TMCP Steel Market

TMCP Steel Market Outlook (2022-2032)

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.

Report Attributes	Details
TMCP Steel Market Size (2021A)	US$ 127.8 Billion
Estimated Market Value (2022E)	US$ 135.2 Bn Billion
Forecasted Market Value (2032F)	US$ 237.6 Billion
Global Market Growth Rate (2022-2032)	5.8% CAGR
North America Market Share (2021)	~10.1%
North America Market Growth Rate (2022-2032)	3.8% CAGR
U.S. Market Growth Rate (2022-2032)	4.1% CAGR
Market Share of Top 5 Companies	~16.4%
Key Companies Profiled	Hyundai Steel JFE Steel Nippon Steel and Sumitomo Metal Victor Steel AM/NS POSCO Dongkuk NLMK Baosteel Ansteel Shaougang TISCO Voestalpine AG

TMCP Steel Consumption Analysis (2017-2021) Vs. Market Forecast Outlook (2022-2032)

According to the latest market analysis by Fact.MR, a market research and competitive intelligence provider, market value for TMCP steel increased at a CAGR of 3.1% between 2017 and 2021.

TMCP steel consumption in shipbuilding and construction accounts for the market’s highest share, which is mainly attributed to the structural methodologies and output in the respective forms of the strength of plates.

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.

Due to its low carbon content, TMCP steel is usually good at preventing a drop in toughness as a result of its fine ability for welding. Because it is treated to contain particles that restrict grain formation, some TMCP steel types are exceptional at resisting toughness loss, even at high heat inputs.

Steel processed through the thermomechanical controlled process also has enough carbon equivalent levels to ensure that joint strength is not compromised when exposed to high heat, and hence, these are also known as 'high heat input resistant steels’.

Overall, the global market for TMCP steel is expected to expand at a CAGR of 5.8% through 2032.

Why is Demand for TMCP Steel Rising Steadily across Regions?

“Advancements in Thermo-mechanically Controlled Process”

Water-cooled TMCP is a method that enhances the toughness and strength of steel plates while permitting rolling control, microstructure, and phase transition. This procedure redefines the metallurgical aspects of steel micro alloying, such as niobium addition, which leads to several benefits of TMCP, including improved equipment development, steel plate distortions, weldability, and peripheral technologies such as theoretical modelling, steel making, and casting.

Cryogenic tanks, offshore structures, shipbuilding, building construction, bridges, pipelines, and penstocks are industries that use TMCP steel. There has been the evolution of 'high heat-affected zone toughness technologies', in which small particles of magnesium-holding sulphides or oxides and calcium-retaining oxides are added to improve the microstructure of the steel. Thanks to continued advancements in TMCP, growing demand for high-strength steel plates can now be met.

The slab purity, in addition to TMCP, is a key factor in the manufacturing of exceptionally tough steel. Trace impurities in steel are well recognised to have a significant negative impact on steel toughness. As a result, a reduction in the content of impurity elements such as phosphorus and sulphur is required for the stable manufacturing of particularly strong and tough steels.

Liquefied natural gas (LNG) tanks require high toughness at low temperatures, while offshore construction components require excellent lamellar-tear resistance. Hence, in conjunction with TMCP, pure steel is required for the creation of high-strength, tough steel.

The shipbuilding and construction industry are major demand drivers of TMCP steel. Even offshore structures require high amounts of TMCP steel, and hold approximately 19.6% share in the global market.

Country-Wise Analysis

Why is East Asia a Large Producer of TMCP Steel?

When it comes to global steel production capability, East Asia leads the charts. China produced nearly as much steel as the rest of the world combined in 2021. However, both Japan and South Korea play significant roles in the region as well.

With China being the second-largest economic power in the world, the development of infrastructure across the country is at a high pace. China accounts for approximately 57% of global steel demand.

Further, followed by Japan and South Korea, the annual production of steel in 2021 was approximately 96.3 MMT and 70.6 MMT, making them rank 3rd and 6th in the top steel-producing countries in the world. South Korea is the largest producer of cargo ships, which is the major application of TMCP steel. Steel sees high demand in Japan's construction sector, followed by industrial machinery and vehicle industries.

East Asia is also one of the leading consumers of TMCP steel accounting for 55.8% of the global consumption. The already established steel industry in East Asia has remained the primary demand generator for TMCP steel for more innovation and product manufacturing processes.

Category-Wise Analysis

Will Shipbuilding Continue Accounting for a Huge Chunk of TMCP Steel Consumption?

The shipbuilding industry is one of the most significant users of TMCP steel and TMCP plates. The steel industry's outstanding efforts, combined with various technological advancements in the shipbuilding industry, have propelled them to new heights.

Cargo or huge ships can withstand storms and strong winds just because the steel used in them is subjected to TMCP, which improves the ship's efficiency and strength. Shipbuilding is the world's largest consumer of TMC processed steel, which is produced at several steel mills. All in all, steel is the most adaptable material for both, the ship's interiors and exteriors.

TMCP is used in the manufacturing of container vessels, oil tankers, doors, propellers, and rudder pintles. Considering oil tankers, crude petroleum causes multiple pits on traditional oil tankers, the purpose of which is still obscure. Many manufactories have searched for alternatives to these pits because they pollute the oceans.

Hence, the creation of high-strength steel bottom plates for crude petroleum tankers and reservoirs is significant. These corrosion-resistant plates keep petroleum and from contaminating the oceans.

The shipbuilding sector is projected to account for a high market share of 25.5% over the forecast period (2022-2032).

How is TMCP Steel Benefiting the Construction Sector?

Steel is the most essential material for heavy steel structures, particularly heavy plates. As a result, it should come as no surprise that increasing the efficiency of steel products in the design, construction, and service life of a steel structure is critical.

This TMC process is used to manufacture high-strength steel plates because it ensures good fabrication and utilisation qualities. These plates are now manufactured up to a yield strength of 500 MPa and are extensively used in great spans of iconic bridges.

However, these materials can also be used for other purposes such as industrial buildings or medium-span bridges. Furthermore, for unique structural elements in bridges and buildings, extra high-strength steel with a yield strength of up to 690 MPa is sometimes employed. A quenching and tempering process is used to create these steel types.

High-strength pipelines or even penstocks are some of the applications of TMCP steel. Pipes account for approximately 12.8% of the global TMCP share from the application segment. High-pressure penstock lines are also manufactured using TMCP steel due to its high strength and stiffness.

Owing to all these factors, the construction sector is projected to account for a market share of approximately 38.5% by 2032.

Competition Landscape

Hyundai Steel, JFE Steel, Nippon Steel and Sumitomo Metals, Victor Steel Co., AM/NS, POSCO, Dongkuk, Baosteel, NLMK, Ansteel, Shougang, TISCO, and Voestalpine AG are key manufacturers of TMCP steel.

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.

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 :

  • Shipbuilding
  • Offshore Structures
  • Construction
    • Line Pipes
    • Buildings
    • Bridges
    • Penstocks
  • Tanks
    • Cryogenic Storage Tanks
    • Chemical Tanks
  • Commercial Vehicles
    • Earth-moving Equipment
    • Cranes

• TMCP Steel Market by Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa