The global dual phase steel market size is set to enter a period of dynamic expansion on account of the increasing demand for dual phase steel from the automotive sector. This information is contained in a report by Fortune Business Insights™, titled “Dual Phase Steel Market, 2022-2030”.
Dual phase steel can be manufactured as both hot rolled and cold rolled based material. There has been an increasing demand for dual phase steel from the automotive industries due to its good fatigue resistance, low yield strength, and good uniform elongation. All these factors are responsible for the growth of this market. Further, this type of steel can absorb large amount of energy and require less cost of production, thus, the demand for dual phase steel has increased in the automotive sector, which has led to the growth of this market.
However, the lack of awareness among the manufacturers about dual phase steel is projected to hinder the growth of this market.
COVID-19 Impact:
The COVID-19 pandemic has affected all the major industries worldwide. The growing lockdown restrictions across the world have decreased the demand for dual phase steel due to the shutdown of industries across several regions. Thus, the dual phase market growth has been severely impacted due to this pandemic.
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Market Segmentation:
On the basis of resin type, this market is classified into hot-rolled dual-phase steel and cold rolled dual-phase steel. Based on application, the market is divided into automotive, ship, aviation, and others. By geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights/Summary:
This report contains an in-depth analysis of the market drivers, trends, and restraints, along with a granular assessment of the various segments of the market. In addition, valuable insights into the regional opportunities impacting the market are also incorporated into the report, as well as a holistic examination of the major market players and their dominant strategies.
Drivers/Restraints:
Rising Government Initiatives towards the Production of Dual Phase Steel to Fuel the Market
The dual phase steel is used in several industries such as construction, automotive, aviation, and others. Hence, in order to increase the production capabilities of this type of steel, the governments of different countries are focusing on the increasing investments and initiatives towards the production of dual phase steel. This is an important factor contributing for the growth of this market.
Regional Insights:
Increasing Rate of Population to Propel the Asia Pacific Market Growth
Asia Pacific region is projected to witness substantial growth in the dual phase steel market share on account of the increasing population in the countries such as India and China. Further, the rising investments in steel by the governments in this region are projected to fuel this market’s growth.
North America region is anticipated to grow rapidly in this market due to the rising expenditure of the people in the countries such as the US and Canada. Further, the growing construction industry in this region is projected to boost this market’s growth.
Europe is expected to grow at a decent pace in this market due to the rising number of automobile industries in this region.
Competitive Landscape:
Rising Developments in the Steel Production by Key Players to Boost Competition
The leading companies in the dual phase steel market are focusing on increasing their steel production technologies due to the growing demand for dual phase steel from the automotive and other industries. This has resulted in the increasing competition among key companies which will enable them to diversify their business portfolio and widen their market footprint.
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Industry Development:
December 2017: Nippon Steel announced its merger with Sumitomo Metal Corporation, a leading steel producer, to offer a varied range of steel offerings catering to the demand from the market. This collaboration enabled the company to strengthen its iron and steel processing activities and gain a competitive share over the market.
List of Key Players Covered in Dual Phase Steel Market Report:
- Nippon Steel
- Sumitomo Metal
- Kobe Steel
- Baosteel Group Corporation
- Severstal JSC
- ThyssenKrupp AG
- JFE Steel Corporation
- POSCO Group
- Steel Authority of India Limited
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