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(Transportation-News.com, August 20, 2018 ) 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.
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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 industry growth.
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. The usage of steel in expected to rise substantially over the coming years. over 60% of steel used in vehicles is anticipated to be AHSS till 2020.
Automotive AHSS market share 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.
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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Asia pacific 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.
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.
Global Market Insights, Inc.
Arun Hegde
1-888-689-0688
sales@gminsights.com
Source: EmailWire.Com 
Source: EmailWire.com
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