Automotive AHSS Market share research by applications and regions for 2017-2024
Posted: Oct 07, 2017
Automotive AHSS market is segmented by vehicle type into passenger cars and light commercial vehicles. Passenger cars are expected to exhibit highest revenue share till 2024. It can be attributed to the substantial vehicle production across the globe due to rising urbanization and increasing disposable income of the individuals. Increasing road safety concerns will further propel the industry growth.
Rising need to enhance the safety features and fuel economy of the vehicles has provoked the OEMs for careful material selection for their products. Provision of benefits such as safety assurance, cost effectiveness, higher efficiency, and less emissions will positively impact the industry growth till 2024. Various governments across the globe have mandated numerous norms and regulations for controlling CO2 emissions from vehicles.
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Safety regulations and norms has fueled the AHSS integration in the vehicles. The National Highway Traffic Safety Administration (NHTSA) has mandated various standards for vehicle safety that include the standards for fuel economy, impact resistance, and restraints. Insurance Institute for highway safety (IIHS) testing has led to the improvisations in frontal, rear, and side impact rating, rollover and roof strength rating, inducing immense potential to the industry size.
Automotive AHSS market is segmented based on product into dual phase steel, martensitic steel, Boron steel, and TRIP steel. The dual phase steel is anticipated to dominate the industry over the forecast timeline owing to its high usage in the structural application as a replacement for traditional high strength low alloy steel (HSLA). The provision of benefits such as weight reduction and resistance to fatigue will escalate the industry growth.
Europe is anticipated to dominate the industry till 2024. The high revenue generation can be attributed to presence of major luxury automobile OEMs in the region. Recovery of automobile sectors due to fostering economic growth across the region will further support the regional growth. Substantial investment by players in automotive AHSS marketfor increasing the production of AHSS. For instance, in November 2016, an investment program was launched at ArcelorMittal Gent and ArcelorMittal Liege for increasing their annual production of 3G AHSS.
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ThyssenKrupp, SSAB AB, AK Steel, POSCO, ArcelorMittal SA, Baoshan Iron & Steel Co. Ltd., Tata Steel Ltd., and United Steel Corporation are among the prominent players in the industry. The industry players focus on continuous innovations in the industry for strengthening their foothold. For instance, in 2015, SSAB AB developed a tailor made and high strength steel, Docol, for automotive industry. Its relaunch in September 2016, enhanced the product line of the company.
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