extremely high yield strength aids in a solution that boosts structures' strength and payload capacity. The emphasis is on strength and weight reduction potential in typical applications like telescopic cranes, aerial platforms, concrete pumps, telescopic handlers, tippers and truck trailers.

Key Development: In July 2022, ArcelorMittal and Gestamp collaborated to produce steel components with low carbon emissions. Low-carbon emissions steel has been successfully tested by ArcelorMittal and Tier 1 automotive supplier Gestamp for auto parts that will be used in the production of vehicles in Europe. The use of low-carbon emissions steel in the automotive industry will increase owing to this first partnership between a steel producer and an automotive stamper. Gestamp has successfully tested the first parts (such as a car's tunnel and seat reinforcements) in press-hardenable steel, which is ultra-high-strength and enables car manufacturers to achieve excellent weight reductions across the vehicle. Usibor 1500 is made with XCarb recycled and renewable produced substrate. A decarbonized product called XCarb, recycled and renewably produced, is created in an EAF using 100% renewable electricity and a significant amount of recycled steel (scrap).

Why Purchase the Report?

• To visualize the global ultra-high strength steel market segmentation based on type, application, production procedure and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global ultra-high strength steel market by analyzing trends and co-development.
• Excel data sheet with numerous data points of ultra-high strength steel market-level with all segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players.

The global ultra-high strength steel market report would provide approximately 61 tables, 61 figures and 230 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies