Global Automotive Steel Market, By Type (Mild Steel, Alloy Steel, High Strength Steel, Advanced High Strength), Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), Application (Body Structure, Power Train, Suspension, Other), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights Global Automotive Steel Market
The automotive steel market is expected to witness market growth at a rate of 3.70% in the forecast period of 2022 to 2029. Data Bridge Market Research report on automotive steel market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in the defense sector globally is escalating the growth of automotive steel market.
Steel is widely used as the primary material choice for automotive parts and components. The material provides desirable standards in safety and strength for automakers at relatively low costs.
The increase in the demand to reduce the weight of automobiles across the globe acts as one of the major factors driving the growth of automotive steel market. The rise in usage of the material for weight reduction in various vehicles that helps in achieving improved fuel efficiency and creating less impact on the environment accelerate the market growth. The rise in demand for various steel products in the automotive sector because of strict emission regulations and investment in green infrastructure further influence the market. Additionally, increase in application of advanced high-strength steels (AHSS), rise in partnerships among public and private sectors to support the deployment of new charging stations for electric vehicles and growing trend of vehicle ownership positively affect the automotive steel market. Furthermore, improvement and advancement in advanced high strength steels (AHSS) extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
On the other hand, increase in rate of tariffs on import is expected to obstruct the market growth. The stringent regulations are projected to challenge the automotive steel market in the forecast period of 2022-2029.
This automotive steel market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on automotive steel market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Automotive Steel Market Scope and Market Size
The automotive steel market is segmented on the basis of type, vehicle type and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the automotive steel market is segmented into mild steel, alloy steel, high strength steel and advanced high strength.
- On the basis of vehicle type, the automotive steel market is segmented into passenger vehicles, light commercial vehicles and heavy commercial vehicles.
- On the basis of application, the automotive steel market is segmented into body structure, power train, and suspension, and other.
Automotive Steel Market Country Level Analysis
The automotive steel market is analyzed and market size, volume information is provided by country, type, vehicle type and application as referenced above.
The countries covered in the global automotive steel market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America is expected to dominate the automotive steel market due to the increase in exports of premium cars in Germany, and surge in research and development activities within the region. Asia-Pacific is expected to witness high growth during the forecast period of 2022 to 2029 because of the rise in the preference and favorable government policies in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Automotive Steel Market Share Analysis
The automotive steel market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to automotive steel market.
Some of the major players operating in the automotive steel market report are ArcelorMittal, Tata Steel, worldsteel, HYUNDAI-STEEL., United States Steel., JSW, POSCO, NIPPON STEEL CORPORATION, JFE Steel Corporation., Nucor Corporation, thyssenkrupp Steel Europe, Baosteel Group, and HBIS GROUP, among others.
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