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Advanced High Strength Steel Market to Witness Widespread Expansion During 2018 to 2027 | Key Players are Nucor Corp., ArcelorMittal SA, AK Steel Holding Corp., etc.
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Manufacturers Work Closely with End-Users to Achieve Long-term Customer Loyalty
The advanced high strength steel market remains a consolidated landscape, with the monopoly of the leading players. Buoyancy of the leading players in the advanced high strength steel market can be attributed to their global presence, and high orientation toward R&D activities. In addition, leading players are also entering into strategic collaborations with end-use industries to achieve long-term customer retention and repeat sales. Apart from growing with the existing end-user segments, manufacturing companies in the advanced high strength steel market are venturing into niche applications with good growth potential.
In 2017, The United States Steel Corporation successfully finalized its agreement with Bedrock Industries Group LLC. This strategic agreement was for the sale and transition of ownership of U.S. Steel Canada, Inc. (USSC) to Bedrock.
In 2018, ThyssenKrupp AG launched a new plant & test tower in the city of Zhongshan, Guangdong Province, China. This launch was a part of the company’s business expansion strategies.
In 2018, Nucor Corp. invested an amount of nearly US$ 650 Mn for expansion of its Gallatin steel plant located at Kentucky.
Sales in Automotive Spur as Need for Enhancing Safety & Fuel Efficiency Gains High Emphasis
As automakers across the globe face challenges with respect to enhancing safety and improving fuel efficiency, they are actively gravitating toward efficacious solutions, including advanced high strength steel. AHSS offers greater degree of fuel efficiency, durability, quality, and affordability- some of the key features that are highly valued across the automotive industry. Though advanced high strength steel has been long-famed for its mechanical abilities, various advancements in research and development are expanding the application scope of newer grades of AHSS. As the proliferation of technology continues to grow, applications for advanced high strength steel will continue to expand in automobiles. Advanced high strength steel play a major role in enhancing crash safety, fuel economy, and engine performance, making it a viable investment in the automotive landscape. Moreover, the cost-effectiveness of advanced high strength steel makes it an attractive material for manufacturing of structure parts, bumper parts, doors, and seats. Advanced high strength steel are gaining popularity and are being actively embraced over the traditional mild steels, owing to their ability to meet challenges of the new-age vehicles.
Automakers Resort to Third-Generation AHSS for Value-Added Product Offerings
In a bid to bridge the performance gaps between initially developed first-generation and second-generation AHSS, the idea of third-generation advanced high strength steel was brought to the fore. The third-generation of advanced high strength steel inherits the property of high-strength from AHSS and also has a high elongation rate similar to that of high-strength steels, which makes it an ideal fit across multiple challenging applications. Superior ductility combined with enhanced usability sets the third-generation AHSS apart from other generations of advanced high strength steel. While a few manufacturing companies have already launched new and exclusive products under this classification, other companies are working toward developing exclusive versions.
Advanced High Strength Steel Market- Additional Questions Answered:
Apart from the aforementioned insights on advanced high strength steel market, the report on advanced high strength steel market also addresses the following questions-
Which product type will be highly preferred in the advanced high strength steel market in 2019?
Which application will register highest demand for advanced high strength steel during the forecast period?
Which region will be the highly lucrative region in the advanced high strength steel market over the forecast period?
What are the longstanding challenges that the manufacturers of advanced high strength steel market might face over the assessment period?
Advanced High Strength Steel Market- Research Methodology
The report on advanced high strength steel market is compiled via a robust and elaborate research procedure, which forms the foundation of the research study on advanced high strength steel market. The insights and information included in the advanced high strength steel market report has been garnered via primary as well as secondary research procedures. Personal interviews with industry experts, leading manufacturers, and key distributors from advanced high strength steel market space form the crux of the primary research process for advanced high strength steel market report.
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