The latest report by Fact.MR on global advanced high strength steel (AHSS) evaluated an impressive trajectory in historical period, after a slight downswing due to COVID-19, the market has gained a high momentum with a steady growth of over 8.5% CAGR through 2030. Owing to the rising demand from the automotive industry for weight reduction & higher fuel efficiency in light weight vehicles has heightened the demand of AHSS.
According to the study by Fact.MR, the advanced high strength steel (AHSS) market is poised to surpass US$ 36 Bn by 2030-end. Burgeoning demand for light weight vehicles and 3rd generation AHSS form automotive industry post-pandemic is accelerating the sales. Therefore, bolstering the demand for advanced high strength steel (AHSS) market.
With frequent technology updates, manufacturers are inclining towards sustainable technology and advanced functions & application of AHSS in automobiles to generate revenue and reduce the loss witnessed due to COVID-19, which is further fostering the sales of advanced high strength steels, projects Fact.MR study.
“Prominent automakers are focusing on adapting green technology to achieve improved safety and fuel economy requirements to generate attractive revenue. Hence, the demand for passenger car segment is expected to grow 2.3X in the upcoming years,” says a Fact.MR analyst.
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- Europe expected to retain its dominance owing to the well-established automotive industry
- North America expected to emerge as a potential market
- By vehicle type, passenger vehicle expected to be most lucrative
- Dual phase (DP) advanced high strength steel type segment expected to be dominant
- East & South Asia and Oceania expected to be the most lucrative regions
- Increased demand for high strength steels from automotive and construction industry to be a key driver
- Effective attributes such as improved efficiency of products at low temperature of AHSS to stimulate the growth
- High investment and favorable government initiatives to create wide growth opportunities
- High production cost and increased raw material prices are likely to hinder sales
- Continuous technological advancement and need for ultra-high strength steels to create a challenge for the growth in upcoming years, hampering the demand
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Prominent players profiled by Fact.MR includes AK Steel Holding Corp, ArcelorMittal SA., Baoshan Iron & Steel Co. Ltd., Big River Steel, Nucor Corp, POSCO, Steel Technologies LLC, Tata Steel Ltd., ThyssenKrupp AG, and SSAB AB among others. Leading players’ collaboration with prominent automakers is a strong key focus for the manufacturers to recuperate from the loss witnessed amid COVID-19.
For instance, in March 2021, United Steel Corporation announced the acquisition of The NanoSteel Company Inc., as a part of U.S. Steel’s ongoing commitment to offer customers the world’s best selection of advanced high-strength steels across the globe.
More Valuable Insights on Advanced High Strength Steel (AHSS) Market
In its latest offering, Fact.MR provides a detailed study on global advanced high strength steel market. The study divulges essential insights on the Advanced high strength steel (AHSS) market on the basis of type (dual phase, martensitic, transformation induced plasticity, twinning-induced plasticity, and others), vehicle type (passenger and commercial), tensile strength (up to 600 MPa, 600-900 MPa, 900-1200 MPa, 1200-1500 MPa, and above 1500 MPa), application (structural details, car seats, bumpers, chassis, wheels & power train, side impact beams, and others), and key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa (MEA)).
Key Questions Covered in the Report
- Which region will remain the most lucrative for advanced high strength steel market?
- Which vehicle type holds the major market share for advanced high strength steel (AHSS)?
- What will be the key drivers for the advanced high strength steel market?
- What will be the challenges that key players would face due to Covid-19?
- What will be the market outlook for AHSS in the upcoming years?
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