Automotive Advanced High Strength Steel Market Strategies and Forecast by 2031
The automotive advanced high strength steel market is expected to register a CAGR of 7.5% during 2023–2031. The product innovation in automotive advanced high strength steel is likely to remain a key trend in the market.
Automotive Advanced High Strength Steel Market Analysis
- AHSS steels are a special family of steel alloys with superior mechanics properties, such as high strength, excellent formability, and good crashworthiness, and occupy a special position in automotive applications.
- Increasing demand of fuel efficiency and environment preservation have made cars become greener and lighter in the world and provide huge market potential for the development of automotive steel. More and more automotive companies use Advanced High Strength Steel (AHSS). AHSS allows automakers to meet the demand of lighter, safer, and more fuel-efficient vehicles which in turn is expected to drive the market growth in the coming years.
Automotive Advanced High Strength Steel Market Overview
- In addition, AHSS is used in the automotive sector due to its excellent mechanical properties, providing the vehicle with high strength, good formability and superior crashworthiness. Manufacturing lightweight and fuel-efficient cars that still provide optimum passenger safety relies on commendable materials. With vehicles today being characterized by fast and agile dynamic performance, AHSS is increasingly used to boost the crash worthiness of vehicles within the targeted fuel economy constraints.
- Indeed, lowering the weight of the cars is the lowest-hanging fruit to improve their energy consumption. Fundamentally, this can be achieved only with a relatively low cost and a high return on investment (ROI). Today, AHSS is the definite material and concept bringing with it new breakthroughs in reducing vehicle weight and CO2 emissions with high ROI.
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Automotive Advanced High Strength Steel Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Automotive Advanced High Strength Steel Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystAutomotive Advanced High Strength Steel Market Drivers and Opportunities
Increasing Demand to Reduce the Weight of Vehicle to Improve Fuel Efficiency and Reduced Carbon Emissions to Favor the Market
- The drive to decrease the total weight of vehicles comes from the need to improve efficiency and simultaneously reduce carbon emissions. AHSS plays a vital role in this. AHSS is used in a number of automotive parts in vehicles today. Overall, up to 60 per cent of the vehicle body is now made of AHSS, helping to develop lighter and optimized vehicle designs that allow automakers to bring increased value in terms of safety to the driver and improved efficiency.
- The use of AHSS allows automakers to reduce part and total vehicle weight by 25-39 per cent and 8-10 per cent respectively when compared with conventional steel. Overall, this can result in weight savings of 100-150 kg in typical five-passenger family cars. This enables significant fuel savings and reduced carbon emissions from the vehicle, which is one of the key priorities to be met if the industry is to deliver improved environmental performance.
Electric Vehicle Industry Growth
- The growth in electric vehicle (EV) industry owing to the advance technology, progressive government initiatives, utilization of self-driving electric vehicle technology and increase in the trend of smart mobility service. There has been increase in government regulations and the trend towards electric vehicle adoption. For example, the government of India stated goal to electrify all of its' Light Commercial Vehicles'.
- China is another country which is focusing on considerable number in vehicle production due to government interventions and their goal of environment friendly policy. Indonesia too has plans to produce 2 million Passenger Car (PC) per year by 2031. All these factors are favouring the growth of electric vehicle industry, especially in developing countries.
Advancement in technology in battery compartments, adapting self-driving features, government intervention and increase in smart mobility service will contribute to driving the use of electric car by 2031.
Automotive Advanced High Strength Steel Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive advanced high strength steel market analysis are vehicle type, product type, and application.
- Based on vehicle type, the automotive advanced high strength steel market is divided into passenger vehicle and commercial vehicle.
- On the basis of product type, the market is divided into dual phase, trip, complex-phase, and others.
- Based on application, the automotive advanced high strength steel market is divided into structural assembly & closures, bumpers, suspension, and others.
Automotive Advanced High Strength Steel Market Share Analysis by Geography
- Automotive advanced high strength steel market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive advanced high strength steel market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive advanced high strength steel market in these regions.
Automotive Advanced High Strength Steel Market Report Scope
Automotive Advanced High Strength Steel Market News and Recent Developments
The automotive advanced high strength steel market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive advanced high strength steel market are listed below:
- United States Steel Corporation (NYSE: X) today announced the acquisition of the flat rolled sheet patents and trademarks of The NanoSteel Company, Inc. as part of U. S. Steel’s ongoing commitment to offer customers the world’s best selection of advanced high-strength steels, which now includes the most formable high-strength steel available anywhere. (Source: U.S. Steel Corporation, Company Website, March 2021)
- The third-generation Nissan Rogue, introduced for the 2021 model year, incorporates a much greater percentage of advanced high-strength steel (AHSS) than its predecessor, including super high formable 980 and super high formable 1180 materials (Source: Nissan Rogue, Company Website, June 2022)
Automotive Advanced High Strength Steel Market Report Coverage and Deliverables
The “Automotive advanced high strength steel market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive advanced high strength steel market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive advanced high strength steel market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Automotive advanced high strength steel market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive advanced high strength steel market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The leading players operating in the automotive advanced high strength steel market include Cleveland-Cliffs Inc., ThyssenKrupp AG, POSCO, Tata Steel Ltd, SSAB AB, United States Steel Corporation, Kobe Steel Ltd, and ArcelorMittal.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The product innovation in automotive advanced high strength steel is the key future trend in the global automotive advanced high strength steel market in the coming years.
The global automotive advanced high strength steel market is expected to grow at a CAGR of 7.5% during the forecast period 2023 - 2031.
Increasing demand to reduce the weight of vehicle to improve fuel efficiency and reduced carbon emissions is the major factor driving the automotive advanced high strength steel market.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
- Cleveland-Cliffs Inc.
- ThyssenKrupp AG
- POSCO
- Tata Steel Ltd
- SSAB AB
- United States Steel Corporation
- Kobe Steel Ltd
- ArcelorMittal
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.