According to a new report published by Allied Market Research titled, “Advanced High- Strength Steel Market by Grade and End User: 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 dominated the global market in 2018, accounting for one-third share of the total revenue.
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.
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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Increase in passenger traffic accounted for delivery of around 1,400 airplanes in 2015; this number increased to around 2,400 airplanes in 2016. Around 39,620 new airplanes are estimated to be delivered globally by 2035. AHSS is used in the aerospace industry in the production of variety of complex components and tight tolerance parts. Thus, the growth in aerospace industry is anticipated to create lucrative opportunities for the aircraft makers.
The Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) formulated a national program for greenhouse gas emissions and fuel economy standards. The program aims to minimize the GHG emissions through improved fuel economy. In addition, it is expected to cut around six billion metric tons of GHG for the vehicles sold in between 2012 and 2025, thereby saving more than $1.5 trillion in fuel costs. The increased consciousness to reduce CO2 and GHG emission levels and stringent government regulations drives the growth of the global advanced high-strength steel market.
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