Automotive Advanced High Strength Steel (AHSS) Market Vehicle Type (Passenger Vehicles and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2019–2026

The global automotive AHSS (advanced high strength steel) market was valued at $12.80 billion in 2018, and is projected to reach $33.85 billion by 2026, registering a CAGR of 13.1%. North America was the highest revenue contributor, accounting for $4.63 billion in 2018, and is estimated to reach $11.52 billion by 2026, with a CAGR of 12.2%. Asia-Pacific is estimated to reach $10.91 billion by 2026, at a significant CAGR of 14.9%. North America and Asia-Pacific collectively accounted for around 64.6% share in 2018, with the former constituting around 36.2% share. Asia-Pacific and Europe are expected to witness considerable CAGRs of 14.9% and 14.1%, respectively, during the forecast period. The cumulative share of these two segments was 49.9% in 2018 and is anticipated to reach 55.4% by 2026.          

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Major Market Players:

  • AK Steel Corporation
  • thyssenkrupp AG
  • ArcelorMittal
  • Baoshan Iron & Steel Company Limited
  • Kobe Steel, Ltd
  • Nucor Corporation
  • Tata Steel Limited
  • United States Steel Corporation
  • POSCO                     

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 automobile 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 vehicle at a significantly low cost.  

It also helps in the reduction of weight of a vehicle to a large extent, which has supplemented the growth of the Automotive AHSS (advanced high strength steel) market. In addition, adoption of advanced high strength steel helps in the reduction of harmful emissions from vehicles by reducing the weight, leading to less fuel consumption, thereby ensuring complete safety to the environment. 

Key Market Segments

    • Transformation induced plasticity (TRIP) steel
    • Dual phase steel
    • Complex phase (CP)
    • Others
    • Structural Assembly & Closures
    • Bumpers
    • Suspension
    • Others
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • UK
      • Italy
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • South Korea
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa

Factors such as increase in vehicle production and rise in demand for lightweight automotive components drive market growth. However, factors such as availability of substitutes in the market is supposed to hamper its growth. Further, factors such as continuous growth in automotive industry and increase in need to curb CO2 emissions is expected to create numerous opportunities for the growth and expansion of the market.

Automotive manufacturers have focused on designing lightweight vehicles with an aim to provide passenger safety, reduce greenhouse gas emissions, increase fuel economy, and facilitate balanced performance. Advanced high-strength steel is a lightweight component, which offers thinner gauges, reduces the vehicle weight by 30–40% by decreasing vehicle mass, and meets crash safety standards. North America has witnessed a high penetration of lightweight steel, particularly AHSS, owing to increased demand for lighter and stronger vehicles. Moreover, the adoption rate of AHSS in Asia-Pacific is growing significantly, owing to high demand of lighter and faster vehicles with enhanced safety. In addition, upsurge in demand of fuel-efficient vehicles from the end customers fuels the need for deploying advanced high-strength steel while manufacturing that meets fuel-efficient standards. For instance, the Corporate Average Fuel Economy (CAFÉ) standards from the U.S. are designed to drive the incremental fuel economy gains in the U.S. automotive market. 

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Key Benefits for Stakeholders:

  • This study includes the analytical depiction of the automotive advanced high strength steel (AHSS) market along with current trends and future estimations to determine the imminent investment pockets.
  • The overall automotive AHSS (advanced high strength steel) market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current automotive advanced high strength steel (AHSS) market is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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