SEOUL-- April 19, 2022 -- A recent study by Fact.MR on advanced high strength steel (AHSS) market offers a 10-year forecast between 2020 and 2030. The study analyzes crucial trends that are currently determining the growth of the advanced high strength steel (AHSS) market.
The latest report by Fact.MR on global advanced high strength steel (AHSS) evaluated an impressive trajectory in a historical period, after a slight downswing due to COVID-19, the market has gained a high momentum with a steady growth of over 8.5% CAGR through 2030. Owing to the rising demand from the automotive industry for weight reduction & higher fuel efficiency in lightweight vehicles has heightened the demand for AHSS.
The advanced high strength steel (AHSS) market is poised to surpass US$ 36 Bn by 2030-end. Burgeoning demand for lightweight vehicles and 3rd generation AHSS from the automotive industry post-pandemic is accelerating the sales. Therefore, bolstering the demand for advanced high strength steel (AHSS) market.
With frequent technology updates, manufacturers are inclining towards sustainable technology and advanced functions & application of AHSS in automobiles to generate revenue and reduce the loss witnessed due to COVID-19, which is further fostering the sales of advanced high strength steels, projects Fact.MR study.
AHSS Development to be Driven by Strict Fuel Economy Norms
The role of material manufacturing emissions in a vehicle's lifetime environmental effect was examined in a recent research done by the Steel Recycling Institute (SRI). According to the study, AHSS-intensive cars emit less pollution during their lifetime than aluminum-intensive vehicles in every type of vehicle examined, including sedans, trucks, SUVs, and alternative powertrain vehicles.
When compared to traditional steel, new grades of AHSS enable automakers to cut vehicle weight by 25% to 39%. The AHSS system decreases a vehicle‘s overall weight by 170-270 kg, resulting in a 3-4.5 metric tonne reduction in greenhouse gas emissions during the vehicle’s entire life cycle.
“Prominent automakers are focusing on adapting green technology to achieve improved safety and fuel economy requirements to generate attractive revenue. Hence, the demand for passenger car segment is expected to grow 2.3X in the upcoming years,” says a Fact.MR analyst.
Competitive Landscape
Prominent players profiled by Fact.MR includes AK Steel Holding Corp, ArcelorMittal SA., Baoshan Iron & Steel Co. Ltd., Big River Steel, Nucor Corp, POSCO, Steel Technologies LLC, Tata Steel Ltd., ThyssenKrupp AG, and SSAB AB among others. Leading players' collaboration with prominent automakers is a strong key focus for the manufacturers to recuperate from the loss witnessed amid COVID-19.
For instance, in March 2021, United Steel Corporation announced the acquisition of The NanoSteel Company Inc., as a part of U.S. Steel‘s ongoing commitment to offer customers the world’s best selection of advanced high-strength steel across the globe.
The report covers the following Advanced High Strength Steel (AHSS) Market insights and assessments that are helpful for all participants involved in the Advanced High Strength Steel (AHSS) Market:
· Data on recently introduced regulations and their impact on key industries and on-demand in Advanced High Strength Steel (AHSS) Market
· Latest industry Analysis on Advanced High Strength Steel (AHSS) Market, with key analysis of market drivers, trends, and influencing factors
· Key trends Analysis of Advanced High Strength Steel (AHSS) Market and changing consumer preferences in major industries.
· Changing Advanced High Strength Steel (AHSS) Market demand and consumption of diverse products
· Major trends underlining funding by key investors in numerous countries
· New investment opportunities in diverse technology and product or service types
· Comprehensive data and Competitive analysis of Advanced High Strength Steel (AHSS) Market major players
· Advanced High Strength Steel (AHSS) Market sales in Asia Pacific will grow at a steady pace, driven by growing consumer confidence and economic recovery
