Advanced High Strength Steel Market: Opportunities Abound in Agricultural Machin

Posted by Arslan on July 1st, 2019

Fact.MR’s report delivers actionable insights into the advanced high strength steel market over the forecast period of 2018-2027. The report finds that advanced high strength steel market is likely to expand at a volume CAGR of over 10% through 2027.

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, as per the latest research study by Fact.MR.

Interest 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.

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Advanced High Strength Steel Market Structure

The report on advanced high strength steel market has been segmented on the basis of product type, tensile strength, application, and vehicle type.

By product type, the advanced high strength steel market has been segmented into dual phase (DP), martensitic (MS), transformation-induced plasticity (TRIP), twinning-induced plasticity (TWIP), and others. By tensile strength, the advanced high strength steel market has been segmented into upto 600 MPa, 600-900 MPa, 900-1200 MPa, ? 1200-1500 MPa, and Above 1500 MPa. By application, the advanced high strength steel market has been segmented into structural details, car seats, bumpers, chassis, wheels & power train, side impact beams, and others. By vehicle type, the advanced high strength steel market has been segmented into passenger vehicles and others.

As per Fact.MR’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 Fact.MR report unveils that Europe will continue to be the largest market for advanced high strength steel in 2019, with North America following suit.

Opportunities Abound in Agricultural Machinery

The agricultural landscape is undergoing drastic reformations over the past few years. With the increasing farm sizes and intensifying agricultural activities, farmers are on the lookout for new ways to improve their profitability. As a result, high-scale adoption of advanced materials in agriculture, such as advanced higher strength steels, remains unabated. The demand for stronger, lighter, and sustainable solutions in agriculture continues to grow, creating favorable circumstances for sales of advanced high strength steel. 

Sales in Automotive Spur as Need for Enhancing Safety & Fuel Efficiency Gains High Emphasis

As automakers across the globe face challenges with respect to enhancing safety and improving fuel efficiency, they are actively gravitating toward efficacious solutions, including advanced high strength steel. AHSS offers greater degree of fuel efficiency, durability, quality, and affordability- some of the key features that are highly valued across the automotive industry. Though advanced high strength steel has been long-famed for its mechanical abilities, various advancements in research and development are expanding the application scope of newer grades of AHSS. As the proliferation of technology continues to grow, applications for advanced high strength steel will continue to expand in automobiles