Automotive Steel Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Steel is widely used in the automotive industry because of its ability to provide safety and strength at a relatively lower price than other metals such as aluminum. On average, a vehicle contains 900 kg of steel, which is used significantly in the body structure and the drive train.

MARKET SCOPE

The "Global Automotive Steel Market Analysis to 2031" is a specialized and in-depth study of the chemical and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the automotive steel market with detailed market segmentation by application and geography. The report provides key statistics on the market status of the leading automotive steel market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on application, the global automotive steel market is segmented into body structure, power train, and suspension.
  

MARKET DYNAMICS
Drivers:

•   The rising production of vehicles globally is significantly driving the market growth.
  
•   The rising use of steel in automotive due to its benefits such as it is very strong, stiff, and durable, which ensures safety and improves the way a car drives and handles. Additionally, it a desirable material for car bodies and chassis is significantly contributing to the expansion of the automotive steel market.
  
•   Improvement and advancement in advanced high strength steels (AHSS) will create lucrative growth opportunities for automotive steel manufacturers.
  
•   Rise in the research and development activities is also propelling the demand of aluminium steel.
  

Restraints:

•   Introduction of lightweight aluminum is hampering the automotive steel market.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive steel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive steel market in these regions.

IMPACT OF COVID-19 ON AUTOMOTIVE STEEL MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 pandemic has affected major chemicals and material industries, including automotive steel. Owing to the current pandemic situation, many companies in the automotive steel industry are experiencing limitations in manufacturing and production activities, as well as logistical problems as a result of ongoing trade restrictions. However, with opening several markets across the globe, vaccination development, and initiatives taken by various governments to support economic and industrial growth, the future demand of the automotive steel market is anticipated to grow at a positive and steady pace in the coming years.

Automotive Steel Market Report Analysis

Automotive Steel Market

• 
  CAGR (2023 - 2031)

  XX%
• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Report Coverage

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope

• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis

• Industry landscape and competition analysis & recent developments
• Detailed company profiles

• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

• ArcelorMittal
• ChinaSteel
• Grow Ever Steel
• HYUNDAI STEEL
• JFE Steel Corporation
• NIPPON STEEL and Sumitomo Metal Corporation
• Nucor Corporation
• POSCO
• Tata Steel

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

By Application

• Body Structure
• Power Train
• Suspension

MARKET PLAYERS

The report covers key developments in the automotive steel market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from automotive steel market are anticipated to lucrative growth opportunities in the future with the rising demand for automotive steel in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the automotive steel market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   ArcelorMittal
  
•   ChinaSteel
  
•   HYUNDAI STEEL
  
•   JFE Steel Corporation
  
•   NIPPON STEEL & Sumitomo Metal Corporation
  
•   Nucor Corporation
  
•   POSCO
  
•   Tata Steel
  
•   United States Steel Corp
  
•   Grow Ever Steel
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Automotive Steel Market Report Scope