Overview and Scope
Automotive steel refers to the different types of steel that is used in
manufacturing of various vehicle components. It usually requires raw materials
such as iron ore and coal to melt in a blast furnace to produce molten iron.
The iron ore is subsequently refined and alloyed with additional elements to
produce suitable quality steel.
Sizing and Forecast
The automotive steel market size has grown steadily in recent years. It will
grow from $111.82 billion in 2023 to $117.38 billion in 2024 at a compound
annual growth rate (CAGR) of 5.0%.
The growth in the historic period
can be attributed to vehicle production and sales, weight and fuel efficiency
concerns, safety and crashworthiness requirements, cost-effectiveness and
affordability, recyclability and sustainability..
The automotive steel market size is expected to see strong growth in the next
few years. It will grow to $142.78 billion in 2028 at a compound annual growth
rate (CAGR) of 5.0%. The growth in the
forecast period can be attributed to global automotive industry growth,
stringent emission regulations, electric vehicle manufacturing, innovation in
steel alloys, integration in advanced manufacturing techniques.. Major trends
in the forecast period include increased interest in tailored blanks,
integration of third-generation advanced high-strength steel (3gahss),
collaboration for innovation, focus on sustainable steel production,
integration of smart manufacturing technologies, globalization of supply
chains..
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/automotive-steel-global-market-report
Segmentation & Regional Insights
The automotive steel market covered in this report is segmented –
1) By Component: Mild Steel, Alloy Steel, High Strength Steel, Advanced
High Strength
2) By Process: Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF)
3) By Application: Body structure, Power train, Suspension, Other Applications
4) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy
Commercial Vehicles
Asia-Pacific was the largest region in the automotive steel market in 2023. The
regions covered in the automotive steel market report are Asia-Pacific, Western
Europe, Eastern Europe, North America, South America, Middle East, Africa
Intrigued to explore the contents? Secure your hands-on sample copy of the
report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=9664&type=smp
Major Driver Impacting Market Growth
The rising demand for automobiles is expected to propel the growth of the
automotive steel market going forward. Automobiles are self-propelled vehicles
meant to transport passengers or cargo on roadways. Automotive steel is
increasingly using in automobile manufacturing as it allows automakers to
reduce overall vehicle weight, can improve fuel efficiency, reduce emissions
and durability. For instance, in 2022, according to the International
Organization of Motor Vehicle Manufacturers (OICA), a France-based
international trade association, the global production of motor vehicles,
including cars, trucks, and buses, reached 85,016,728 million units in 2022, up
from 80,145,988 million units in 2021. Furthermore, in March 2022, according to
a report published by the European Automobile Manufacturers' Association
(ACEA), the main lobbying and standards group for the automobile industry in
the European Union, sales of passenger cars in the US increased by 5.5% from
2020 to 11.9 million units in 2021. Therefore, rising demand for automobiles is
driving the growth of the automotive steel market.
Key Industry Players
Companies in the automotive steel market are increasingly focusing on strategic
partnerships and collaborations to improve their financial strength, strengthen
their product portfolio and expand their geographical presence. Strategic
partnerships refer to a process in which companies leverage each other's
strengths and resources to achieve mutual benefits and success. For example, in
June 2023, Outokumpu, a Finland-based manufacturer of stainless steel,
partnered with Thyssenkrupp Materials Processing Europe, a Germany-based steel
processing company, and Boysen Group, a Germany-based exhaust system
manufacturer, to introduce the world’s first towards-zero stainless steel to
the automotive industry. The collaboration aims to supply larger quantities of
Outokumpu’s Circle Green product to the automotive industry starting in the
second half of 2023. Further, the partnership represents a significant
milestone in the pursuit of a low-emission automotive industry. The
collaboration involves material supply, processing, and just-in-time delivery
to enable more sustainable supply chains in the automotive industry. The use of
Circle Green stainless steel sets a global precedent for low emissions
throughout the production chain.
The automotive steel market report table of contents includes:
1.
Executive Summary
2.
Automotive Steel Market Characteristics
3.
Automotive Steel Market Trends And Strategies
4.
Automotive Steel Market - Macro Economic Scenario
5. Global
Automotive Steel Market Size and Growth
.
31. Global
Automotive Steel Market Competitive Benchmarking
32. Global
Automotive Steel Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Automotive Steel Market
34.
Automotive Steel Market Future Outlook and Potential Analysis
35.
Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model:
https://www.thebusinessresearchcompany.com/global-market-model
No comments:
Post a Comment