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Europe Automotive AHSS Market to witness a stronger growth rate, 2019-2024

Author : Ronak Bora | Published Date : 2019-06-11 

An analysis of Automotive AHSS Market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

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 market for increasing the production of AHSS.

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Asia pacific automotive AHSS market is likely to grow significant owing to rising demand of AHSS for manufacturing of auto parts. Rising automobile production in developing countries will further strengthen the industry growth in the region over the forecast timeframe.

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. Their better formability and crash energy absorption than other products will further spur the automotive AHSS market growth till 2024. TRIP and Boron steel are also expected to showcase high growth owing to their increasing usage in vehicles.

Automotive AHSS market is continuously witnessing emerging trends that are significantly contributing to the revenue generation. Pre-oxidation in hot-dip galvanizing process has gained traction among the industry participants to cater to the requirements of the automobile OEMs for enhanced surface quality in the vehicles. Development of the third generation Advanced High-strength steel (AHSS) has also gained prominence in the industry. They are the complex materials with special multiphase microstructures and chemical compositions. The standards regarding the usage of light weighted vehicles will propel the product penetration over the forecast timeframe.

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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. Light commercial vehicles will grow owing to increasing usage of advanced high strength steel in these vehicles.

Rising vehicle production across the globe will primarily drive the automobile AHSS market over the forecast timeframe. 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. Implementation of AHSS in vehicles reduces the emissions to a great extent, further escalating the automotive AHSS market growth.

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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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