Advanced High Strength Steels Market (AHSS) has quickly been adopted by the automotive industry due to its high-strength lightweight composition, improved performance under the impact, and energy transfer when exposed to a collision. Resultantly, the global AHSS market garners continual traction. The growth attributes to the growing AHSS production and the demand for lightweight wheels, and growing production sales of electric vehicles.
According to Market Research Future (MRFR), the Global Automotive AHSS Market valuation is expected to grow to USD 23.45 billion by 2023, registering approximately 9.8% CAGR during the assessment period (2017-2023). With the aim to reduce fuel emissions and meet greenhouse gas requirements, automobile manufacturers need to reduce the weight of vehicles significantly.
Additionally, the growing demand for high strength vehicles such as SUVs worldwide boosts market sales. Moreover, the increasing sales of passenger vehicles across the globe substantiate market demand. The explosive demand and subsequent growth of automobiles foster the development of the market. Also, improving economic conditions worldwide would provide significant impetus to the market growth.
Conversely, recent government efforts to promote aluminum and carbon-fiber composites to build lightweight cars are major factors estimated to impede the market. Also, the volatility of raw material prices poses significant concerns restraining the growth of this market. Nevertheless, the growing demand for advanced high-performance materials and new compositions would support the market growth throughout the assessment period.
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Global Automotive AHSS Market – Segments
The report is segmented into four dynamics;
By Product Type: Dual-Phase, Martensitic Steel, Boron Steel, and others.
By Vehicle Type: Passenger Car and Commercial Vehicle.
By Application: Body Closures, Suspensions, Bumper, and others.
By Regions: Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Global Automotive AHSS Market – Regional Analysis
Europe dominates the global automotive AHSS market. The market growth is fostered by the rising demand for environment-friendly vehicles and industrialization across the region. Besides, the presence of large industry players and well-established automotive industries in the region pushes the growth of the Advanced high strength steels for automotive industry.
Germany dominates the European market landscape with its sizeable automotive industry, followed by France, Sweden, and Italy. The European automotive AHSS market is projected to retain its dominance throughout the estimated period.
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