ID: MRFR/AM/3227-HCR | February 2021 | Region: Global | 110 pages
Automotive AHSS Market is expected to reach at market size of ~ USD 23.45 billion by the end of forecast period with CAGR of ~9.8% between 2017 and 2023.
Automotive AHSS steels are considered major materials for future applications in the production sector. Advanced High Strength Steels or AHSS have quickly been adopted by automotive industry, and these steels are known for their increased strength, lightweight composition and improved performance under impact and energy transfer when exposed to a collision. Increasing vehicle production, lower cost of AHSS materials than other lightweight materials, and growing government regulations regarding CO2 emissions are some of the factors driving the growth of the market. Moreover, growing vehicle demand and engineering advancement for improving the life of vehicles, are some of the factors that drive the demand for the market. The automotive AHSS market is witnessing an upward trend, as auto manufacturers are focusing more on improving safety and fuel economy, while reducing the costs of manufacturing.
Focus on light weighting in automobiles is well underway, and will continue in the future. With the objective to reduce fuel emissions and to meet greenhouse gas requirements, automobile manufacturers need to significantly reduce the weight of vehicles. The recent efforts to build lightweight cars from aluminum and carbon-fiber composites, acts as a major restraint for the growth of Advanced High Strength Steels (AHSS) market.
Global automotive AHSS market has broadly been segmented on the basis of product type, vehicle type, application and geography. By product type, Dual-phase steel is the most widely used product of AHSS by the automotive industry. On the basis of vehicle type, Passenger cars are expected to witness highest revenue in the forecast period. On the basis of application, it has been segmented as body & closures, suspensions, bumper and others.
The major player operating in the market of global automotive AHSS are AK Steel Holding Corporation (U.S.), ArcelorMittal S.A. (Luxembourg), China Baowu Steel Group Corp., Ltd. (China), Kobe Steel Ltd.( Japan), POSCO (South Korea), SSAB AB (Sweden), Tata Steel Limited(India), ThyssenKrupp AG(Germany) and United Steel Corporation (India).
Asia Pacific is dominating the market due to major sales in automotive. Development of automotive manufacturing industries in developing economies such as China and India are driving the market for automotive AHSS. Factors such as availability of low-cost manual and innovation in engineering, focus on fuel efficiency and sustainability, and the rising vehicle production levels, drive the market of Automotive AHSS. The region being a globally competitive automotive manufacturing hub, also pushes the market of Automotive AHSS.
Europe holds the largest market share in automotive AHSS market, followed by Asia Pacific due to factors such as strict emission norms laid down by the government and improvement in the economic conditions and increasing investment by the industry players in the region.
The report for Global Automotive AHSS Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2023: USD 23.45 Billion|
|CAGR||9.8% CAGR (2017-2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Vehicle Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AK Steel Holding Corporation (U.S.), ArcelorMittal S.A. (Luxembourg), China Baowu Steel Group Corp., Ltd. (China), Kobe Steel Ltd.( Japan), POSCO (South Korea), SSAB AB (Sweden), Tata Steel Limited(India), ThyssenKrupp AG(Germany) and United Steel Corporation (India)|
|Key Market Opportunities||Increasing investment by the industry players in the region|
|Key Market Drivers||Development of automotive manufacturing industries|
Frequently Asked Questions (FAQ) :
The automotive AHSS market is prognosticated to mark 9.8% CAGR.
The automotive AHSS market is expected to be valued at USD 23.45 Bn.
The segments of the automotive AHSS market, on the basis of product type, are dual phase, boron steel, martensitic steel, and others.
The application based segments of the automotive AHSS market are body & closures, suspensions, bumper and others.
The key participants of the automotive AHSS market are AK Steel Holding Corporation (U.S.), China Baowu Steel Group Corp., Ltd. (China), ArcelorMittal S.A. (Luxembourg), Kobe Steel Ltd.(Japan), ThyssenKrupp AG(Germany), SSAB AB (Sweden), POSCO (South Korea), Tata Steel Limited(India), and United Steel Corporation (India).