Advanced high strength steel (AHSS) has remained a material of choice among the automakers over the historical years and the global market has created an opportunity of US$ 4.9 Bn between 2015 and 2019. Some of the primary factors behind the 9% average Y-o-Y growth of global advanced high strength steel during the historical period has been its perfect combination of favorable mechanical properties, economic cost, and durability, and manufacturability among others. In addition, increased demand for weight reduction & higher fuel-efficiency in automobiles has led to the amplification of overall supply chain of the market.
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Fact.MR, a leading research firm in its newly published study on global advanced high strength steel market opines that the market is expected to record a loss of ~180 BPS over the long-term forecast period (2020-2030) on the backdrop of ongoing COVID-19 crisis. This pandemic has shattered the global economy and production throughput as well as operating margins of several manufacturers of AHSS during the first two quarters of 2024.
Key Takeaways of Advanced High Strength Steel Market
- Global advanced high strength steel market is set to surpass US$ 36 Bn by 2030 as 3rd Generation AHSS is the new buzzword which is expected to become a pivot for future growth in the global market
- Dual phase (DP) advanced high strength steel is expected to hold 70% of the total opportunity created in the market out of per million spending on advanced high strength steel materials
- Transformation-induced plasticity (TRIP) is evolving as the most innovative technique in the AHSS market and is projected to expand at a strong growth rate throughout the forecast period despite losing demand during 2024, as it can be engineered or tailored to provide excellent formability for manufacturing complex AHSS parts
- AHSS for structural design applications in automotive is expected to witness decline in the overall CAGR by 1.8% during the forecast period owing to COVID-19 as compared to previously published study on AHSS market by Fact.MR. In addition, the segment is likely to register a strong growth rate as substitution of AHSS with conventional steel reduces the mass of vehicle, thus significantly decreasing CO2 emissions from vehicles
- Europe and North America will regain its penetration in the global AHSS market post COVID-19 normalization after 2024. However, East Asia and South Asia & Oceania region are anticipated to remain most lucrative regions as compared to other regions throughout the forecast period.
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“The global advanced high strength steel market is set to embark on a positive growth trajectory over the forecast period despite facing plethora of challenges in the wake of COVID-19. Moreover, shift towards greener technologies and federal government pressure on automakers for raising the consumption of AHSS is prompting new greenfield investments for key manufacturers in AHSS materials”, Says Analyst at Fact.MR
Product Innovation and Continued Collaboration to be in Strategic Wishlist of Key Market Actors
The global advanced high strength steel market showcases a moderately consolidate structure where tier 1 players account for around half of the market share. Manufacturers of AHSS have opted for product innovation, in compliance with strict government norms for reducing the carbon emission from the vehicles. They are now implementing newer technologies in various areas of the vehicle to meet increasingly stringent targets. Key stakeholders in the market are deploying newer AHSS products with unique properties. 3rd generation AHSS is on top. Furthermore, key stakeholders have also entered into strategic collaborations with leading automobile makers to maintain long term supply contracts.
More Valuable Insights on Advanced High Strength Steel Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global advanced high strength steel market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030. The study divulges essential insights on the advanced high strength steel market on the basis of type (Dual phase {DP}, Martensitic {MS}, Transformation-induced plasticity {TRIP}, Twinning-induced plasticity {TWIP} and others), car type (passenger and commercial), tensile strength (Upto 600 MPa, 600-900 MPa, 900-1200 MPa, 1200-1500 MPa and above 1500 MPa) and application (structural details, car seats, bumpers, chasis, wheels & power train, side impact beams and others) across six major regions.
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