Ultrahigh-strength steel market to be worth $11.35 billion by 2022

According to the report "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," published by India-based MarketsandMarkets™, the market is estimated to be $7.96 billion in 2017 and is projected to reach $11.35 billion by 2022, growing at a CAGR of 7.35 percent from 2017 to 2022.

Rapid industrialization in emerging countries and increased demand for ultrahigh-strength steels in the automotive, aerospace, and construction industries are key factors anticipated to drive market growth.

The dual-phase segment of the market is projected to grow at the highest CAGR from 2017 to 2022. This growth can be attributed to the material’s high strength, improved drawability, and high strain hardenability.

The aerospace and defense segment is expected to have the most growth of the market’s end-use segments because of the increasing use of ultrahigh-strength steels to develop aerospace components. Companies operating in the steel industry, especially in developed countries, are working to develop advanced steel grades suitable for high-end applications, such as aircraft and shipbuilding.

The ultrahigh-strength steel market in Asia Pacific is projected to grow at the highest CAGR from 2017 to 2022. This growth will be primarily driven by rapid industrialization and infrastructure development in this region and the growth of the manufacturing sector there.

For more information, visit www.marketsandmarkets.com/market-reports/ultra-high-strength-steel-market-55662062.html.