May 26, 2020 1:20 PM ET
iCrowd Newswire – May 26, 2020
The Global Automotive Advanced High Strength Steel (AHSS) Market is estimated to grow at a CAGR of 12.2% during the forecast period 2017-2023. The market research study presents that the Automotive Advanced High Strength Steel (AHSS) industry accounted $13,147 million in the year 2016 and is estimated to reach $29,151 million by the end of the year 2023.
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Advanced high-strength steels are the complex materials that are produced from cooling and heating processes. This new form of steel witnessed a lucrative demand from across the world, due to its properties such as formability and ductility.
The Automotive Advanced High Strength Steel (AHSS) industry is majorly driven by various growth factors such as increasing penetration of lightweight components, rise in focus to curb CO2 emissions and development of the global automotive industry. However, lack of usage of automotive AHSS in various other industries and availability of numerous substitutes in the market are some growth hindering factors that impact the global marketplace. Whereas, growth in urbanization and increase in industrialization in developing economies and growth of the aerospace industry offers lucrative market opportunities for the growth of the global marketplace.
Segmentation Overview of the Global Automotive Advanced High Strength Steel (AHSS) Market
The global automotive AHSS market is segmented on the basis of various market segments that include grade and end user. These segments are further categorized into various sub-segments to study the market in detail considering various factors and geographical conditions.
The Grade Segment of the Global Automotive AHSS Market is Sub-Segmented into:
- Dual Phase (DP)
- Transformation-Induced Plasticity (TRIP)
- Complex Phase (CP)
The End User Segment of the Global Automotive AHSS Market is Sub-Segmented into:
Geographical Overview of the Global Automotive Advanced High Strength Steel (AHSS) Market
The global Automotive Advanced High Strength Steel (AHSS) market is segmented on the basis of various geographical regions, such as:
- North America (Canada, U.S. and Mexico)
- Europe (Germany, France, UK, Italy, Spain, and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)
- LAMEA (Brazil, Argentina, Africa, Saudi Arabia, UAE and Rest of LAMEA)
As per the regional study, the North America automotive AHSS market accounted to hold highest market share in the year 2016, the regional dominance is due to surge in demand for lightweight vehicles in the region and growth in efforts to conform to the fuel economy standard. Whereas, the APAC automotive AHSS market would exhibit the highest CAGR of 14% during the forecast period 2017-2023.
Market Competition Insights of the Global Automotive Advanced High Strength Steel (AHSS) Market
SSAB AB, Kobe Steel Ltd., Baoshan Iron and Steel Co. Ltd., United States Steel Corporation, MTL Advanced Ltd., Nucor Corporation, AK Steel Corporation, NanoSteel, ArcelorMittal S.A. and Tata Steel Limited are some major players included in the research study of the global automotive AHSS market. The market players are adopting various competitive strategies to withhold the large market share in the global Automotive Advanced High Strength Steel (AHSS) market. The market players are significantly focusing on product launch as their key strategy to gain majority of the market share in the global automotive AHSS market.
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Keywords: Automotive Advanced High Strength Steel (AHSS) Market