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/EIN News/ -- Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketandResearch.biz, the global automotive high strength steel market is expected to grow from USD 24.14 billion in 2021 to USD 36.49 billion by 2030, at a CAGR of 5.30% during the forecast period 2022-2030.
The proliferation in vehicle production and demand for lightweight automotive parts is anticipated to expand demand for the automotive high strength steel market during the projection period. Further, the rising demand for hybrid & electric vehicles worldwide, the rapid industrial proliferation, and the exponentially increasing population are the driving factors of the market growth. Moreover, the availability of replacements and, high prices of production & high technological constraints across the globe are the restraining factors of the market growth. Furthermore, the ongoing development in the automotive enterprise raised investments & needed support from governments of different nations, and the rise in the need to curb CO2 emissions are the opportunities for the market growth. However, the improvements in the grades of progressive high strength steels & ultra-high-strength steels are the challenges for the market growth.
To enhance their market position in the global automotive high-strength steel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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The growth of the automotive high-strength steel market is driven by the increased demand for high-strength steel in end-use enterprises like construction & automotive. Further, the proliferation of high-strength steel utilization in automobile enterprises as a substitute for conventional carbon steel in auxiliary applications for fabricating lightweight vehicles also helped drive the market growth during the forecast period. Moreover, the rising vehicle production worldwide is the market growth trend. Thus, the raised demand for better & efficient vehicles that are lighter in weight & are equipped with strong parts has made the manufacturers produce high-strength steel for automobiles. Hence, the increase in disposable income of individuals worldwide has led to the raised demand for lightweight vehicles, which augments the market growth.
The type segment is divided into conventional HSS and AHSS. In 2021, the AHSS segment dominated the market with the largest market share of 57.03%. This growth is attributed to the raised demand for lighter & stronger vehicles. Additionally, the rising pressure from multiple government & regulatory powers towards weight decline of automotive parts & control emissions has turned end-users against manufacturers of progressive high strength steel to get valuable & lightweight materials.
The end-use sector segment is divided into commercial vehicle and passenger vehicle. In 2021, the passenger vehicle segment dominated the market with the largest market share of 54.10%. This growth is attributed to the rising population and increasing logistics industry.
Regional Segment Analysis of the Automotive High Strength Steel Market:
Asia Pacific region occurred as the largest market for the global automotive high strength steel market, with a market share of 46.09% in 2021. The Asia Pacific currently dominates the automotive high-strength steel market due to the high demand for lighter & faster vehicles with improved safety. Additionally, the swiftly rising industrialization & construction activities, increasing demand for single-family apartments and houses, and growing consumption of high-strength inferior alloy steel in the car sector to produce fuel-efficient vehicles also help drive the region's market growth. Furthermore, the North American region is expected to show the fastest CAGR over the projection period. This growth is attributed to the raised demand for lighter & stronger vehicles. Moreover, the increasing demand for high-strength steel fabrics in construction applications and the US's increasing commercial & residential activities will probably help the market's growth during the projection period. Also, the ongoing innovation technology to produce superior quality high, strength steel products for automotive applications helps drive market growth during the forecast period.
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Key players operating in the global automotive high strength steel market are:
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Market and Research has segmented the global automotive high strength steel market based on below mentioned segments:
Global Automotive High Strength Steel Market by Type:
Global Automotive High Strength Steel Market by Application:
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The global automotive high strength steel market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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