Automotive AHSS Market Outlook 2031
The global automotive AHSS market size was valued at USD 20.52 Billion in 2022 and is expected to reach USD 47.99 Billion by 2031, expanding at a CAGR of 9.9% during the forecast period, 2023–2031. The growth of the market is attributed to the growing demand for high strength and efficient materials from automakers.
Advanced high strength steel (AHSS) is an exceptional type of steel, which has a wide application in the automotive industry due to its high tensile strength and microstructures. It is a next-generation steel that is generally used in cars and different industries such as construction.
In the auto business, the reception of AHSS permits automakers and specialists to guarantee total wellbeing, productivity, manufacturability, toughness, and nature of vehicles. AHSS has multiphase microstructure containing at least one stages other than ferrite, pearlite, or cementite. For instance, martensite, bainite, or austenite deliver exceptional mechanical properties.
The outbreak of COVID-19 pandemic has reduced down manufacturing activities and trade in 2020. Industries have shut down their manufacturing units and terminated supply of raw materials to manufacture AHSS. However, the relaxation in restrictions is estimated to positively influence the market growth.
Automotive AHSS Market Trends, Drivers, Restraints, and Opportunities
- Increase in vehicle production and rise in demand for lightweight automotive components are some of the major factor estimated to propel the market growth.
- Increasing consumption of high strength steels in the automotive and construction industries is anticipated to spur the growth of the market.
- High production costs of high strength steels due to increased prices of raw materials can hamper the growth of the market.
- Advancements in the grades of advanced high strength steels and ultra-high strength steels can create challenges for the market growth.
- Increased investments and required support from governments of different countries can create lucrative opportunities for the growth of the market.
Scope of Automotive AHSS Market Report
The report on the global automotive AHSS market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive AHSS Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Bumpers, Structural Assembly & Closures, Suspension, and Others) and Vehicle Types (Commercial Vehicles and Passenger Vehicles)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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ArcelorMittal SA; SSAB AB; Tata Steel; AK Steel Holding Corporation; and ThyssenKrupp AG
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Automotive AHSS Market Segment Insights
Types Segment Analysis
In terms of types, the market is divided into bumpers, structural assembly & closures, suspension, and others. The structural assembly & closures segment is expected to constitute a key share of the market during the forecast period due to acceptance of advanced high strength steel helps in the decrease of harmful outflows from vehicles by diminishing the weight, prompting less fuel utilization.
Using automotive AHSS permits engineers and automakers to guarantee whole efficiency, safety, durability, manufacturability, and quality of vehicles.
Vehicles Types Segment Analysis
Based on vehicle types, the automotive AHSS market is bifurcated into commercial vehicles and passenger vehicles. The commercial vehicles segment is estimated to grow at a rapid pace due to rising substitution of cast iron and conventional steel parts, as AHSS directly decreasing chassis weight by almost 50% that reduces fuel consumption. Subsequently, the expanded acceptance of lightweight auto parts supplements the development of auto progressed high strength steel.
Regional Outlook
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to dominate the market in the coming years due to existence of major automobile manufacturers and original equipment manufacturer in the region. On the other hand, the market in Asia Pacific is estimated to exhibit a high CAGR during the forecast period.
Segments
The global automotive AHSS market has been segmented on the basis of
Types
- Bumpers
- Structural Assembly & Closure
- Suspension
- Others
Vehicle Types
- Commercial Vehicles
- Passenger Vehicles
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key players
Competitive Landscape
The market is very competitive in nature owing to the presence of many major players. Some of the major players competing in the global automotive AHSS market are ArcelorMittal SA; SSAB AB; Tata Steel; AK Steel Holding Corporation; and ThyssenKrupp AG.
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