Automotive Advanced High-Strength Steel (AHSS) Market - Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Automotive Advanced High-Strength Steel (AHSS) Market size is 20.52 billion USD in 2022 and is projected to reach a CAGR of 9.9% from 2023-2030.

Advanced high-strength steel is a special form of steel, which has a wide application in the automotive industry due to various features such as its microstructures and high tensile strength. It is a new generation of steel grade, which possesses ultrahigh strength and is widely applicable in automobiles and other industries such as construction. In the automotive industry, the adoption of AHSS allows automakers and engineers to ensure complete safety, efficiency, manufacturability, durability, and quality of vehicles at a significantly low cost.

Factors such as the increase in vehicle production and the rise in demand for lightweight automotive components drive market growth. Further, factors such as continuous growth in the automotive industry and an increase in the need to curb CO2 emissions are expected to create numerous opportunities for the growth and expansion of the market.

On the other hand, factors such as the availability of substitutes in the market are supposed to hamper its growth.

The automotive industry was already struggling before the outbreak of COVID-19. The outbreak led to lockdowns and shutdowns of vehicle and vehicle component manufacturing facilities, dealerships, and showrooms, which eventually resulted in less demand and decreased production. However, with life returning to normalcy, vehicle production is gaining pace which is likely to help the automotive AHSS market grow during the forecast period.

Delvens Industry Expert's Standpoint

The automotive sector uses advanced high-strength steel extensively because of its many characteristics, including its microstructure and high tensile strength. The demand for the advanced high steel market is fuelled by elements like rising vehicle production and rising demand for lightweight automotive components but the market's abundance of alternatives to steel can be a factor restraining the expansion of the automotive high-strength steel market. There are also various growth opportunities in the market with growing concerns to reduce CO2 emissions.

Market Portfolio

Key Findings

• Advanced high-strength steel is a special form of steel, which has a wide application in the automotive industry due to various features such as its microstructures and high tensile strength. It is a new generation of steel grade, which possesses ultrahigh strength and is widely applicable in automobiles and other industries such as construction. In the automotive industry, the adoption of AHSS allows automakers and engineers to ensure complete safety, efficiency, manufacturability, durability, and quality of vehicles at a significantly low cost.
   
• Factors such as an increase in vehicle production and a rise in demand for lightweight automotive components drive market growth. Further, factors such as continuous growth in the automotive industry and an increase in the need to curb CO2 emissions are expected to create numerous opportunities for the growth and expansion of the market.
   
• The automotive industry was already struggling before the outbreak of COVID-19. The outbreak led to lockdowns and shutdowns of vehicle and vehicle component manufacturing facilities, dealerships, and showrooms, which eventually resulted in less demand and decreased production. However, with life returning to normalcy, vehicle production is gaining pace which is likely to help the automotive AHSS market grow during the forecast period.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia-Pacific region has been contributing significantly towards the market share due to an extravagant demand for automobiles in countries of this region.

Regional Analysis

Asia Pacific to Dominate the Market

• Asia-Pacific region has been contributing significantly towards the market share due to an extravagant demand for automobiles in countries of this region.
   
• Factors such as the availability of low-cost labour and innovation in engineering, focus on fuel efficiency and sustainability, and the rising vehicle production levels have been responsible for the growth of the market. This region has been known as the manufacturing hub because of the large-scale production of automobiles.

Competitive Landscape

• AK Steel Corporation
• thyssenkrupp AG
• ArcelorMittal
• Baoshan Iron & Steel Company Limited
• Kobe Steel, Ltd
• Nucor Corporation
• SSAB AB
• Tata Steel Limited
• United States Steel Corporation
• POSCO

Recent Developments

• In January 2022, SSAB planned a new Nordic production system to bring forward the green transition. The investment will result in a broader offering of SSAB’s premium products, advanced high-strength steel (AHSS), and quenched and tempered steel (Q&T).
   
• In September 2021, ArcelorMittal introduced a third generation of advanced high-strength steels (AHSS), specifically developed for OEMs. The company utilizes cold stamping and forming technologies for the development of third-generation AHSS.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
   
• Gain authentic and granular data access for Automotive Advanced High-Strength Steel (AHSS) Market so as to understand the trends and the factors involved in changing market situations
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope