Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) --
Advanced high-strength steel will witness exponential growth in the forecast period.
The automotive industry is a significant driver for advanced high strength steel (AHSS) market. The demand for AHSS is increasing as vehicle manufacturers strive to improve fuel efficiency, lower emissions, and increase passenger safety. According to the U.S. Department of Energy, the use of AHSS in vehicles can reduce vehicle weight by as much as 25%, thereby improving fuel economy and reducing greenhouse gas emissions. Moreover, strict safety rules are put in place by governments worldwide.
The rise in infrastructure development and construction endeavors worldwide are significant drivers for the Advanced High-Strength Steel (AHSS) market. AHSS finds extensive application in constructing bridges, high-rise buildings, and various infrastructure projects owing to its exceptional strength-to-weight ratio and remarkable durability. According to the World Steel Association, the construction sector contributes approximately 50% of global steel consumption. With governments making substantial investments in infrastructure development to bolster economic expansion, the demand for AHSS in the construction industry is poised to witness significant growth in the foreseeable future.
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Segmentation Overview:
The advanced high strength steel (AHSS) market has been segmented into type, end-user, and region.
Dual phase segment registered a massive growth in the coming years attributed to the demand for automotive applications.
- Based on the market segmentation by type, the dual phase segment accounted for the largest market share in 2023. Dual Phase steels offer high strength and formability, making them ideal for automotive applications, particularly in structural and safety-critical components.
Automotive segment is expected to exhibit a vast potential in the forecast period
- Based on the market segmentation by end-user, the automotive segment accounted for a significant market share in 2023. The stringent fuel efficiency regulations and emission standards imposed by governments worldwide have compelled automakers to reduce vehicle weight, driving the demand for AHSS in the automotive industry.
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Advanced High Strength Steel (AHSS) Market Report Highlights:
- The advanced high strength steel (AHSS) market growth is anticipated at a CAGR of 7.8% by 2032.
- Ruse in construction activities to impel the demand for advanced high-strength steel (AHSS) market in the coming years.
- The MEA region is expected to witness the fastest growth for advanced high-strength steel during the forecast period. The region's growth is driven by increasing investments in construction projects, particularly in the Gulf Cooperation Council (GCC) countries.
- Some prominent players in the Advanced High Strength Steel (AHSS) market report include ArcelorMittal, POSCO, Nippon Steel Corporation, Tata Steel, United States Steel Corporation, Nucor Corporation, Baosteel Group Corporation, Kobe Steel, Ltd., JFE Steel Corporation, Ansteel Group Corporation Limited, Thyssenkrupp AG, and SSAB AB.
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