LONDON--(BUSINESS WIRE)--The global advanced high strength steel (AHSS) market is expected to post a CAGR close to 13% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Currently, AHSS is extensively used in the construction of modern buildings and infrastructure. AHSS has various advantages over conventional steel and is thus used for building lean structures. Steel plates made of AHSS are thinner than conventional steel which helps in constructing slender and light-weight steel frameworks for buildings. This also helps to increase the usable floor area of the structures. Therefore, such advantages of AHSS are expected to drive market growth during the forecast period.
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As per Technavio, the increasing use of steel arc furnace, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Advanced High Strength Steel Market: Increasing use of steel arc furnace
Steel is primarily produced by heating iron at high temperatures in a blast furnace. However, this process requires a large amount of energy. Metallurgical or coking coal is the major source of ignition in blast furnaces, and the use of blast furnaces increases the consumption of coal, which subsequently increases CO2 emissions. Owing to the rise in environmental concerns, governments across the globe have implemented stringent regulations on steel production. Therefore, steel producing companies are gradually adopting electric arc furnaces as they are cost-efficient, flexible, and address the environmental issues associated with the production of steel and steel products. Therefore, the growing adoption of electric arc furnaces in the steel industry will increase the production of steel products, such as AHSS sheets and bars during the forecast period.
“Apart from the increasing use of steel arc furnace, the rising demand from the wind energy sector and the increasing use of secondary steel are some other major factors that are expected to drive market growth during the forecast period,” says a senior analyst at Technavio.
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Global Advanced High Strength Steel Market: Segmentation Analysis
This market research report segments the global advanced high strength steel market by end-user (automobile, construction, aviation and marine, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance and register the highest incremental growth due to the growing construction activities in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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