Automotive Advanced High-Strength Steel (AHSS) Market size is 20.52 billion USD in 2022 and is projected to reach a CAGR of 9.9% from 2023-2030.
Advanced high-strength steel is a special form of steel, which has a wide application in the automotive industry due to various features such as its microstructures and high tensile strength. It is a new generation of steel grade, which possesses ultrahigh strength and is widely applicable in automobiles and other industries such as construction. In the automotive industry, the adoption of AHSS allows automakers and engineers to ensure complete safety, efficiency, manufacturability, durability, and quality of vehicles at a significantly low cost.
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Factors such as the increase in vehicle production and the rise in demand for lightweight automotive components drive market growth. Further, factors such as continuous growth in the automotive industry and an increase in the need to curb CO2 emissions are expected to create numerous opportunities for the growth and expansion of the market.
On the other hand, factors such as the availability of substitutes in the market are supposed to hamper its growth.
The prominent players in Automotive Advanced High-Strength Steel (AHSS) Market are
· AK Steel Corporation
· ThyssenKrupp AG
· ArcelorMittal
· Baoshan Iron & Steel Company Limited
· Kobe Steel, Ltd
· Nucor Corporation
· SSAB AB
· Tata Steel Limited
· United States Steel Corporation
· POSCO and More
Recent Developments
In January 2022, SSAB planned a new Nordic production system to bring forward the green transition. The investment will result in a broader offering of SSAB’s premium products, advanced high-strength steel (AHSS), and quenched and tempered steel (Q&T).
In September 2021, ArcelorMittal introduced a third generation of advanced high-strength steels (AHSS), specifically developed for OEMs. The company utilizes cold stamping and forming technologies for the development of third-generation AHSS.
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Asia Pacific to Dominate the Market
Asia-Pacific region has been contributing significantly towards the market share due to an extravagant demand for automobiles in countries of this region.
Factors such as the availability of low-cost labour and innovation in engineering, focus on fuel efficiency and sustainability, and the rising vehicle production levels have been responsible for the growth of the market. This region has been known as the manufacturing hub because of the large-scale production of automobiles.
Automotive Advanced High-Strength Steel (AHSS) Market is segmented into various segments such as product, Application, vehicle type, and region:
On the basis of product
· Transformation-induced plasticity (TRIP) steel
· Dual-phase steel
· Complex phase (CP)
· Others
On the basis of the application
· Structural Assembly & Closures
· Bumpers
· Suspension
· Others
On the basis of vehicle type
· Passenger Vehicles
· Commercial Vehicles
On the basis of region
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Frequently Asked Questions
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· Who are the major players in Automotive Advanced High-Strength Steel (AHSS) Market?
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