Global demand for TMCP steel enjoyed year-on-year (YoY) growth of 6.1% in 2021 to reach a market valuation of US$ 127.8 billion. Consumption of TMCP steel in shipbuilding accounted for 25.5% market share, equating to US$ 32.6 billion at the end of 2021.
The global TMCP steel market is predicted to expand at 5.8% CAGR to end up at a valuation of US$ 237.6 billion by 2032. Share of TMCP steel in overall crude steel sales was 9.5% in 2021.
TMCP steel has been gaining popularity because of the fine and homogenous acicular ferrite, which has the ability to improve strength and toughness. The arrest ability of this steel is higher than that of conventional steel. When it comes to formability, TMCP steel outperforms conventional steel in terms of strain ageing and line heating properties.
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Key Takeaways from Market Study
- On the basis of application, TMCP steel consumption in the shipbuilding industry is anticipated to expand around 1.7X by 2032.
- North America is projected to capture 10.1% of the global TMCP steel market share by 2032.
- East Asia is projected to account for around 55.8% of the global market share by 2032.
- Top tier-1 producers accounted for 16.5% of overall market revenue in 2021.
“East Asia accounts for a majority of TMCP steel production, being widely used across the shipbuilding and construction sectors in the region. Such dominance is anticipated to open up new opportunities for manufacturers willing to invest in this established market,” says a Fact.MR analyst.
Market players are opting for a mix of organic and inorganic growth strategies, such as innovation and collaborations, to increase their market shares.
Tier-1 players have remained active in terms of overall investments being done in the TMCP steel market and are looking forward to creating future revenue-generating opportunities in target markets. Tier-2 players have also been following suit by reducing their margins to target price-sensitive and growing markets, especially in the Asian regions.
Fact.MR has provided detailed information about the overall strategies adopted by players in the TMCP steel market, along with their detailed overviews, including SWOT analysis and revenue generated from targeted TMCP steel manufacturers positioned across geographies, in addition to providing sales growth information, production capacity, and speculative production expansion, in the recently published report.
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Key Companies Profiled
- Hyundai Steel
- JFE Steel
- Nippon Steel and Sumitomo Metal
- Victor Steel
Key Segments Covered in TMCP Steel Industry Survey
- TMCP Steel Market by Thickness (mm) :
- 5 – 20
- 20 – 50
- 50 – 100
- 100 – 120
- TMCP Steel Market by Application :
- Offshore Structures
- Line Pipes
- Cryogenic Storage Tanks
- Chemical Tanks
- Commercial Vehicles
- Earth-moving Equipment
- TMCP Steel Market by Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Questionnaire answered in the TMCP Steel Market report include:
- How the market for TMCP Steel has grown?
- What is the present and future outlook of the global TMCP Steel on the basis of region?
- What are the challenges and opportunities for the TMCP Steel?
- Why the consumption of TMCP Steel highest in region?
- In which year segment is expected to overtake segment?
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