Global Automotive AHSS Market - Analysis of Growth, Trends, and Forecasts (2018 - 2023)
The global automotive AHSS market is poised to record a CAGR of 9.8% during the forecast period. The automotive AHSS market is witnessing a positive trend, as auto manufacturers are focusing more on improving safety and fuel economy, while reducing the costs of manufacturing.
The use of AHSS also brings down manufacturing costs without compromising on the strength of the vehicle, making it the commonly used material in the automotive industry currently. The necessity of the automakers to balance performance, safety, fuel efficiency, affordability, and at the same time, reducing emissions to meet the requirements of stringent regulations, worldwide, are the factors that are expected to drive the automotive AHSS market.
Fuel Efficiency has emerged as the primary factor for the growth in demand for AHSS
The automakers are focusing on reducing the overall weight of the automobiles, and at the same time increase the strength of the automobile to improve crashworthiness. The major factor that is driving automakers toward adopting AHSS is that the existing infrastructure can be utilized for producing lightweight vehicles without the need for switching to other materials, which is expected to increase the cost and time.
Automotive production using AHSS leads to lower life cycle emissions
AHSS offers an opportunity for the automotive industry to reduce vehicular emissions when the entire product life cycle is considered. Life cycle assessment of vehicular emission takes into account the total emissions from the stage procuring the raw materials to the vehicle end-of-life. When life cycle assessment of emissions is carried out, the use of Advanced High Strength Steel (AHSS) for automotive manufacturing will have the lowest emission rate compared to the emissions generated by the existing ways of production.
Dual-phase steel is the most widely used variety of AHSS by the automotive industry, as it has an excellent strength-ductility balance, which enables it to endure a high amount of strain energy, hence, it is the most preferred material to build the outer body of an automobile.
October 2017: WorldAutoSteel, an association of key players in the steel industry, was set to inform decision-makers in October 2017 about the benefits of life cycle assessment to measure the environmental impact of automobiles
Major Players: ARCELOR MITTAL SA, THYSSENKRUPP AG, TATA STEEL LIMITED, UNITED STEEL CORPORATION, POSCO AND KOBE STEEL, amongst others.
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