Global Advanced High-Strength Steel Market Expected to Reach $29,151 Million by 2023 - Allied Market Research

PORTLAND, Oregon and PUNE, India, May 14, 2018 /PRNewswire/ --

According to a new report published by Allied Market Research titled, "Advanced High- Strength Steel Market by Grade and End User: Global Opportunity Analysis and Industry Forecast, 20172023," the global advanced high-strength steel market size was valued at $13,147 million in 2016, and is expected to reach $29,151 million by 2023, registering a CAGR of 12.2% from 2017 to 2023. North America dominated the global market in 2016, accounting for one-third share of the total revenue.

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Advanced high-strength steels, also known as AHSS, are the complex materials produced from heating and cooling processes. The demand of new steel is witnessed increasingly across the world owing to its ductility and formability. In addition, replacing cast iron and conventional steel components with AHSS directly reduces chassis by up to 50%, and thus minimizes fuel consumption of the vehicle. Thus, the adoption of lightweight steel facilitates the incorporation of additional advanced emission control system, safety devices, and integrated electronic systems without hampering the overall vehicle weight. This further supplement the growth of the global advanced high-strength steel market.

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The deployment of AHSS in the automobile industry experiences significant growth. The continuous adoption of the new technologies and grades is expected to shape the automotive sector by providing lighter vehicles and meeting fuel efficiency standards. In addition, it facilitates enhanced performance of the vehicle and superior strength that is achieved with lighter and thinner materials. Implementation of stringent government regulations to reduce the emission of CO2 drives the growth of the advanced high-strength steel market in the automobile industry. Carmakers replace conventional steels with new grades of AHSS and offer lighter body designs with an aim to reduce GHG emissions and improve fuel economy. The body in white (BIW) structure saves around 25% of mass and 9% of total vehicle weight.