Global sales of advanced high strength steel have witnessed a significant surge, in line with growing preference of end-use industries for materials with favorable mechanical properties. The demand for advanced high strength steel is likely to surpass 13,800 KT in 2019, registering an upswing from 2018, says research study into the high strength steel market.
IInterest in enhancing fuel economy and vehicular safety continues to grow across both developed and developing economies, creating sustained opportunities for manufacturers of advanced high strength steel. The report opines that growing demand for advanced high strength steel has translated into a massive influx of innovative and new products, well aligned with end-user interest vis-à-vis high strength and optimal performance.
“End-user’s inclination toward advanced materials offering durability, while retaining formability critical to the manufacturing procedures, remains palpable in the market space. Manufacturers, in a bid to solidify their market sustenance, are developing distinguishable products offering optimal scalability and longevity, albeit repeated use,” says report.
According to the report, end-user preference for dual phase advanced high strength steel (AHSS) continues to remain intact, with global sales likely to exceed 10,300 KT in 2019. Dual phase advanced high strength steel, otherwise known as ‘DP-AHSS’, offers immense scope for developing lighter and thinner components without compromising on strength, which is one among the chief factors boosting its adoption across multiple end-use verticals. Martensitic advanced high strength steel is also estimated to join the trail in terms of demand in 2019 and beyond, as end-users continue to demonstrate marked preferences for steel solutions offering robust mechanical strength.
The analysis finds that AHSS variants with moderate tensile strength will continue to remain preferred, on account of high use across a range of applications. This report opines that AHSS with ‘600-900 MPa’ tensile strength will remain the top-selling variant, with global sales estimated to exceed 7,000 KT in 2019.
The study says that advanced high strength steel will witness extensive adoption in development of structural details. Advanced high strength steel is widely used for crafting structural details and reinforcements as they offer immense scope for weight optimization and freedom of design. This, in turn, makes it a lucrative application target for the manufacturers in terms of profitability. Moreover, use of advanced high strength steel in manufacturing car seats is also gaining substantial traction, as car seat components are subject to strict safety standards.
As per report’s analysis, Europe remains a highly profitable region for the manufacturers of advanced high strength steel. Demand for advanced high strength steel remains high in Europe, notably in the EU 5 countries, where the automakers are striving to reduce weight of vehicles in a bid to meet futuristic regulations vis-à-vis tailpipe emissions. The report unveils that Europe will continue to be the largest market for advanced high strength steel in 2019, with North America following suit.
Offering products with excellent strength and high computability with end-use applications remains a key focal point for manufacturers of advanced high strength steel. Realising the competition level in the global market space, manufacturers are vying to be well-positioned to capitalise on the evolving market trends. Manufacturers of advanced high strength steel are analysing the short- and long-term consequences of incorporating new designs in a bid to constantly push their performance boundaries via launch of new products.
The report delivers actionable insights into the advanced high strength steel market over the forecast period of 2018-2027. It indicates that advanced high strength steel market is likely to expand at a volume CAGR of over 10% through 2027.