The advanced high-strength steel market share will post an incremental growth of USD 13,269.95 million, progressing at a CAGR of 11.15% during the forecast period. The growing demand for AHSS in the automobile industry will offer immense growth opportunities to market vendors. The market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Browse Technavio's 179-page report and in-depth TOC on "Advanced High Strength Steel Market 2023-2027 by grade type (dual phase, complex phase, transformation-induced plasticity, and others), end-user (automobile, construction, aviation and marine, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
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The advanced high-strength steel market is segmented by grade type (dual phase, complex phase, transformation-induced plasticity, and others), end-user (automobile, construction, aviation and marine, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The growth of the advanced high-strength steel market size in the dual-phase segment will be significant during the forecast period. Dual-phase steels have a high-strain redistribution capacity due to their high-strain hardenability. APAC is estimated to contribute 48% to the growth of the global market during the forecast period. The growing construction activities are fueling the demand for AHSS for building sustainable structures.
The growing demand for AHSS in the automobile industry will directly influence the sales of advanced high-strength steel. In addition, the increasing use of secondary steel is one of the major advanced high-strength steel market trends that will positively impact the market growth. However, factors such as the volatile prices of raw materials will hamper the advanced high-strength steel market growth.
The market is fragmented due to the presence of several players. Some of the major advanced high-strength steel market vendors are ArcelorMittal SA, Baosteel Group Corp., Big River Steel LLC, China Steel Corp., Cleveland Cliffs Inc., HBIS Group Co. Ltd., Hyundai Steel Co., MSP Steel and Power Ltd., Nippon Steel Corp., Nucor Corp., POSCO holdings Inc., Rashtriya Ispat Nigam Ltd., SSAB AB, Steel Technologies LLC, Tata Steel Ltd., thyssenkrupp AG, United States Steel Corp., voestalpine AG, JFE Holdings Inc., and JSW STEEL Ltd.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2023-2027.
CAGR of the advanced high-strength steel market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the advanced high-strength steel market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the advanced high-strength steel market.
Advanced high-strength steel industry growth across APAC, North America, Europe, South America, and Middle East and Africa
