The global advanced high-strength steel market size was valued at $13,147 million in 2016 and is anticipated to reach $29,151 million by 2023 at a CAGR of 12.2% during the forecast period.
Advanced high-strength steel (AHSS) is the new generation of steel grade, which possesses ultra high-strength, and is widely applicable in the automobile and construction industries. In automotive industry, the adoption of AHSS allows automakers and engineers to ensure complete safety, efficiency, manufacturability, durability, and quality of the vehicle at a significantly low cost. This drives the global advanced high-strength steel market.
The new grades of AHSS enable car manufacturers to reduce vehicle weight by 30-40% as compared to the conventional steels. In addition, the adoption of this steel saves more than four tons of greenhouse gases emissions, thereby ensuring complete safety to the environment, thereby supplementing the growth of the advanced high-strength steel market.
The report segments the global advanced high-strength steel market based on grade, end user, and region. Depending on grade, the market is divided into dual phase, transformation-induced plasticity, complex phase, and others. By end user, it is classified into automotive, construction, and others. The automotive industry generated the maximum revenue in 2016, and is expected to remain dominant throughout the analysis period. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is expected to dominate the global advanced high-strength steel market until 2023.
The prominent players operating in the global advanced high-strength steel market have strategically focused on product launch as their key strategy to gain significant share in the market. The key players profiled in the report include Tata Steel Limited, ArcelorMittal S.A., NanoSteel, AK Steel Corporation, Nucor Corporation, MTL Advanced Ltd., United States Steel Corporation, Baoshan Iron and Steel Co. Ltd., Kobe Steel Ltd., and SSAB AB.
KEY BENEFITS FOR STAKEHOLDERS
This report provides an extensive analysis of the current trends and emerging estimations in the market.
In-depth analysis of the global advanced high-strength steel industry is conducted through market estimations of key segments from 2017 to 2023.
Comprehensive analysis of factors that drive and restrain the growth of the market is provided in the report.
Extensive analysis of the industry is conducted by following key product positioning and monitoring the top competitors within the market framework.
The key players are profiled along with their strategies to determine the competitive outlook of the advanced high-strength steel market.
ADVANCED HIGH-STRENGTH STEEL MARKET SEGMENTS
By Grade
Dual Phase (DP)
Transformation-induced Plasticity (TRIP)
Complex Phase (CP)
Others
By End User
Automotive
Construction
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
Africa
Rest of LAMEA