March 31, 2020

Automotive Steel Market will be growing at a CAGR of 4.3% during the forecast period from 2018 to 2026

According to a new market report published by Credence Research “Global Automotive Steel Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026,” The automotive steel market is expected to expand to CAGR by 4.3 per cent from 2018 to 2026. Rising adoption of advanced high strength steel as a trend towards light weight is driving the market to a large extent.

Market Insights

Rising challenges to the demand for higher safety measures and to improve fuel efficiency in cars are encouraging the use of lighter, high strength steel. Vehicles made of high-strength steel are lightweight and lead to a total reduction in vehicle weight, thus consuming a small amount of fuel. In addition, manufacturers are conducting extensive research on the development of multiple grades of steel which have similar properties to other metals in order to achieve vehicle lightness. In addition, steel has a high recycling efficiency compared to other metals. The presence of certain regulations, such as the End of Life Vehicles (ELV) Regulations in Japan, South Korea, India and the European economies, is projected to show robust growth in the steel implementation of the automotive industry in the forecast period.

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Consumer preferences for light budget vehicles, government policies, environmental regulations are key factors leading to the advancement of steel in the automotive industry. Some of the initiatives taken by governments around the globe, such as improving fuel efficiency and reducing carbon footprint, are also opening up the market. Improving consumer willingness to spend on vehicles with long life and improved quality has also motivated manufacturers to develop innovative products with high end features at relatively lower costs. In addition, rising government programs to improve road infrastructure by improving existing roads, maintaining highways and managing traffic jams are poised to boost demand for cars, leading to increased demand for automotive steel throughout the forecast period.

Competitive Insights

The automotive steel market is characterized by the presence of numerous key players. The key players throughout the industry are involved in the expansion, mergers and acquisition as part of their strategy so as to increase their reach along with consumer base. Major key players present in the market include ArcelorMittal, United States Steel Corporation, Severstal, Baosteel, JFE Steel Corporation, Nippon Steel, POSCO, ThyssenKrupp, Hesteel Group and TimkenSteel.

Key Trends

  • Increasing demand for high strength steel and advanced high strength steel in automotive industry.
  • Rising consumer preference for light weight vehicle.
  • Latin America offers major market growth potential.

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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]

Report Scope by Segments

By Vehicle Type

  • Passenger Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

By Type

  • Mild Steel
  • Alloy Steel
  • High Strength Steel
  • Advanced High Strength Steel (AHSS)

By Applications Type

  • Body-in-White
  • Drive Train
  • Suspension
  • Others

By Geography Segment

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of World (Middle East & Africa (MEA), Latin America)

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