LONDON--(BUSINESS WIRE)--The advanced high strength steel (AHSS) market size is expected to post a CAGR of about 13% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing global construction industry is one of the major factors behind the growth of the market. Advanced high strength steel is widely used in the construction of modern buildings and infrastructure. It has various advantages over conventional steel and is thus used for building lean structures. AHSS also helps in constructing slender and light-weight steel frameworks for buildings as the steel plates of AHSS are thinner than conventional steel. This also helps to increase the usable floor area of the structures.
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As per Technavio, the increasing use of electric 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 the market growth over 2019-2023.
Advanced High Strength Steel Market: Increasing Use of Electric Arc Furnace
The production of steel requires a large amount of energy since it is produced by heating iron at high temperatures in a blast furnace. Moreover, the use of blast furnaces increases the consumption of coal, which subsequently increases CO2 emissions. Hence, governments across the world have implemented stringent regulations on steel production, owing to the rise in environmental concerns. As a result, 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.
“The rising demand from the wind energy sector and the increasing use of secondary steel will drive the growth of the advanced high strength steel market during the forecast period,” says a senior analyst at Technavio.
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Advanced High Strength Steel Market: Segmentation Analysis
This market research report segments the 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 advanced high strength steel market in 2018, followed by North America, Europe, South America, and MEA respectively. However, the North American region is expected to witness the highest incremental growth during the forecast period, due to factors such as the growing production of motor vehicles, and the increasing construction projects in the region.
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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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