Advanced High Strength Steels Market to Witness Rapid Increase in Consumption During 2022 – 2030

Advanced High Strength Steels Market to Witness Rapid Increase in Consumption During 2022 – 2030

Market Summary - 

According to Market Research Future (MRFR), the global Advanced High Strength Steels market valuation is expected to grow to USD 23.45 billion and register approximately 9.8% CAGR during the assessment period. With the aim to reduce fuel emissions and meet greenhouse gas requirements, automobile manufacturers need to reduce the weight of vehicles significantly.

Advanced High Strength Steel (AHSS) has quickly been adopted by the Automotive industry due to its high-strength lightweight composition, improved performance under the impact, and energy transfer when exposed to a collision. Resultantly, the global AHSS market garners continual traction. The growth attributes to the growing AHSS production and the demand for lightweight wheels, and growing production sales of electric vehicles.

Additionally, the growing demand for high-strength vehicles such as SUVs worldwide boosts market sales. Moreover, the increasing sales of passenger vehicles across the globe substantiate market demand. The explosive demand and subsequent growth of automobiles foster the development of the market. Also, improving economic conditions worldwide would provide significant impetus to market growth.

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Conversely, recent government efforts to promote aluminum and carbon-fiber composites to build lightweight cars are major factors estimated to impede the market. Also, the volatility of raw material prices poses significant concerns restraining the growth of this market. Nevertheless, the growing demand for advanced high-performance materials and new compositions would support the market growth throughout the assessment period.

Global Advanced High Strength Steels market – Competitive Landscape

Highly competitive, the Advanced High Strength Steels market appears to be fragmented due to the presence of several well-established industry players. Technology providers adopt strategic initiatives such as mergers acquisitions, expansion, and product service launch to gain a larger competitive share, intensifying the market's competitive environment.  

Matured technology providers increasingly focus on maximizing their market share while small players find it challenging to compete with them. Many brands have outlined plans to widen the penetration by including various technologies to their product portfolio. 

Major Players:

Players leading the global Advanced High Strength Steels market include ArcelorMittal SA (Luxembourg), AK Steel Holding Corporation (US), China Baowu Steel Group Corp., Ltd. (China), POSCO (South Korea), Kobe Steel Ltd.( Japan), SSAB AB (Sweden), ThyssenKrupp AG(Germany), Tata Steel Limited(India), and United Steel Corporation (India), among others. 

Market Segmentation 

The Advanced High Strength Steels market segments over different categories based on certain criteria. The different segments contribute to the Advanced High Strength Steels market Share over the years. The criteria for segmentation are application type and vehicle types. Additionally, there is regional segmentation that is discussed in the next section. According to application type, the Advanced High Strength Steels market Size divides into assembly and closures, bumpers, and suspension. In addition to this, there are other applications too. According to vehicle type, the segments are passenger vehicles and commercial vehicles. In the forecast period, the passenger vehicles project the highest revenue growth in the Advanced High Strength Steels market Share. 

Regional Overview 

The major markets of the Advanced High Strength Steels market disperse over different regions of the world. The different regions that contribute to the Advanced High Strength Steels market Growth are North America and Europe. Moreover, the Asia Pacific region is also a major regional market of the Advanced High Strength Steels market. The other minor markets cluster into the Rest of the World. The Asia Pacific region holds the highest share in the Advanced High Strength Steels market Growth till now. The presence of leading companies in the Automotive industry in the region is a key driver of Advanced High Strength Steels market Trends. In the forecast period, the European region will emerge as the biggest market in the AHSS industry. 

Industry News 

The key players of the AHSS industry are ArcelorMittal, AK Steel Holding Corporation, etc. Secondly, other key players are Tata Steel Limited and ThyssenKrupp AG. Thus, the key players disperse over different countries of the world. The key players of the Advanced High Strength Steels market invest in primary and secondary research of the material. This can further drive the Advanced High Strength Steels market Trends towards growth and development. Moreover, the key players are also forming collaborations to combine expertise in the research field. 

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