According to Illinois-based MarketsandMarkets Inc’s latest B2B research titled “Ultra-high strength Steel Market,” the ultra-high strength steel market worldwide is expected to grow on a compounded annual growth rate (CAGR) of 7.35 percent from 2017 ($7.96 billion) to 2022 ($11.35 billion). The rapid industrialization in emerging countries and the increased demand for ultra-high strength steels in the automotive, aerospace, and construction industries are considered key factors in the growth of the ultra-high strength steel market.
Based on end-use industry, the aerospace and defense segment of the ultra-high strength steel market is projected to grow at the highest CAGR from 2017 to 2022. The growth is attributed to the increasing use of ultra-high strength steels to develop aerospace components, with a lifespan of 30 years and minimal maintenance requirements. The ultra-high strength steel market in Asia Pacific is projected to grow at the highest CAGR from 2017 to 2022 driven by rapid industrialization and infrastructure development.