ROCKVILLE, Maryland, March 11, 2019 /PRNewswire/ -- Advanced high strength steel was introduced with a motive to partly address concentrated formability with enhanced strength as a substitute for conventional steels. They were associated with complex geometrical parts which require high formability. Hence, advanced high strength steel is been actively employed across multimodal applications like automotive rails, front end structures, crash boxes, automotive pillars and doors, as well as sill reinforcements. A smart report published by Fact.MR details that vehicular safety functions as a key growth factor across developed and developing economies, thereby creating constant opportunities for advanced high strength steel manufacturers. This study is titled "Advanced High Strength Steel Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2027", which further enlighten the readers about different market aspects such as market share, forecasted demand and competitive dashboard.
According to report findings, sales of advanced high strength steel are experiencing a major surge, in line with mounting preference of end-use industries for materials that possess favorable mechanical properties. It is highlighted that demand for advanced high strength steel is projected to surpass 13,800 KT in 2019, recording an improvement from 2018. In addition, the report stated that advanced high strength steel market is anticipated to broaden at a volume CAGR of over 10% during the forecast period until 2027.
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Automotive Sales Shoot Due to Enhanced Safety & Greater Stress on Fuel Efficiency
Global automakers are facing challenges in relation to safety enhancement as well as fuel efficiency improvement. The focus of many automotive manufacturers has been fixed at setting up efficacious solutions, including advanced high strength steel. It is vital to know that, AHSS delivers greater degree of fuel efficiency, quality, durability and affordability; these features are highly appreciated across the automotive industry.
It is anticipated that with the proliferation of technology hitting a higher path, applications for advanced high strength steel would continue to rise in automobiles. The role of advanced high strength steel will become crucial in enhancing fuel economy, crash safety and engine performance, thereby, making it a practical investment in the automotive sector.
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Automotive Light-Weighting Trend Intensifies to Steer Demand
This study by Fact.MR highlights that light-weighting is on the move across different industrial landscapes, including automotive. Interestingly, federal governments all around the globe are daunting safety & fuel regulations, which has pressed OEMs to lessen weight of vehicles as well as associated components. Therefore, this is pushing automakers to contemplate the use of effective materials like advanced high strength steel. Furthermore, automakers are even focusing on vehicular weight reduction in order to reduce fuel emissions and fulfilling GHG requirements.
Europe Emerges as the Prime Market for Advanced High Strength Steel
Based on this Fact.MR analysis, Europe maintains its leading position as a highly profitable region for advanced high strength steel manufacturers. It should be noted that demand for advanced high strength steel is quite high in Europe, particularly in the EU 5 nations, where the automakers are aiming to reduce vehicular weight in an attempt to fulfill futuristic regulations concerning tailpipe emissions. It is anticipated that Europe would continue its run as the largest market for advanced high strength steel during 2019, closely followed by North America.
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Some of the prime manufacturers from the advanced high strength steel manufacturers market are United States Steel Corporation, Tata Steel Ltd, ThyssenKrupp AG, ArcelorMittal SA., Nucor Corp, Baoshan Iron & Steel Co., Ltd, AK Steel Holding Corp, POSCO, SSAB AB and Steel Technologies LLC.
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