Selbyville, Delaware, Aug. 15, 2022 (GLOBE NEWSWIRE) --
The global automotive steel market size is expected to record a valuation of USD 161.75 billion by 2030, according to the most recent study by Global Market Insights Inc.
The market growth is attributed to the rising demand for automobiles across the globe. Increasing initiatives to reduce fuel emissions across the automotive sector, along with shifting consumer interest toward electrical vehicles, will propel automotive steel uptake. Inconsistency in prices and disruptions in the supply chain may emerge as major restraining factors. On the other hand, the surging uptake of lightweight steel products in emerging economies may help industry players in extending their customer bases.
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Based on the process, the report segregates the automotive steel market into electric arc furnace (EAF) and basic oxygen furnace (BOF). The EAF segment will depict notable expansion at a CAGR of 3.08% by 2030 due to the enhanced efficiency of electric arc furnaces.
Driven by the minimizing use of heavyweight steel in vehicles, the low strength steel segment is predicted to observe a 2.4% growth rate and is anticipated to reach USD 28,635 million by 2030.
The heavy commercial vehicles segment in the automotive steel market is estimated to attain a more than 3% CAGR to garner over USD 19,320 million in revenue by 2030 owing to increasing penetration of the logistics sector in developed and emerging countries. To quote an instance, Knoema, a technology company, reported that in 2021, 12.1 million commercial vehicles were sold in the United States, which constituted 46.79% of the total sales of these vehicles worldwide.
The suspension application segment is projected to witness substantial gains during the forecast period. The mounting use of active suspension systems will impel the demand for automotive steel, which is likely to push the growth of the suspension segment.
The Latin America automotive steel market is poised to surpass USD 14,030 million by 2030. Favorable foreign direct investments by governments of various nations will accelerate the industry growth across the region.
Rising yearly sales of luxury vehicles will positively influence the industry scenario in the MEA region. As per the report, the Middle East & Africa market will grow at over 2% gains through 2030.
Key participants operating in automotive steel market are ArcelorMittal, Hyundai Steel, TATA Steel, China Steel Corporation, POSCO, Nippon Steel & Sumitomo Metal Corporation, JSW Group, United States Steel Corporation, JFE Steel Corporation, Jindal Steel & Power, NUCOR Corporation, Grow Ever Steel, HBIS Group, Outokumpu OYJ, and Kobe Steel. These companies engage mainly in R&D activities and strategic partnership agreements to maintain their market position.
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Table of Contents (ToC) of the report
Chapter 3 Automotive Steel Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2018 - 2030
3.3 Industry ecosystem analysis
3.3.1 Raw material analysis
3.3.2 Manufacturers
3.3.3 Distribution channel analysis
3.3.4 Profit margin trends
3.3.5 Value addition at each stage
3.3.6 Vendor matrix
3.4 Regulatory landscape
3.5 Pricing analysis (including COVID-19 impact)
3.6 Technology landscape
3.7 Innovation & sustainability
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Upsurge in demand of automobile around the world
3.8.1.2 Increasing acceptance of lightweight steel in automobiles
3.8.1.3 Stringent regulations for reducing fuel emissions
3.8.1.4 The increasing adoption of EVs is likely to surge the industry proliferation
3.8.2 Industry pitfalls and challenges
3.8.2.1 Availability of substitutes
3.8.2.2 Price volatility and supply chain issues
3.9 Growth potential analysis, 2021
3.10 Competitive landscape
3.11 Porter's analysis
3.12 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/automotive-steel-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
