Jan 20, 2020

Advanced High Strength Steel Market to Record Double-Digit Growth, Demand in Automotive Soars on Back of High Vehicle Performance, Says Fact.MR

by Team Fact.MR

Advanced high strength steel (AHSS) is an ideal choice for automakers, as it is a perfect combination of strength and corresponding lightweight properties. AHSS is a key material when it comes to vehicle mass reduction and is widely applied to meet the diverse performance requirements of vehicle components for parameters such as manufacturability, durability, quality, and cost. In the current scenario, AHSS market players can look at a healthy growth, with an impressive CAGR of around 10% during the forecast period (2019-2029), reveals Fact.MR in a recently published report on advanced high strength steel market. To facilitate demand growth from automotive industry, steel makers have been developing newer AHSS grades with unique properties. 3rd Generation AHSS is the new buzzword reiterated by players.

Key Takeaways of Advanced High Strength Steel Market

  • Global advanced high strength steel market is expected to create a value opportunity of around US$ 27.6 Bn during the forecast period, adding 2.6X  more value as compared to 2019
  • Despite losing significant market share by 2029, Dual phase (DP) Advanced High Strength Steel is expected to account for almost 2/3rd of the total incremental $ opportunity created in the market over the forecast period
  • Transformation-induced plasticity (TRIP) is emerging as the most innovative technique in the AHSS market growing at the fastest CAGR throughout the forecast period, as it can be engineered or tailored to provide excellent formability for manufacturing complex AHSS parts 
  • AHSS for structural design applications in automotive is expected to gain 384 BPS by 2029, as substitution of AHSS with conventional steel reduces the mass of vehicle, thus significantly decreasing CO2 emissions from vehicles
  • East Asia and South Asia & Oceania will remain a highly attractive market for AHSS, rapid increase in automotive production from these regions will account for bulk of AHSS demand

“As shift towards greener technologies has gained impetus over the last few decades, federal governments have influenced automakers to refocus on consumption of AHSS. On every kg of AHSS used in a vehicle, 8 kg of greenhouse gases can be saved in total, which has been propelling AHSS demand worldwide”, says a Fact.MR analyst

Product Innovation to Remain Prime Focus

Manufacturers of AHSS have opted for product innovation, in compliance with strict government norms for reducing the carbon emission from the vehicles. They are now implementing newer technologies in various areas of the vehicle to meet increasingly stringent targets. Key stakeholders in the market are deploying newer AHSS products with unique properties. 3rd generation AHSS is the top focus. Furthermore, key stakeholders have also entered into strategic collaborations with leading automobile makers to maintain long term supply contracts.

More Valuable Insights on Advanced High Strength Steel Market:

Fact.MR, in its new offering, presents an unbiased analysis of the global advanced high strength steel market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the advanced high strength steel market on the basis of type (Dual phase {DP}, Martensitic {MS}, Transformation-induced plasticity {TRIP}, Twinning-induced plasticity {TWIP} and others), car type (passenger and commercial), tensile strength (Upto 600 MPa, 600-900 MPa, 900-1200 MPa, 1200-1500 MPa and above 1500 MPa) and application (structural details, car seats, bumpers, chasis, wheels & power train, side impact beams and others) across six major regions.

>>> To Get more insights on advanced high strength steel market, visit- https://www.factmr.com/report/2995/advanced-high-strength-steel-market

About the Chemicals & Materials Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the Chemicals & Materials industry lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.