Apr 29, 2020 (Heraldkeepers) -- The new report by Market Research Future (MRFR) broadly covers the automotive AHSS market 2020 and reveals that its size can reach USD 23.45 billion by 2023-end. Between 2017 and 2023 (review period), the market expansion can possibly be 9.8%.
The top performing companies in the market for automotive AHSS include-
China Baowu Steel Group Corp., Ltd. (China), POSCO (South Korea), AK Steel Holding Corporation (U.S.), SSAB AB (Sweden), ArcelorMittal S.A. (Luxembourg), Tata Steel Limited(India), Kobe Steel Ltd. (Japan), United Steel Corporation (India), ThyssenKrupp AG(Germany), and more.
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Growth Boosters and Key Restraints
Advanced high strength steels or AHSS is one of the most significant materials that are used to produce future mobility services. AHSS is a special blend of mechanical and material properties. These are treated in order to enhance its internal structure as well as quality to elevate the ductility, fatigue, strength and toughness. These are the appealing properties that have boosted the demand for AHSS across various industries.
The expansion of the automotive AHSS market in the coming years will be quite rapid, on account of the surge in vehicle production, rising government norms and regulations aimed at restricting CO2 emissions, enhancing vehicle safety and bring down the cost of AHSS materials compared to lightweight materials that are available in the market.
Moreover, the continuously ongoing technological innovations, inside as well as outside the vehicle are also benefitting the market. The advancements in forming technologies like electromagnetic metal forming and hydroforming in the structural sheet metal industry can also lead the automotive AHSS market to a much higher position in the ensuing period. More and more OEMs as well as automotive part manufacturers are working on elevating the fuel economy, safety and quality by reducing the costs of manufacturing, which has a positive effect on the market.
The automotive AHSS market has been broadly covered by MRFR experts and the top segments considered in the report to enhance the understanding of the industry include product type, vehicle type and application.
The product types taken into account are boron steel, martensitic steel, dual phase and others.
The market segments, based on the vehicle type are passenger and commercial vehicles.
The application areas of automotive AHSS are bumper, suspensions, body & closures, among others.
North America, Asia Pacific or APAC, Europe, and the Rest of the World or RoW are the main markets for automotive AHSS studied in the report.
APAC is currently the most profitable market for automotive AHSS, and is projected to maintain its lead throughout the evaluation period. The significant sales of automotive, rapid expansion of automotive manufacturing industries in India and China and the increasing per capita income of customers are some of the prominent growth inducers in the regional market. The region also ranks among the leading producers of automobiles in the world, which also fuels the growth of the automotive AHSS industry.
The market growth in Europe is also top-notch, as a result of the prominence of stringent emission norms implemented by the government and the excellent economic conditions. The massive investments by the increasing number of prominent automobile manufacturers and OEMs also promote the market growth in Europe. It is projected that the recovery of the automobile industry after the recession period in the region can also boost the regional market growth in the upcoming period. Germany is a lucrative market for automotive AHSS in the region, with more and more manufacturers in the country are gearing up to restrict their GHG emission levels by enhancing their vehicle designs using materials like AHSS.