Dual Phase Steel Market Size, Share & Industry Analysis, By Resin Type ( Hot-Rolled Dual-Phase Steel, Cold Rolled Dual-Phase Steel ), By Application ( Automotive, Ship, Aviation, Others ) and regional Forecast, 2024-2032

Dual-phase steel is a high-strength steel with a ferric-martensitic microstructure. They are made from medium and low carbon steels that are extinguished from temperature levels. This occurs in a microstructure comprised of a soft ferrite matrix incorporating martensite islands as a secondary layer, which improves the mechanical properties. Their advantages of dual phased steel are that they have low yield to tensile strength and high initial strain hardening rates. It delivers good uniform elongation with a high strain rate sensitivity along with good fatigue resistance

The market is driven by an growing demand in the automotive sector for outer skin applications. The grade of steel is distinguished by a high dental resistance paired with a lower density of the board. It is obtainable in exterior panel performance with all conventional protective coating coatings. It opens produces the full lightweight potential of automotive design due to the sleek outer skin aspects which confirms its suitability and increased application in the automotive requirements. This is suitable for vehicles that are environmentally friendly, resource efficient , safe, pleasant and have low development and operational costs. However, lack of awareness among the manufacturers and high competitioin among the global players likely to impede market development.

Market Segmentation:

Based on the resin type, the market is classified into  hot-rolled dual-phase steel, cold rolled dual-phase steel. Based on the application the market is classified into automotive, ship, aviation, and others.  From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Market Driver -

Increasing application in automotive sector drives the market.

Key Market Restraint -

Lack of awareness among the manufacturers restrict the market growth.

Key Players Covered:

The global dual phase steel market is fairly fragmented, with number of players operating in the global markets. Some of the key players in the global dual phase steel market includes Nippon Steel and Sumitomo Metal, Kobe Steel, Baosteel Group Corporation, Severstal JSC, ThyssenKrupp AG, JFE Steel Corporation, Voestalpine AG, POSCO Group, ArcelorMittal S.A. SSAB AB, Steel Authority of India Limited and others.

Key Insights

• New Advancements in Production Technologies


• Key Trends in the Global Dual Phase Steel Market


• New Product Launches, Expansions, Key Players


• Ranking of Key Players in the Market

Regional Analysis:

The global dual phase steel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market is dominated by the Asia Pacific . The Asia-Pacific region accounted for the largest share and is projected to grow at the fastest rate on the dual phase steel due to the rapid rise in population explosion in these countries,. Increased investment by various governments gives convenience and assistance to steel manufacturers around the globe. The initiative to develop the country's main steel producers by encouraging them to develop their steel production technologies to achieve better quality products has contributed to the growth of the dual-phase steel sector in these regions. North America holds a significant market share. Increasing awareness, along with increasing people's spending power in the US and Canada, has driven market growth in the North American regions. The increased emphasis on  the growth of the construction sector and henceforth giving a rise to the market growth. Europe holds a prominent share in the market owing to the presence of automobile base in the region. The increase in  application automobile components to minimize their weight along with enhancing their fuel efficiency adds to the rising demand for dual phased steel from the automotive industry which eventually leads to the market growth in these regions. The Middle East and the African region will be among the recent advances in regional industrial growth, particularly in the advancement of production facilities due to the presence of major manufacturing base in these regions. Latin America shows sluggish growth due to government interferences present in the region.

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Segmentation

Global Dual Phase Steel Industry Developments

• In December 2017: Nippon Steel had announced its merger with Sumitomo Metal Corporation, a leading steel producer, and together collaborated with Sumikin Koutetsu Wakayama Corporation which is its subsidiary company 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.