Structural steels with very high strength levels are referred to as ultra-high strength steels. These steel grades have a tensile strength of more than 700 MPa. Ultra-high strength steels are utilized in various end use industry such as pipelines, automobiles, pressure vessels, ships, offshore platforms, aircraft undercarriages, and rocket motor casings. Properties of ultra-high strength steels include weldability, formability, stiffness, weight reduction, and fatigue resistance. Increased investments in R&D activities by steel manufacturers have led to the development of third-generation ultra-high-strength steels with improved strength-ductility combinations as compared to their previous grades and the potential for efficient joining capabilities at low costs.

The ultra-high strength steel market is valued at USD 7.96 Billion in 2017. High consumption of ultra-high strength steels in automotive, aerospace & defense, and construction industries is one of the most significant factors contributing to the growth of the ultra-high strength steel market. Based on type, the martensitic segment accounted for the largest share of the ultra-high strength steel market in 2016, in terms of volume. This large share can be attributed to the unique properties of martensitic steels such as higher strength-to-weight ratio as compared to other conventional cold-rolled steels. Martensitic steels are primarily utilized in the development of safety and structural components of automobiles. Based on end-use industry, the automotive segment is projected to lead the ultra-high strength steel market from 2017 to 2022 both, in terms of value and volume. The shift in automotive trends towards weight reduction and improved performance as well as safety has led to the development of advanced grades of ultra-high strength steels with improved strength-ductility combinations. The increasing use of ultra-high strength steels in the automotive industry is anticipated to drive the growth of the ultra-high strength steel market. The ultra-high strength steel market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The increasing demand for ultra-high strength steels from the automotive, aerospace & defense, and construction industries is influencing the growth of the ultra-high strength steel market in this region. Factors such as high production cost of ultra-high strength steels are acting as a restraint to the growth of the ultra-high strength steel market.

Ultra-High Strength Steel Market vendors are placed into 4 categories based on their performance and reviews in each criterion: “visionary leaders,” “innovators,” “dynamic differentiators,” and “emerging companies".

Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.

Dynamic Differentiators are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.

Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.

Emerging companies have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.