High Strength Steel Technologies Create Value for OEMs by Improving Vehicle Performance
The ever-growing automotive industry has created a steady demand for high strength steel (HSS). As such, in terms of end use, the automotive segment of the high strength steel (HSS) market is projected for exponential growth in terms of value and volume. Hence, companies are tapping opportunities in the automotive industry to develop lightweight vehicles. For instance, General Motors-a leading U.S. automotive innovator won the “Automotive Excellence Award” for the 2019 Chevrolet Silverado at the 18th Annual Great Designs in Steel seminar.
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Companies in the high strength steel (HSS) market are increasing production capabilities to manufacture Advanced High Strength Steel (AHSS) and Ultra-High Strength Steel (UHSS). They are increasing R&D in advanced high strength steel technologies. Manufacturers are leveraging benefits of AHSS to aid in weight reduction of vehicles. Thus, the launch of new vehicles are creating incremental opportunities for manufacturers. High strength steel technologies are offering the best value to OEMs and are growing popular, as they improve vehicle performance and sustainability.
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Cost-efficiency of HSS Aid Use in Sophisticated Lightweight Construction Applications
Apart from the automotive industry, companies in the high strength steel (HSS) market are leveraging opportunities in the construction sector. This is evident since building & infrastructure end use segment is predicted for significant growth, in terms of value and volume, in the market for high strength steel (HSS). Hence, manufacturers are developing steel with outstanding processing properties that are a great fit in sophisticated lightweight construction applications. For instance, in October 2019, Voestalpine AG-a provider of international steel-based technology, announced the launch of alform® steels to ensure high levels of component reliability in the construction space.
High adoption of high strength steel in machinery, processing industry, and automotive industry are some of the key market drivers. HSS is being highly used in laser cutting applications. Excellent weldability of HSS is contributing toward the growth of the high strength steel (HSS) market. On the other hand, AHSS is growing popular to reduce cost of construction, since stakeholders in the value chain need not invest in high quantities of steel and filler materials.
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Adoption of AHSS in Lightweight Vehicles to Drive Global Market
The high strength steel (HSS) market is fragmented, while seven leading players account for ~20% of the market share. This indicates that regional and local players act as tough competitors for major players. However, manufacturers need to address the limitations of higher strength grades in energy absorption in numerous automotive applications. Hence, companies are introducing HSS with high corrosion protection capacities and surface quality that align with demanding automotive applications in both exposed and non-exposed parts of vehicles.
AHSS is being highly used in cold stamping that combines superior ductility and formability to exceed expectations in body engineering. As such, the AHSS product type segment is expected for exponential growth in the high strength steel (HSS) market. The global high strength steel (HSS) market is expected to expand at a CAGR of ~9% during the forecast period. Companies are leveraging the advantages of AHSS for the development of lightweight vehicles, thus achieving the goal of fuel economy. With the help of AHSS, automakers can meet stringent norms catering to crash and safety requirements.
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