Advanced high strength steels (AHSS) is considered to be a major material used for the production of future mobility services. AHSS is high tensile strength steel that is utilized by manufacturers due to its light weight, durability, efficiency, safety, and higher quality. AHSS is considered as the latest generation of the steel grades, which is employed due to its high tensile strength and advantages over other materials and maintains its forms and ductility during manufacturing. AHSS has a unique combination of mechanical and material properties. AHSS is treated to strengthen its internal structure and quality to improve fatigue, ductility, toughness, and strength.
The automotive AHSS market is expected to expand during the forecast period due to a rise in vehicle production, increase in government norms and regulations regarding CO2 emission and vehicle safety and lower cost of AHSS materials as compared to other lightweight materials available in the market. Moreover, rising demand for vehicles and increasing advancements in technology inside and outside the vehicle are enhancing the safety, security, and comfort of vehicles, which in turn is driving the market. The automotive AHSS market is expanding, as OEMs and other automotive part manufacturers are focusing on improving the quality, fuel economy, and safety by reducing the costs of manufacturing. Emerging trends of employing aluminum alloy light-weight parts for vehicles and also utilizing parts manufactured by carbon-fiber composites are key restraints of the automotive AHSS market.
The global automotive AHSS market can be segmented based on product, vehicle type, application, and region. Based upon product, the automotive AHSS market can further be bifurcated into TRIP steel, martensitic steel, dual phase steel, boron steel, and others. Based on vehicle type, the automotive AHSS market can be bifurcated into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment can be further sub-segmented into hatchback, sedan, and SUV/MUV. In terms of application, the global automotive AHSS market can split into bumper and intrusion beams, suspensions, body and closures, and others. In terms of region, the automotive AHSS market can be divided into Asia Pacific, Middle East & Africa, Europe, Latin America, and North America. The market in Asia Pacific is projected to expand at a prominent pace during the forecast period due to the increase in demand for vehicles and rise in per capita income of customers in the region. Furthermore, China and India are among the major producers of automobiles, which in turn is expected to be a major factor that fuels the automotive AHSS market in Asia Pacific during the forecast period.
Key players operating in the global automotive AHSS market include ThyssenKrupp AG, SSAB AB, POSCO, ArcelorMittal SA, Baoshan Iron & Steel Co. Ltd., Tata Steel Ltd., AK Steel Holding Corporation, China Baowu Steel Group Corp., Ltd., Kobe Steel Ltd, and United Steel Corporation.
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