As car manufacturers scramble to build stronger, yet lighter cars, demand for advanced high strength steel has witnessed a spike.
DUBLIN, IRELAND / ACCESSWIRE / February 10, 2020 / Global advanced high strength steel market players need to seize opportunities created by regulations that prioritize lightweighting and fuel efficiency, according to a new study by Fact.MR. According to the study, advanced high strength steel market will grow at over 10% annually, and reach nearly USD 30 billion in revenues by 2029.
"Car manufactures around the globe are embracing advanced high strength steel. The advantage of having added safety without adding significant costs to the bottom-line, has made advanced high strength steel sought-after among carmakers," says the Fact.MR report.
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Advanced High Strength Steel Market: Key Findings
- China and India will drive demand for advanced high strength steel, driving heightened market activity in Asia Pacific
- Stringency in regulations in EU5 will create demand for lightweight materials, thereby benefitting the advanced high strength steel industry
- Dual phase (DP) will remain the preferred advanced high strength steel type, despite growing popularity of Transformation-induced plasticity (TRIP)
- In a bid to replace high cost solutions, 3rd generation AHSS will capture larger profit pools on back of its high tensile strength properties and cost-effectiveness
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AHSS Market: Key Driving Factors
- Concerted shift toward lightweight materials
- Stringent safety and fuel regulations, especially in developed countries
- Shifting consumer preference from heavy to lightweight passenger cars
AHSS Market: Key Restraints
- High cost of AHSS vis-à-vis conventional variants
- Lax regulations in various developing countries where passenger car sales are high
Competition Landscape
Manufacturers are leveraging the high growth potential of the AHSS market by smart strategies that enable them to achieve repetitive sales and pave the way for long-term customer retention. In a competitive and highly consolidated market, industry heavyweights are targeting capacity expansion and well-timed acquisitions in order to meet large scale global demand for AHSS. Prominent companies operating in the global advanced high strength steel (AHSS) market, include ThyssenKrupp AG, Nucor Corp, ArcelorMittal SA., AK Steel Holding Corp, Baoshan Iron & Steel Co., Ltd and SSAB AB.
About the Report
This 170-page study offers detailed market forecast on the advanced high strength steel market. The key categories covered in the report include type (dual phase, martensitic, transformation-induced plasticity, and twinning-induced plasticity), car type (passenger, commercial), tensile strength (Up to 600 MPa, 600-900 MPa, 900-1200 MPa, 1200-1500 MPa, Above 1500 MPa), application (Structural details, Car Seats, Bumpers, Chassis, wheels & power train, Side impact beams). This analysis has been tracked on a country level, with a total of 30+ countries across 7 key regions.
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SOURCE: FactMR