Automotive Steel Market Worth to cross USD 149.35 billion By 2027
Posted On August 13, 2021
The Global Automotive Steel Market value is expected to grow by an impressive 4% of CAGR during the forecast period of 2021 to 2027. The market can grow to USD 149.35 billion by 2027 as per the report by Value Market Research. The growing demand for lightweight steel in the automation industry in order to enhance the fuel efficiency of automobiles is propelling the market demand for automotive steel. Moreover, increasing production of automobiles is further pushing the market growth. On the flip side, the use of substitute materials such as aluminum and carbon fiber in automotive is expected to hinder market growth.
Automotive steel is basically an alloy of iron, carbon, and other elements. Owing to high tensile strength and light weight, steel is majorly used in the manufacturing of automotive and other accessories. Hence, automobiles are fuel-efficient and also reduce carbon dioxide emission due to lightweight property. Different grades of steel like alloy steel, high strength steel, and advanced high strength steel are used according to their application in manufacturing of different categories of vehicles such as passenger vehicles, light commercial vehicles, and heavy vehicles.
The detailed research study "Global Automotive Steel Market Report By Type [Mild Steel, Alloy Steel, High Strength Steel, And Advanced High Strength Steel (AHSS)], Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, And Heavy Commercial Vehicles), Application (Body-In White, Drive Train, Suspension, And Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027"assists in understanding the market dynamics with qualitative as well as quantitative data.
On the basis of type the market is segmented into Mild Steel, Alloy Steel, High Strength Steel, And Advanced High Strength Steel (AHSS). By vehicle type the automotive steel market is categorised as Passenger Vehicles, Light Commercial Vehicles, And Heavy Commercial Vehicles. By application the automotive steel market is categorised as Body-In White, Drive Train, Suspension, And Others. The regions covered in the market study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. This section throws light on the geographical spread of revenue and/or volume of the automotive steel market.
The Report Segments Global Automotive Steel Market -
- Low-strength Steel
- Conventional HSS
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Passenger Vehicle
- Body Structure
- Drive train
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Players Profiled In the Report:
ArcelorMittal, ThyssenKrupp, Nippon Steel, POSCO, Baosteel, HYUNDAI steel, JFE, Tatasteel, HBIS, United States Steel, and Nucor.
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