The advanced high strength steel market size was valued at USD 22.5 Billion in 2023 and is expected to reach a market size of USD 44.5 Billion by 2032 at a CAGR of 7.8%.
Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) --
Advanced high-strength steel will witness exponential growth in the forecast period.
The automotive industry is a significant driver for advanced high strength steel (AHSS) market. The demand for AHSS is increasing as vehicle manufacturers strive to improve fuel efficiency, lower emissions, and increase passenger safety. According to the U.S. Department of Energy, the use of AHSS in vehicles can reduce vehicle weight by as much as 25%, thereby improving fuel economy and reducing greenhouse gas emissions. Moreover, strict safety rules are put in place by governments worldwide.
The rise in infrastructure development and construction endeavors worldwide are significant drivers for the Advanced High-Strength Steel (AHSS) market. AHSS finds extensive application in constructing bridges, high-rise buildings, and various infrastructure projects owing to its exceptional strength-to-weight ratio and remarkable durability. According to the World Steel Association, the construction sector contributes approximately 50% of global steel consumption. With governments making substantial investments in infrastructure development to bolster economic expansion, the demand for AHSS in the construction industry is poised to witness significant growth in the foreseeable future.
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Segmentation Overview:
The advanced high strength steel (AHSS) market has been segmented into type, end-user, and region.
Dual phase segment registered a massive growth in the coming years attributed to the demand for automotive applications.
Automotive segment is expected to exhibit a vast potential in the forecast period
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Advanced High Strength Steel (AHSS) Market Report Highlights:
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