Implementation of stringent government regulations to reduce the emission of CO2 drives the growth of the automotive advanced high-strength steel (AHSS) market in the automobile industry. In addition, it facilitates enhanced performance of vehicles and superior strength that is achieved with lighter and thinner materials.
The continuous adoption of new technologies is expected to shape the automotive sector by providing lighter vehicles and meeting fuel efficiency standards. The application of AHSS in the automobile industry experiences significant growth due to its light weight and strong nature.
This further supplement the growth of the global automotive AHSS (advanced high-strength steel) market.Īccess Free sample PDF Copy of the Report – Hence, the adoption of lightweight steel facilitates incorporation of additional advanced emission control system, safety devices, and integrated electronic systems without hampering the overall vehicle weight. In addition, replacement of cast iron and conventional steel components with AHSS directly reduces chassis by up to 50%, thus minimizes fuel consumption of vehicles. Demand for steel is witnessed increasingly across the world, owing to its ductility and formability. China dominated the global automotive advanced high strength steel (AHSS) market share in 2018, whereas India is expected to grow at a significant rate in the market during the forecast period.Īdvanced high strength steel (AHSS) are a form of complex materials produced from heating and cooling processes. According to a recent report published by Allied Market Research, titled, “ Automotive Advanced High Strength Steel (AHSS) Market by Product, Application and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global automotive AHSS market was valued at $12.80 billion in 2018, and is projected to reach $33.85 billion by 2026, registering a CAGR of 13.1% from 2019 to 2026.Īsia-Pacific dominated the market in terms of growth, followed by Europe, North America and LAMEA.
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