Shift towards Light Weight Vehicles to Accelerate Demand for Advanced High Strength Materials Post COVID-19 Recovery – Fact.MR Study
In addition, increasing pressure from several government and regulatory authorities towards weight reduction of automotive components and control emissions has veered end users toward manufacturers of advanced high strength steel to get effective and lightweight materials. The global market for AHSS is anticipated to register a CAGR of 8.5% over the long-term forecast period (2020-2030).
Recent rise of COVID-19 pandemic has slowed down production and trade within the AHSS market during the first half of the 2020. A list of key manufacturers based out of Asia Pacific and Europe have shut down their production units on the back of novel coronavirus and halted supply of raw materials to produce AHSS. Thus, the global AHSS market is likely to witness a sudden decline in the year-on-year growth rate in 2020 as compared to 2019.
Automakers Resort to Third-Generation AHSS for Value-Added Product Offerings
Advanced high strength steel products have gained momentum owing to their strength to elongation ratio characteristic enhancing properties. This is attributed the high level penetration of frontrunners (1st & 2nd generation manufacturers) in the global AHSS market. However, with the growing availability of potential alternatives and high cost, frontrunners in the market will emphasize on different strategies to maintain their footprint.
As a result, manufacturers have come up with 3rd generation advanced high strength steel. Moreover, only a handful of manufacturers have launched new and exclusive products under 3rd generation AHSS category. Other players are on the verge of developing exclusive versions in the mid-term forecast.
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