According to Market Research Future (MRFR), the global Automotive AHSS 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 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.
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.
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Global Automotive AHSS Market — Competitive Landscape
Highly competitive, the automotive AHSS 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 automotive AHSS 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.
Global Automotive AHSS Market — Segments
The report is segmented into four dynamics;
By Product Type: Dual-Phase, Martensitic Steel, Boron Steel, and others.
By Vehicle Type: Passenger Car and Commercial Vehicle.
By Application: Body Closures, Suspensions, Bumper, and others.
By Regions: Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Global Automotive AHSS Market — Regional Analysis
Europe dominates the global automotive AHSS market. The market growth is fostered by the rising demand for environment-friendly vehicles and industrialization across the region. Besides, the presence of large industry players and well-established automotive industries in the region pushes the growth of the market.
Germany dominates the European market landscape with its sizeable automotive industry, followed by France, Sweden, and Italy. The European automotive AHSS market is projected to retain its dominance throughout the estimated period.
The Asia Pacific region stands second in the global automotive AHSS market. With its raw material advantage, the region attracts foreign investors and automakers, driving market growth. Also, the availability of a cost-competitive workforce increases the automotive plants in the region. Moreover, the region being a globally competitive automotive manufacturing hub, holds a prominent position in the global automotive AHSS market.
Besides, the growing production and sales of passenger cars and commercial vehicles contribute to the largest market share. Furthermore, innovation in engineering and focus on fuel efficiency sustainability boost the growth of the automotive AHSS market in the region. China, Japan, Thailand, and Indonesia account for key shares in the regional market due to the growing industrialization. The APAC automotive AHSS market is projected to register substantial growth over the forecast period.
The automotive AHSS market in North America is growing rapidly. Factors such as the presence of many notable automakers and industry players substantiate the development of the regional market. Additionally, high per capita income among demographics and early adoption of advanced technologies boost the market growth in the region.
Moreover, the increased preference for external styling customization in vans, pickup trucks, and utility vehicles pushes regional market growth. The US and Canada hold major shares in the regional market. The North American automotive AHSS market is predicted to create a substantial revenue pocket over the assessment period.
Industry/ Innovation/ Related News:
April 23, 2020 — — ArcelorMittal SA (Luxembourg), a leading global steel manufacturing corporation, introduced a new set of S-in motion solutions (systems) for battery electric vehicles (BEVs). The smart BEV steel solutions include ArcelorMittal’s range of advanced high strength steels (AHSS), and smart solutions can be deployed to meet the light-weighting, safety, cost, and sustainability performance targets of BEV producers.
The novel BEV car configurator includes solutions identified in ArcelorMittal’s latest S-in motion reports into the body-in-white (BIW) and battery packs of electric vehicles (EVs). All of the solutions have passed extensive assessments, including global crash test models, and simulations of forming feasibility, and assembly.
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