Third Generation Advanced High Strength Steel: Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2020-2030

Market Definition

Advanced high-strength steel (AHSS) grades have a somewhat different metallurgy and manufacturing method than normal steels. Their exceptional mechanical qualities quantify the outcomes of their unique technique and structure. They are classified as dual-phase (DP) steel, transformation-induced plasticity (TRIP) steel, complex phase (CP), martensitic (MS), ferritic bainitic (FB), and twinning-induced plasticity (TWIP) steel based on their microstructure or the way they deform.

Market Insights

The market for AHSS was constantly expanding, but its use in the automobile sector has been constrained by the trade-off between strength and formability, which necessitates new vehicles with safe, aerodynamically optimized designs. The total elongation of steels produced by conventional HSS ranges from 10 to 50%, although it has a very low tensile strength—less than 800 MPa. The tensile strengths of even the first generation of AHSS are higher than those of traditional HSS. The ductility declines to as low as 10% in the first generation, when the tensile strength reaches about 1,000 MPa. Second-generation AHSS was able to fix this issue, but the cost is still the main barrier to its widespread use. As a result, third generation AHSS technology was created, giving engineers more freedom to choose the best steel grade for any given application while staying within their budget.

The global spread of the new coronavirus has had a significant impact on a number of industries, including the metal and mining sector. Due to fluctuations in supply and demand, the prices of steel and other metals have behaved differently. Some governments have closed their borders in response to the virus’s spread and implemented widespread quarantines as well as social segregation policies in an effort to stop the virus’s spread. The health and safety of employees should always come first in any nation, but now that the economic repercussions of the epidemic are becoming clearer, businesses also need to take these factors into account.

Companies have taken severe efforts to ensure the wellbeing of their workers, including reducing output and requesting that non-operational staff work from home. To lessen the spread of the virus, many businesses have even scaled back their operations and manufacturing capabilities. It is obvious that such actions have decreased the productivity and revenues of several industries, most notably metals and mining. Companies must reevaluate their operational models in order to get back on track and make strategic decisions to increase their cost resilience while preparing for the recovery.

Due to a decline in demand from its major clients in the automotive, construction, and infrastructure industries, the steel sector has experienced repeated setbacks this year. About 15 to 20 percent is devoted to the automobile. 2020 saw a gradual decrease in steel output as a result of the new coronavirus pandemic. China is a major supplier of consumables to the steel industry in nations like India, including manganese, refractory materials and compounds, electrodes, and steel mill rolls. Therefore, any effect on the Chinese sector will directly affect every country that depends on China. The price of raw materials increases dramatically as a result of an overreliance on imports, raising the cost of the finished product.

Tata Steel, one of the leading producers of steel, recently made the decision to lessen its reliance on China as a source of raw materials for the production of AHSS. Along with Tata Steel, numerous other businesses are attempting to divert their supply chains away from China and toward nations like Brazil and Turkey. This is one of the recommendations made by governments to the AHSS manufacturing businesses in order to reduce supply chain risk.

Governments in several nations have compelled manufacturers to reduce production to approximately 50% of capacity since AHSS demand has fallen precipitously. The lockdown and other limitations on movement have also delayed the dispatch and delivery of finished items. The dilemma is made worse in nations like India where 20% or more of the trucks are stationary. Due to the fact that trucks make up the majority of any industry, officials are asking the government to permit truck movement for the industry.

Market Segmentation

• Based on Grade, the Global Third Generation Advanced High Strength Steel market is segmented into
  • Dual Phase (DP)
  • Transformation-Induced Plasticity (TRIP)
  • Complex Phase (CP)
• Based on Application, the Global Third Generation Advanced High Strength Steel market is segmented into
  • Automotive
  • Aerospace
  • Rail Transport
  • Infrastructure
  • Energy
  • Shipbuilding
  • Others
• Based on Geography, the Global Third Generation Advanced High Strength Steel market is segmented into
  • Asia-Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa

• All market revenue has been given in US Dollar.

Historical Year: 2020-2021
Base Year: 2022
Estimated: 2023
Forecast- 2024-2030

Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Third Generation Advanced High Strength Steel Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Third Generation Advanced High Strength Steel Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Third Generation Advanced High Strength Steel Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Third Generation Advanced High Strength Steel Market study?