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, 2017 to 2023," 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.
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.
Request Sample Report
at: https://www.alliedmarketresearch.com/request-sample/4596
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.
The demand for
lightweight components, growth in automotive industry, and the need to reduce
CO2 emission levels are anticipated to drive the growth of the advanced
high-strength steel market during the forecast period. In addition, the growth
in shipbuilding industry and increase in urbanization and industrialization,
particularly in the developing economies is projected to create lucrative opportunities
for AHSS manufacturers to provide their efficient designs to the shipbuilding
manufacturers.
For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/4596
Increase in passenger
traffic accounted for delivery of around 1,400 airplanes in 2015; this number
increased to around 2,400 airplanes in 2016. Around 39,620 new airplanes are
estimated to be delivered globally by 2035. AHSS is used in the aerospace
industry in the production of variety of complex components and tight tolerance
parts. Thus, the growth in aerospace industry is anticipated to create
lucrative opportunities for the aircraft makers.
The Environmental
Protection Agency (EPA) and the National Highway Traffic Safety Administration
(NHTSA) formulated a national program for greenhouse gas emissions and fuel
economy standards. The program aims to minimize the GHG emissions through
improved fuel economy. In addition, it is expected to cut around six billion
metric tons of GHG for the vehicles sold in between 2012 and 2025, thereby
saving more than $1.5 trillion in fuel costs. The increased
consciousness to reduce CO2 and GHG emission levels and stringent government
regulations drives the growth of the global advanced high-strength steel
market.
Interested in Procuring this Report? Visit: https://www.alliedmarketresearch.com/advanced-high-strength-steel-market/purchase-options
Key Findings of the
Advanced High-strength Steel Market:
- In
terms of value, the dual phase segment in the global advanced
high-strength steel market is expected to grow at a CAGR of 13.0% during
the forecast period.
- North
America is expected to dominate, registering a CAGR of 11.3% in terms
of value.
- Automotive
industry is anticipated to dominate global market registering a CAGR of
12.5%.
- Asia-Pacific is
projected to show exponential growth in demand throughout 2023, growing at
a CAGR 14.0% of in terms of value.
- In
the global market, India is expected to grow at a CAGR of 14.0%,
in terms of value.
Key players profiled
in the global advanced high-strength steel industry include Tata Steel Limited,
ArcelorMittal S.A., NanoSteel, AK Steel Corporation, Nucor Corporation, MTL
Advanced Ltd., United States Steel Corporation, Baoshan Iron and
Steel Co. Ltd., Kobe Steel Ltd., and SSAB AB.
Read Report Overview: https://www.alliedmarketresearch.com/advanced-high-strength-steel-market
About Allied Market Research:
Allied Market Research (AMR) is a full-service
market research and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market Research provides global enterprises as well as
medium and small businesses with unmatched quality of "Market Research
Reports" and "Business Intelligence Solutions." AMR has a
targeted view to provide business insights and consulting to assist its clients
to make strategic business decisions and achieve sustainable growth in their
respective market domains. AMR offers its services across 11 industry verticals
including Life Sciences, Consumer Goods, Materials & Chemicals,
Construction & Manufacturing, Food & Beverages, Energy & Power,
Semiconductor & Electronics, Automotive & Transportation, ICT &
Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with
various companies and this helps us in digging out market data that helps us
generate accurate research data tables and confirms utmost accuracy in our
market forecasting. Each and every data presented in the reports published by
us is extracted through primary interviews with top officials from leading
companies of domain concerned. Our secondary data procurement methodology
includes deep online and offline research and discussion with knowledgeable
professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn
No comments:
Post a Comment