New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Steel Global Market Report 2023" - https://www.reportlinker.com/p06464054/?utm_source=GNW
Ltd, Hesteel Group Company Limited, Kobe Steel Ltd., Jindal Steel & Power, Grow Ever Steel pvt. Ltd., and Outokumpu Oyj.
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive steel market is expected to reach $135.24 billion in 2027 at a CAGR of 4.4%.
The automotive steel market consists of sale of wheel rims, exhaust pipes, bushings, bearings, exhaust systems, radiators, and automobile frames.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Automotive steel refers to the different types of steel that is used in manufacturing of various vehicle components.It usually requires raw materials such as iron ore and coal to melt in a blast furnace to produce molten iron.
The iron ore is subsequently refined and alloyed with additional elements for the production of suitable quality stell.
Asia-Pacific was the largest region in the automotive steel market in 2022. The regions covered in automotive steel report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of automotive steel are mild steel, alloy steel, high strength steel, and advanced high strength steel.Mild steel is a kind of carbon steel with low carbon content and is easily formable, and is used in applications such as construction, automotive, and general engineering.
It is prepared by basic oxygen furnace (BOF), and electric arc furnace (EAF) processes for various applications including body structure, power train, suspension, others. It is used for passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
The rising demand for automobiles is expected to propel the growth of the automotive steel market going forward.Automobiles are self-propelled vehicles meant to transport passengers or cargo on roadways.
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.
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.
In December 2020, United States Steel Corporation, a US-based integrated steel producer, acquired remaining 50.1% stake of Big River Steel for approximately $774 million. The acquisition helps United States Steel Corporation to expand its product portfolio and improve its cost structure through the addition of a technologically advanced and environmentally sustainable mill. Big River Steel is a US-based steel company that provides high-quality products in the automotive, energy, construction, and agricultural industries.
The countries covered in the automotive steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive steel market research report is one of a series of new reports that provides automotive steel market statistics, including automotive steel industry global market size, regional shares, competitors with a automotive steel market share, detailed automotive steel market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive steel industry. This automotive steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464054/?utm_source=GNW
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