(MENAFN- GlobeNewsWire - Nasdaq) New companies investing heavily in R&D efforts to introduce innovative advanced high strength steel products. Acquire Fact's detailed report for key insights.Rockville, March 27, 2024 (GLOBE NEWSWIRE) -- Ever-growing automotive demand, more so for fuel-efficient vehicles, is set to increase the size of the global advanced high strength steel (AHSS) market from US$ 23.2 billion in 2024 to US$ 49.6 billion by 2034, says Fact, a market research and competitive intelligence provider, in its recently updated industry report.
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AHSS aid in the production of lightweight and fuel-efficient automobiles. Owing to its formability AHSS is able to transform in any shape, size and design. Advanced high strength steel is exhibiting increasing demand in automotive, aerospace, defense, and construction sector. Advancements in manufacturing process are further boosting the advanced high strength steel market growth. Integration of green hydrogen in steel production is expected to reduce the gas emission.
Dual phase (DP) steel and transformation-induced plasticity (TRIP) steel are gaining traction due their excellent mechanical and work hardening properties respectively. Automotive manufacturers are focusing on the production of lightweight vehicles, which is contributing to increasing use of dual phase steel to maintain structural integrity.
North America is a dominant market for AHSS due to the presence of strict regulations on vehicle safety and emissions. Sales of advanced high strength steel in Europe are driven by the presence of strong automotive industry. Furthermore, Asia Pacific is expected to be an emerging marketplace for AHSS producers.
Related Market Projections for 2034
| Automotive Aluminum Extruded Parts Market | US$ 110.2 Billion |
| Wear-Resistant Steel Plate Market | US$ 44 Billion |
| Electrical Steel Market | US$ 57 Billion |
| High Speed Steel Market | US$ 5.4 Billion |
Key Takeaways from Market Study
Global demand for advanced high strength steel is forecasted to rise at a CAGR of 7.9% from 2024 to 2034. The market for advanced high strength steel in the United States is expected to reach US$ 6.4 billion by 2034. Sales of advanced high strength steel in Japan are foreseen to rise at a CAGR of 6.6% through 2034. Demand for transformation-induced plasticity (TRIP) steel is forecasted to reach a market value of 12.4 billion by 2034.
“Manufacturers of electric vehicles are preferring use of AHSS rather than aluminium primarily due to its higher strength,” says a Fact analyst.
| Report Attribute | Details |
| Value Projection (2034) | US$ 49.6 Billion |
| Growth Rate (2024-2034) | 7.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 140 Tables |
| No. of Figures | 114 Figures |
Key Companies Profiled in This Report
United States Steel Corporation Baker Hughes Company Baoshan Iron & Steel Co., Ltd AK Steel Holding Corp ArcelorMittal SA. Big River Steel SSAB AB Steel Technologies LLC Tata Steel Ltd Nucor Corp ThyssenKrupp AG
Competitive Landscape
The global advanced high strength steel market is highly competitive due to the presence of established players. However, the scope for innovation is attracting new companies to invest in this competitive yet profitable business.
Leading companies are more focused on expanding the market reach. For this they are adopting various tactics such as mergers, collaborations, and customer-centric approaches.
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More Valuable Insights on Offer
Fact, in its new offering, presents an unbiased analysis of the global advanced high strength steel (AHSS) market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on type (dual phase (DP), martensitic (MS), transformation-induced plasticity (TRIP), twinning-induced plasticity (TWIP), others), vehicle type (passenger, commercial), tensile strength (Up to 600 MPa, 600 to 900 MPa, 900 to 1200 MPa, 1200 to 1500 MPa, Above 1500 MPa), and application (structural details, car seats, bumpers, chassis, wheels & power train, side impact beams, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Explore More Related Studies Published by Fact Research:
Automotive Aluminum Extruded Parts Market : The market is anticipated to expand at a CAGR of 6% from 2024 to 2034.
High Speed Steel Market : The High-Speed Steel market size was valued at US$2.6 billion in 2022 & is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2023 to 2033.
Electrical Steel Market : The global electrical steel market size was valued at US$ 25.9 billion in 2022 and expected to grow at a CAGR of 8.5% to reach US$ 55.1 billion by the end of 2032.
About Fact :
Fact is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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