Global Automotive Steel Market Trends, Applications, Analysis, Growth, and Forecast to 2028

“Global Automotive Steel Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global automotive steel market report has been segmented on the basis of type, vehicle type, application, and region.

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Global Automotive Steel Market: Overview

Steel usage in automotive sector is increasing owing to its excellent mechanical properties such as higher strain hardening capacity, toughness, fatigue, and ductility.

As per the World Steel Association, the automotive sector accounts for approximately 12% of the overall global steel consumption.

Global Automotive Steel Market: Dynamics

Rapid adoption for lightweight materials such as steel in automobiles is expected to boost demand for automotive steel and drives growth of the global market over the forecast period. Stringent rules and regulations regarding safety of vehicles along with desired strength standards are some of the other factors expected to propel growth of the global automotive steel market. Moreover, increasing vehicle production and high demand for technologically advanced passenger cars is also anticipated to play an important role for growth of the target market. Furthermore, governmental initiatives for production of less carbon emission vehicles, is expected to bolster growth of the global automotive steel market over the long run.

Recent trend shows that, increasing environmental regulations to reduce carbon emissions from vehicles by reducing overall vehicle weight is prompting automakers to increase adoption of high strength steel for producing vehicles.

Global Automotive Steel Market: Segment Analysis

The global automotive steel market report has been segmented on the basis of type, vehicle type, application, and region.

Among the type, high strength steel segment is expected to hold significant share in the market over the forecast period. High strength steel is majorly used in the automotive industry owing to rising focus on products with improved performance, strength, safety, and durability. Automakers have increasingly incorporated high strength steels into vehicles, especially in structural and safety components in the recent past and the trend is expected to continue well into the future.

Among the vehicle type segments, the passenger vehicle segment is projected to grow at faster pace. Growing demand for passenger vehicles, coupled with rising environmental pressures on cars manufacturers to reduce weight of vehicles in order to increase fuel-efficiency and reduce carbon emissions are factors expected to support revenue growth of the segment over the forecast period.

Among the application segments, the body structure segment led the global automotive steel market and expected to register significant share over the forecast period.

Global Automotive Steel Market: Regional Analysis

Geographically, the Asia Pacific is expected to dominate the global market during the forecast period owing to high demand for automobiles, ongoing R&D activities in automobile sector in emerging countries such as China and India in the region. Growth in this region is attributed to rising populations, changing consumer lifestyles, increasing disposable income, and expanding economies. Europe accounts for significant share in the global market in terms of revenue and is expected to maintain its growth rate over the forecast period. According to World Steel Association, in 2015, Europe was estimated as the second largest region for steel production, with a projected 166 million metric tons.

According to report – UK steel industry: statistics and policy – published by UK Parliament in 2016, UK produced 8 million tonnes of steel and China produces approximately 808 million tons of steel, which is nearly a half of total steel production of the world.

Global Automotive Steel Market Segmentation:

Segmentation by Type:

• Mild Steel
• Alloy Steel
• High Strength Steel
• Advanced High Strength

Segmentation by Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles

Segmentation by Application:

• Body Structure
• Power Train
• Suspension

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa