The global Automotive Advanced High-Strength Steel (AHSS) Market size is 20.52 billion USD in 2022 and is projected to reach a CAGR of 9.9% from 2023-2030.
Advanced high-strength steel is a special form of steel, which has a wide application in the automotive industry due to various features such as its microstructures and high tensile strength. It is a new generation of steel grade, which possesses ultrahigh strength and is widely applicable in automobiles and other industries such as construction. In the automotive industry, the adoption of AHSS allows automakers and engineers to ensure complete safety, efficiency, manufacturability, durability, and quality of vehicles at a significantly low cost.
Factors such as the increase in vehicle production and the rise in demand for lightweight automotive components drive market growth. Further, factors such as continuous growth in the automotive industry and an increase in the need to curb CO2 emissions are expected to create numerous opportunities for the growth and expansion of the market.
On the other hand, factors such as the availability of substitutes in the market are supposed to hamper its growth.
The automotive industry was already struggling before the outbreak of COVID-19. The outbreak led to lockdowns and shutdowns of vehicle and vehicle component manufacturing facilities, dealerships, and showrooms, which eventually resulted in less demand and decreased production. However, with life returning to normalcy, vehicle production is gaining pace which is likely to help the automotive AHSS market grow during the forecast period.
The automotive sector uses advanced high-strength steel extensively because of its many characteristics, including its microstructure and high tensile strength. The demand for the advanced high steel market is fuelled by elements like rising vehicle production and rising demand for lightweight automotive components but the market's abundance of alternatives to steel can be a factor restraining the expansion of the automotive high-strength steel market. There are also various growth opportunities in the market with growing concerns to reduce CO2 emissions.
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