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Automotive Steel Market worth over $161.75 Bn by 2030
- Published Date: August 12, 2022
Automotive Steel Market size is set to surpass USD 161.75 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies favorable government norms focused on reducing fuel emissions as well as growing demand for automobiles around the world as the chief growth drivers for the automotive steel industry.
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The EAF segment is anticipated to reach USD 50,270 million in revenue by 2030. The growth is attributed to the improved efficiency of electric arc furnaces as compared to other processed steels.
The conventional HSS market is predicted to observe a 3% growth rate till 2030. The report further cites remarkable demand for conventional HSS, which holds the second largest market share owing to the widespread replacement of mild steel and interstitial free steel.
The light commercial vehicles segment is poised to exceed USD 41,590 million and is expand at a CAGR of more than 2% through 2030. The deployment of light commercial vehicles will increase massively over the forecast period as a result of the continuous expansion of public transportation in emerging countries.
Browse key industry insights spread across 500 pages with 774 market data tables & 35 figures & charts from the report, “Automotive Steel Market Size By Process [Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF)], By Product [Low-strength Steel, Conventional HSS, Advanced High Strength Steel (AHSS), Others], By Vehicle (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Two-wheelers), By Application (Body Structure, Power Train, Suspension, Others), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2030” in detail along with the table of contents:
The power train application segment is estimated to cross USD 34,900 million by the end of the study timeline, showcasing 2.7% CAGR between 2022 and 2030 on account of the dramatic growth of the market for pure electric & plug-in hybrid vehicles.
North American automotive steel market is slated to register 2% gains and accumulate a valuation of over USD 25,940 million by 2030. The market growth is driven by mounting consumer inclination toward SUVs & luxury cars in the region.
The strategic landscape of the industry is likely to witness research & development and strategic acquisitions by industry players. To cite an instance, In March 2021, U.S. Steel acquired the flat rolled sheet patents and trademarks of The NanoSteel Company, Inc. With this acquisition, the firm offered its consumers advanced high-strength steel.
Key companies operating in the automotive steel market are TATA Steel, ArcelorMittal, China Steel Corporation, United States Steel Corporation, Hyundai Steel, JSW Group, POSCO, JFE Steel Corporation, Nippon Steel & Sumitomo Metal Corporation, NUCOR Corporation, Jindal Steel & Power, HBIS Group, Grow Ever Steel, Outokumpu OYJ, and Kobe Steel.