Dublin, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The "Automotive Steel Global Market Report 2023" has been added to ResearchAndMarkets.com's offering. The global automotive steel market is expected to grow from $107.81 billion in 2022 to $113.76 billion in 2023 at a compound annual growth rate (CAGR) of 5.5%. The automotive steel market is expected to reach $135.24 billion in 2027 at a CAGR of 4.4%.
Product innovation is a key trend gaining popularity in the automotive steel market. Major companies operating in the automotive steel market are developing innovative products to strengthen their position in the market. For instance, in June 2022, Gestamp, a Spain-based automotive engineering company, in collaboration with SSAB, a Sweden-based steel industry company developed Docol1000CP steel, which has a significantly higher strength (1000 Mpa) than conventionally used grades. Docol1000CP is a new steel with high strength, lighter in weight, more environmental friendly, and is used to manufacture chassis part for the Toyota Yaris. The unique features of Docol 1000CP help to produce lighter parts and it offers a very positive behaviour against fatigue. The rising demand for automobiles is expected to propel the growth of the automotive steel market going forward. Automotive steel is increasingly using in automobile manufacturing as it allows automakers to reduce overall vehicle weight, can improve fuel efficiency, reduce emissions and durability. For instance, in 2022, according to the International Organization of Motor Vehicle Manufacturers (OICA), a France-based international trade association, the global production of motor vehicles, including cars, trucks, and buses, reached 85,016,728 million units in 2022, up from 80,145,988 million units in 2021. Furthermore, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Therefore, rising demand for automobiles is driving the growth of the automotive steel market. The automotive steel market consists of sale of wheel rims, exhaust pipes, bushings, bearings, exhaust systems, radiators, and automobile frames. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. Steps Of Powder Metallurgy
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
By Component: Mild Steel; Alloy Steel; High Strength Steel; Advanced High Strength
By Process: Basic Oxygen Furnace (BOF); Electric Arc Furnace (EAF)
By Application: Body structure; Power train; Suspension; Other Applications
By Vehicle Type: Passenger Vehicles; Light Commercial Vehicles; Heavy Commercial Vehicles
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa Time series: Five years historic and ten years forecast. Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Pohang Iron and Steel Company (POSCO)
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
For more information about this report visit https://www.researchandmarkets.com/r/e64sok
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