Global Automotive Steel Market was valued at US$ 57.0Bn in 2019 and is expected to reach US$ 78.0Bn by 2026 at a CAGR of 4.0%.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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Automotive steel will continue to play a dominant role in the future owing to its excellent mechanical properties. Steel has also established as reasonable in cost, longer life, and variability in strength levels while meeting the increasingly stringent engineering field needs. Steel is also very flexible to corrective rework.
The demand for lightweight steel has increased among the industry players and this is to enhance the safety and fuel economy of vehicles. Drivers of steel in the automotive sector include cost, fuel efficiency, regulatory requirements, safety, recyclability, light-weighting, formability, and specific customer requirements. Automotive companies consider all these factors in their design & maintain an optimized and balanced solution.
The body structure segment led the global automotive steel market in 2017 and is expected to expand further during the forecast period. The rise in crash regulatory norms is pushing the manufacturers to use high strength metals. Thus, driving the demand for advanced high strength steel demand in the body structure segment.
Demand for AHSS (Advanced High Strength Steels) segments is anticipated to rise during the forecast period. AHSS is primarily steeled with a microstructure containing a phase other than ferrite, pearlite, or cementite, such as martensite, bainite, austenite, and retained austenite in quantities sufficient to produce unique mechanical properties. Advanced High Strength Steels (AHSS) steels have yield strengths greater than 550 MPa and tensile strengths greater than 700 MPa.
Region-wise, Asia-Pacific, dominated the market in 2017 and is expected to continue its dominance during the forecast period on account of rising disposable income, new launches by original equipment manufacturers (OEM) as well as increasing investments towards the development of infrastructure and growing need for commercial vehicles for transportation purposes. Moreover, the increasing sales of low-priced cars which heavily incorporate steel and its components further propel the market growth.
Global Automotive Steel Market Report includes PESTLE analysis, competitive landscape, and Porter’s five force model. Market attractive analysis wherein all the segments are benchmarked based on the market size, growth rate, and general attractiveness.
The key market players operating in the global automotive steel market, ArcelorMittal, ThyssenKrupp, Nippon Steel, POSCO, Baosteel, HYUNDAI steel, JFE, Tatasteel, HBIS, United States Steel, Nucor.
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Global Automotive Steel Market, by Type
• Mild Steel
• Alloy Steel
• High Strength Steel
• Advanced High Strength
Global Automotive Steel Market, by Vehicle Type:
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles
Global Automotive Steel Market, by Application
• Body Structure
• Power Train
Global Automotive Steel Market, by Region
• North America
• Middle East and Africa
• South America
Key Players Operating in the Global Automotive Steel Market
• Nippon Steel
• HYUNDAI steel
• United States Steel
• China Steel Corp.
• Hyundai Steel Co. Ltd.
• JSW Group
• JFE Steel Corp.
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