September 26, 2022 09:00 ET | Source: FACT.MR FACT.MR
Rockville, Sept. 26, 2022 (GLOBE NEWSWIRE) -- As per the latest study by Fact.MR, market research and competitive intelligence provider, the global demand for advanced high strength steel (AHSS) is estimated at US$ 20.3 billion in 2022 and is expected to expand rapidly at 7.9% CAGR between 2022 and 2032. The market is growing due to significant use in several industries and the development of third-generation steel.
Compared to traditional steel, AHSS offers a better strength-ductility balance and is resistant to deformation. Industries such as construction, automotive, aviation, maritime, wind energy, mining equipment, electrical equipment, and pipes employ AHSS for manufacturing purposes.
Shipbuilding traditionally uses structural steel plates to fabricate parts; however, advanced high-strength steel can be used to make much lighter components offering significant opportunities to save on fuel consumption and carbon footprint. The aerospace industry takes advantage of lighter, stronger metal alloys such as advanced high strength steel for its ability to form attractive, slim frames and enclosures without compromising tensile strength and ductility.
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The development of second-generation steel led to increased material strength and elongation properties; however, there were difficulties in the amalgamation of other grades of steel along with high operating costs. Manufacturers have developed third-generation advanced high strength steel that is cost-effective, highly ductile, and has high tensile strength without any combining issues.
Advancement in Steel Properties through R&D
Emphasis on R&D will likely to rise in the near future as automakers look to match the pace of changing environmental norms and lightweight materials. Advanced lightweight materials are expected to become a key component of brand marketing.
Automakers are now speeding up and scaling up their R&D activities due to the rate at which new technologies are changing the automotive industry. Rising focus on products with improved performance, strength, and durability is expected to have a positive impact on the market over the coming years. Increasing passenger vehicles, surging adoption of electric vehicles, and usage of AHSS in their manufacturing will provide upward progress in the market.
Key Takeaways from Market Study
Segmentation of Advanced High-Strength Steel ( AHSS ) Industry Research
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Manufacturers have partnered strategically with top automakers to increase sales and long-term client retention. To fulfil the sporadic worldwide demand, market players have also pursued capacity expansion through organic growth strategies or acquisitions.
Additionally, by increasing their R&D expenditures, major market participants are involved in technological advancements to improve steel quality. Manufacturers are focusing on increasing their production capacity to meet the increasing demand, especially from the automotive sector.
Prominent advanced high strength steel manufacturers are AK Steel Holding Corp, ArcelorMittal SA., Baker Hughes Company, Baoshan Iron & Steel Co., Ltd, Big River Steel, Nucor Corp, POSCO, SSAB AB, Steel Technologies LLC, Tata Steel Ltd, ThyssenKrupp AG, and United States Steel Corporation.
Market players are focusing on product innovation, with '3rd Generation' being the buzzword. Forward integration with leading automotive players remains a key differentiating strategy.
An inorganic strategy such as acquiring an AHSS firm that is preferable over the expansion of the firm is majorly followed by market players. Collaborations among key market players and automotive players remain a major point.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global AHSS market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (dual phase (DP), martensitic (MS), transformation-induced plasticity (TRIP), twinning-induced plasticity (TWIP), others), vehicle type (passenger, commercial), tensile strength (up to 600 MPa, 600-900 MPa, 900-1200 MPa, 1200-1500 MPa, above 1500 MPa), and application (structural details, car seats, bumpers, chassis, wheels & power train, side impact beams, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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