Portland, OR, Sept. 02, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive advanced high strength steel (AHSS) market generated $12.80 billion in 2018, and is estimated to reach $33.85 billion by 2026, growing at a CAGR of 13.1% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Increasing demand for lightweight automotive components and rise in vehicle production across the globe drive the growth of the global automotive advanced high strength steel (AHSS) market. However, availability of alternative products in the market may hinder the market growth. On the other hand, rise in need to control CO2 emissions create new opportunities in the coming years.
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Covid-19 Scenario of Automotive AHSS Market:
- The lockdown due to coronavirus has restricted the production and impacted manufacturers considerably in terms of revenue generation.
- Research and development activities for vehicles technology will be limited, as researchers need to stay at home during the lockdown.
- There will be a drop in production volumes for passenger and commercial vehicles inward connected vehicles due to loss of employments and homecoming of workers.
The report offers a detailed segmentation of the global automotive advanced high strength steel (AHSS) market based on product, application, vehicle type, and region.
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Based on product, the dual phase segment contributed to the largest share in 2018, accounting for nearly half of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, the segment is anticipated to portray the highest CAGR of 13.8% throughout the forecast period. Moreover, the report also analyzes the complex phase segment, and will register the second-highest CAGR of 13.4% throughout the forecast period.
Based on application, the structural assembly and closures segment accounted for the largest share in 2018, holding more than one-third of the total share, and is expected to maintain the largest share throughout the forecast period. However, the bumpers segment is estimated to portray the highest CAGR of 14.4% during the forecast period.
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Based on region, North America contributed the highest share, accounting for nearly two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 14.9% from 2019 to 2026.
Leading market players analyzed in the automotive AHSS market research include AK Steel Corporation, ArcelorMittal, Kobe Steel, Ltd., SSAB AB, United States Steel Corporation, thyssenkrupp AG, Baoshan Iron & Steel Company Limited, Nucor Corporation, Tata Steel Limited, and POSCO.
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