Global Automotive AHSS Market Size, Share, Forecast Report, 2020-2027
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. 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.
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).