Selbyville, Del., Aug. 15, 2022 (GLOBE NEWSWIRE) —
The global automotive steel market size is expected to register a valuation of USD 161.75 billion by 2030, according to the most recent study by Global Market Insights Inc..
The growth of the market is attributed to the increasing demand for automobiles across the world. Increasing initiatives to reduce fuel emissions in the automotive sector, as well as the shift in consumer interest towards electric vehicles, will propel the adoption of automotive steel. Price inconsistency and supply chain disruptions can emerge as major restraining factors. On the other hand, the boom in light steel products in emerging economies can help industry players expand their customer base.
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Based on the process, the report separates the automotive steel market into Electric Arc Furnace (EAF) and Basic Oxygen Furnace (BOF). The EAF segment will exhibit notable expansion at a CAGR of 3.08% by 2030 due to increased efficiency of electric arc furnaces.
Driven by the reduction in the use of heavy steel in vehicles, the low-strength steel segment is expected to observe a growth rate of 2.4% and is expected to reach USD 28,635 million by 2030.
The heavy-duty vehicle segment in the automotive steel market is estimated to grow at a CAGR of over 3% to generate over $19,320 million in revenue by 2030 owing to the increasing penetration of the automotive industry. logistics in developed and emerging countries. To cite an example, Knoema, a technology company, reported that in 2021, 12.1 million commercial vehicles were sold in the United States, which represented 46.79% of the total sales of these vehicles worldwide.
The suspension application segment is expected to witness substantial gains over the forecast period. The use of mounting active suspension systems will drive the demand for automotive steel, which is expected to drive the growth of the suspension segment.
The automotive steel market in Latin America is poised to exceed $14,030 million by 2030. Favorable foreign direct investments by governments of various countries will accelerate the growth of the industry in the region.
Rising annual sales of luxury vehicles will positively influence the industry scenario in the MEA region. According to the report, the Middle East and Africa market will grow by more than 2% until 2030.
The major players operating in the 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 mainly engage in R&D activities and strategic partnership agreements to maintain their position in the market.
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Table of Contents (ToC) of the report
Chapter 3 Automotive Steel Market Overview
3.1 Industry Segmentation
3.2 Industry Landscape, 2018 – 2030
3.3 Industry Ecosystem Analysis
3.3.1 Analysis of raw materials
3.3.3 Distribution Channel Analysis
3.3.4 Evolution of the profit margin
3.3.5 Adding value at each stage
3.3.6 Supplier Matrix
3.4 Regulatory landscape
3.5 Price Analysis (including impact of COVID-19)
3.6 Technological landscape
3.7 Innovation & sustainability
3.8 Industry impact forces
3.8.1 Drivers of growth
184.108.40.206 Rise in automotive demand worldwide
220.127.116.11 Increase acceptance of lightweight steel in automobiles
18.104.22.168 Strict regulations to reduce fuel emissions
22.214.171.124 Growing adoption of electric vehicles is likely to accelerate industry proliferation
3.8.2 Industry Pitfalls and Challenges
126.96.36.199 Availability of substitutes
188.8.131.52 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 Full 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, USA, is a global provider of market research and advisory services, offering syndicated and custom research reports as well as consulting services. growth. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.