Luton, Bedfordshire, United Kingdom, March 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Advanced High Strength Steel (AHSS) Market.
Global Advanced High Strength Steel (AHSS) Market stands at US$ 18.16 billion in 2022 and is anticipated to grow at a CAGR of 12.3% over the following Six years to reach US$ 40.36 billion by 2029.
Advanced High Strength Steel (AHSS) Market Growth in upcoming years
The rise in global automobile production is a major factor influencing the global growth of the Advanced High-strength steel market. Advanced high-strength steels (AHSS) are stronger, lighter, and have a low life cycle impact, which helps automakers reduce a vehicle’s overall carbon footprint. Automobile body panels are manufactured to increase fuel efficiency by reducing weight by approximately 60%. As a result, the automotive industry’s demand for high strength steels is increasing. According to the World Economic Forum, the Middle East and North Africa region is undergoing an urbanization transformation, with a large number of people migrating to key cities. The construction industry in these areas is growing at a 10% annual rate.
For passenger safety cage parts such as bumpers, waistline reinforcements, side impact beams, A-pillars, B-pillars, and roof bows, AHSS is the preferred material. Advanced high-strength steel has also been introduced in all other critical sections of the automobile industry. As a result of environmental concerns, the production of electric vehicles is increasing, creating a plethora of opportunities for manufacturers of high-tech steel. When it comes to the need to reduce the weight of electric vehicles, AHSS can play a significant role in meeting design criteria.
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Drivers
The advanced high strength steel (AHSS) industry is expanding and developing due to a number of factors, including:
Automotive industry: The market for AHSS is primarily driven by the automotive sector because it is widely used in the production of lightweight, fuel-efficient automobiles. The demand for AHSS in the automotive industry is being driven by the rising demand for fuel-efficient cars and the requirement to adhere to regulatory standards for emissions reduction.
Construction industry: As AHSS is used in the construction of high-rise buildings, bridges, and other infrastructure projects, the construction sector is another significant driver of the AHSS market. The superior strength and durability of AHSS make it the perfect material for high-performance construction tasks.
Increasing demand for renewable energy: The demand for AHSS in the production of wind turbines and solar panels is being driven by the rising demand for sustainable energy sources like wind and solar power. AHSS is the perfect material for these uses because of its exceptional strength and toughness.
Opportunities
opportunities for the advanced high strength steel (AHSS) market:
Increasing demand for lightweight materials- The emphasis on R&D will most likely increase in the near future as automakers strive to keep up with changing environmental standards and lightweight materials. Advanced lightweight materials are expected to play an important role in brand marketing. Because of the rate at which new technologies are changing the automotive industry, automakers are now speeding up and scaling up their R&D activities. The growing emphasis on products with improved performance, strength, and durability is expected to benefit the market in the coming years.
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Trends
The advanced high strength steel (AHSS) industry is being shaped by a number of trends, including:
- Development of new grades of AHSS
- Increasing use of AHSS in electric vehicles
- Increasing use of AHSS in electric vehicles
- Increasing use of AHSS in electric vehicles
Competitive Insight
Some of the notable market players operating in the global Advanced High Strength Steel (AHSS) Market covered in this report are:
- AK Steel Holding Corp
- ArcelorMittal SA
- Baker Hughes Company
- Baoshan Iron & Steel
- Big River Steel
- Nucor Corporation
- POSCO
- SSAB AB
- Steel Technologies LLC
- Tata Steel Ltd
- ThyssenKrupp AG
- United States Steel Corporation
- Kobe Steel Ltd, MTL Advanced Ltd
- Cleveland-Cliffs Inc. *The Company List Is Indicative
Recent Developments
In January 2022: SSAB planned a new Nordic production system and accelerated the green transition. The investment will result in a greater availability of SSAB’s premium products, including advanced high-strength steel (AHSS) and quenched and tempered steel (Q&T).
In July 2022, ArcelorMittal acquired 80% of voestalpine's HBI plant in Texas to increase its capacity and produce high-quality input resources that are required for low-carbon emissions steel making.
Browse the full “Advanced High Strength Steel (AHSS) Market by Type (Dual Phase (DP), Martensitic (MS), Transformation-induced Plasticity (TRIP), Twinning-induced Plasticity (TWIP), Others) Vehicle Type Passenger, Commercial) Tensile Strength (Up to 600 MPa, 600-900 MPa, 900-1200 MPa, 1200-1500 MPa, Above 1500 MPa) Application (Structural Details, Car Seats, Bumpers, Chassis, Wheels & Power Train, Side Impact Beams, Others) End-User (Automotive, Construction, Commercial, Aerospace, Marine, Mining, Others) and by Region Global Trends and Forecast from 2023 to 2029” Report and TOC at https://exactitudeconsultancy.com/reports/13212/advanced-high-strength-steel-ahss-market/
Segment Overview
The Advanced High Strength Steel (AHSS) market is segmented By Type, By Vehicle Type, and by Region.
| By Type | By Vehicle Type | By Tensile Strength | By Applications |
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Regional Insights
Asia-Pacific will remain an extremely attractive for advanced high strength steel (AHSS) market.
Asia-Pacific will remain an extremely attractive market over the forecast period due to the rising automotive production along with green field investments around the region. APAC dominates the advanced high-strength steel market with a share of more than 59%, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing.
With a market share of approximately 68.3% in East Asia, China enjoys an unchallengeable dominance. In 2022, it is expected that the AHSS industry in China will grow to US$ 2.8 billion.
Germany comprises around 25% of all passenger vehicles manufactured globally. German automakers generated about 2.1 million passenger car units in 2021.
Quantitative Analysis
- Market size, estimates, and forecasts from 2023 - 2029
- Market size and revenue estimates for product up to 2029
- Market revenue estimates for application up to 2029
- Market revenue estimates for type up to 2029
- Regional market size and forecast up to 2029
- Company financial
Why You Should Buy This Report
1. The forecast for the worldwide Advanced High Strength Steel (AHSS) Market's established and expanding markets.
2. To examine different market vantage points, use Porter's Five Forces analysis.
3. The industry sector expected to dominate the global Advanced High Strength Steel (AHSS) industry.
4. Geographical Areas of the world that are expected to grow the fastest during the projection period
5. Identify the most recent innovations, market shares for global Advanced High Strength Steel (AHSS) and marketing techniques used by the leading industry competitors.
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