Pune, 07, Dec, 2022: As per Maximize Market research, a global business research and consultancy firm, the total global market for Automotive Steel Market was 19.19 Bn in 2021 and is expected to grow at CAGR of 13.6 % over the forecast period to reach 53.24 Bn by 2029.
Automotive Steel Market Scope and Research Methodology
The research on the Automotive Steel Market is a professional and in-depth analysis of the automotive and transportation sector. It displays information on the Automotive Steel Market’s current trends, expected trends, growth rate, market size, and future forecast. At the local, regional, and international levels, market segmentation is provided in order to understand market penetration, competitive structure, pricing, and demand analysis. In order to assist investors and major companies in making investment and strategic business decisions, the report also covers the strategies used by key players and provides an analysis of those strategies based on their growth over the past five years.
The Automotive Steel Market study projects revenue growth at the international and national levels and analyses the most recent market tendencies in each of the sub-segments over the course of the forecast period. The Automotive Steel Market study has been segmented by vehicle type, application, and region. The study includes strategic profiles of the leading market players, a thorough analysis of their core capabilities, and their business-specific strategies for new product launches, expansion, agreements, joint ventures, partnerships, and acquisitions. Data is in the form of pivot tables and excel files, or presentations using the data sets in the report.
The Automotive Steel Market study involved extensive use of both primary and secondary data for the market analysis. The study of various industry affecting factors, such as government policy, the market environment, the competitive landscape, historical data, current market trends, technological development, upcoming technologies, and the technical advancement in Automotive Steel Market, as well as market risks, opportunities, barriers, and challenges, was a part of the research process.
SWOT analysis was employed to provide the strengths and weaknesses of the Automotive Steel Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Automotive Steel Market.
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Automotive Steel Market Overview
The Automotive Steel Market uses steel because of its ability to provide safety and strength. It can be machined and made in a variety of forms using various techniques, it is a practical, affordable, and durable option. Among the steel types used in the automotive industry are galvanised steel, stainless steel, high-strength steel, high-carbon steel, and low-carbon steel. Numerous engine and vehicle parts are made from these types of steel. The rising production of vehicles around the world is significantly driving the market.
Automotive Steel Market Dynamics
Electric Vehicles (EVs) are expected to drive the Automotive Steel Market. Rising demand for ultra-low emission vehicles (ULEV) would increase steel supply to the automotive sector by 4.2 million tonnes in Europe alone. The powertrains employed in ULEVs, such as electric motors and battery cells, will also consume a large amount more automotive steel. These elements will need more electrical and plated steel. It is expected to help drive a 1.6 million tonne increase in European steel demand by 2050.
Increases in raw material prices have a serious impact on automotive suppliers and OMEs. Steel, aluminium, copper, and rubber are the main materials utilised in the automobile industry. Steel prices have climbed by 30%, aluminium by 40%, and copper by 77% during the last six months. The price of steel and iron is rising the most. Flat steel costs have climbed by 30% over the previous six months, mostly due to a global price increase of more than 25%. It is going to be a major restraint for the Automotive Steel Market.
Automotive Steel Market Regional Insights
The Asia Pacific region held a 65% share dominating the market in 2021. According to world steel, the region’s steel consumption would grow by 3.5% to 1,303 mmt in 2021. This was made possible by China’s strong economic recovery, as consumption rose by 9.1%. Beginning in April 2020, the construction industry in China had a major recovery, helped by infrastructure expenditure. It is also expected that by 2021, real estate investment would increase by 7% to reach about USD 2.2 trillion. This is expected to be a driver for the Automotive Steel Market.
Automotive Steel Market Segmentation
By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Body structure
- Power train
Automotive Steel Market Key Manufacturers are:
- Nippon Steel
- HYUNDAI steel
- United States Steel
- China Baowu Steel Group
- Tata Steel
- SW Steel
- Steel Authority of India Limited
- Ansteel Group
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Key questions answered in the Automotive Steel Market are:
- How much of steel is used by automobile industry?
- What is the market size of steel industry?
- What is automotive steel??
- Which region has dominated the Automotive Steel Market?
- Who are the market leaders in Automotive Steel in Europe?
- Who are the market leaders in Automotive Steel in USA and Canada?
- Who are the market leaders in Automotive Steel in India, China, Japan and South Korea?
- What are the factors affecting growth in the Automotive Steel Market?
- Who held the largest market share in Automotive Steel Market?
- What are the factors for the growth of Asia-Pacific region in Automotive Steel Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Route of administration, Application, Facility of use and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Steel Processing Market –The Steel Processing Market size is expected to reach USD 838.2 billion by 2029 at a CAGR of 2.8 % during the forecast period. The growing industrialization and urbanization fuelling the high consumption of steel in the construction sector driving the steel processing market growth across the globe.
Steel Rebar Market –The Steel Rebar Market size is expected to reach USD 308.34 billion by 2029 at a CAGR of 5 % during the forecast period. The development of the global steel rebar market is largely owing to the rise in demand for steel rebar from the construction sector. Construction industry growth is expected to continue to be a major driver for Steel Rebar Market.
Steel Wire Market – The Steel Wire Market size is expected to reach USD 151.85 billion by 2029 at a CAGR of 6.26 % during the forecast period. A major factor propelling the steel wire market is the growing use of steel wire in the construction, automotive, and aviation industries. Steel wire demand is being sparked by rising urbanization and an increase in the need for flexible, high-quality wire.
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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