Advanced High Strength Steel Market Was Pegged At A Near 14 Mn Tonnes In 2019 And Accounted For ~1% Share In Global Steel Sector

The global advanced high strength steel (AHSS) market has gained high momentum over the historical years. This is attributed to the increasing demand for high strength and efficient materials from automakers. Globally, the overall consumption of advanced high strength steel market was pegged at a near 14 Mn Tonnes in 2019 and accounted for ~1% share in global steel sector.

In addition, increasing pressure from several government and regulatory authorities towards weight reduction of automotive components and control emissions has veered end users toward manufacturers of advanced high strength steel to get effective and lightweight materials. The global market for AHSS is anticipated to register a CAGR of 8.5% over the long-term forecast period (2020-2030).

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Recent rise of COVID-19 pandemic has slowed down production and trade within the AHSS market during the first half of the 2020. A list of key manufacturers based out of Asia Pacific and Europe have shut down their production units on the back of novel coronavirus and halted supply of raw materials to produce AHSS. Thus, the global AHSS market is likely to witness a sudden decline in the year-on-year growth rate in 2020 as compared to 2019.

Automakers Resort to Third-Generation AHSS for Value-Added Product Offerings
Advanced high strength steel products have gained momentum owing to their strength to elongation ratio characteristic enhancing properties. This is attributed the high level penetration of frontrunners (1st & 2nd generation manufacturers) in the global AHSS market. However, with the growing availability of potential alternatives and high cost, frontrunners in the market will emphasize on different strategies to maintain their footprint.

As a result, manufacturers have come up with 3rd generation advanced high strength steel. Moreover, only a handful of manufacturers have launched new and exclusive products under 3rd generation AHSS category. Other players are on the verge of developing exclusive versions in the mid-term forecast.

Halted Automotive Production due to Impact of COVID-19 to Impede Market Growth of AHSS
Outbreak of COVID-19 pandemic across the globe has created economic hardship and uncertainty for automakers and component manufacturers since the start of 2020. Dramatic changes in the global economy and developments across legacy and developing markets have imposed numerous challenges in automotive sector and has disrupted the supply chain of several key manufacturers across Europe and Asia Pacific.

In addition, the automotive sector is estimated to register a steady growth post COVID-19, which is likely to create new market platform for existing and new entrant engaged in advanced high strength steel. With frequent technology upgrades, many companies are incorporating green technology and advanced functions & applications of AHSS in automobiles to strengthen revenue and reduce operating margin loss due to novel coronavirus. Moreover, in the vehicle type segment, the passenger cars segment is expected to grow 2.3X in the foreseeable future.

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Advanced High Strength Steel (AHSS) Market Segmentation
Fact.MR has studied the advanced high strength steel (AHSS) market with detailed segmentation on the basis of type, vehicle type, tensile strength, application, and key regions.

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

Application
• Structural details
• Car Seats
• Bumpers
• Chasis, wheels & power train
• Side impact beams
• Others

Region
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa

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Key Takeaways of Advanced High Strength Steel Market
• Global advanced high strength steel market is expected to create a value opportunity of around US$ 27.6 Bn during the forecast period, adding 2.6X more value as compared to 2019
• Despite losing significant market share by 2029, Dual phase (DP) Advanced High Strength Steel is expected to account for almost 2/3rd of the total incremental $ opportunity created in the market over the forecast period
• Transformation-induced plasticity (TRIP) is emerging as the most innovative technique in the AHSS market growing at the fastest CAGR throughout the forecast period, as it can be engineered or tailored to provide excellent formability for manufacturing complex AHSS parts
• AHSS for structural design applications in automotive is expected to gain 384 BPS by 2029, as substitution of AHSS with conventional steel reduces the mass of vehicle, thus significantly decreasing CO2 emissions from vehicles
• East Asia and South Asia & Oceania will remain a highly attractive market for AHSS, rapid increase in automotive production from these regions will account for bulk of AHSS demand

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