Automotive Steel Market Set to Witness an Uptick during 2019 to 2025Posted by Mrudula Anil Karmarkar on February 4th, 2022 The global automotive steel market is expected to reach USD 130.07 billion by 2025, according to a new report by Grand View Research, Inc. is expected to witness a CAGR of 3.2% over the forecast period. Growing automotive production in Asia Pacific countries is likely to drive the market. Expansion of production facilities coupled with growing demand in the Asia Pacific are the key factors in the growth of regional automobile sector. In 2018, automotive production in countries including Thailand, Malaysia, Indonesia, and India has observed a significant growth in the production of vehicles. Growing demand for electric vehicles is another factor which is projected to create a positive impact on the demand for steel products. As per the International Energy Agency, over 1 million cars were sold in 2017 in the global market while China accounted for more than 50% sales. European countries including Norway, Iceland, and Sweden accounted for the highest market share for electric vehicles sales in 2017. Europe is among the world’s largest producers of vehicles; the automotive industry in Europe accounts for 6.8% of its GDP. Automotive sector is the largest private investor in automotive research & development (R&D) with the support of the European Commission. Reduced CO2 emission and improved fuel economy are the key factors leading to the development of lightweight chassis components in the region. China is the largest producer of vehicles worldwide. Passenger vehicles segment is anticipated to witness lucrative growth in terms of sales over the coming years. Attracted by the significant development of small and microcar segments, various global brands are involved in the expansion of their product lines in these segments. Leading steel companies are heavily focused on the development of new grades of advanced high-strength steel with high strength. This will assist in the manufacturing of lighter and thinner components with safety features. Steel companies have collaborated with research institutes and global universities in order to develop special and advanced grades of steel for automobile use. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/automotive-steel-market/request/rs1 Introduction of new emission regulations is anticipated to create a short term impact on the market. For instance, recently in India BS-VI emission norms were introduced. This is likely to cause changes and disruption in the industry for short term period. However, this also brings new opportunities for automotive steel market vendors. Further key findings from the report suggest:
Expansion and continuous production in developed countries such as the U.S. and Japan is likely to remain a key focus area for market participants. For instance., Japan houses some of the most globally renowned, large-scale auto brands. The country is home to key global automakers such as Toyota, Mitsubishi, Honda, Subaru, Nissan, Fuso, Daihatsu, Hino, Lexus, and Mazda among others. The demand from these automakers is projected to assist the market growth over the coming years. ArcelorMittal, Tata Steel, JSW Group, Hyundai Steel, POSCO, U.S. Steel., JFE Steel Corp., China Steel Corp., and Nucor Corporation are some of the prominent manufacturers in the industry. About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it!More by this author |