Steel Market for automotive & aerospace applications worth over $165 billion by 2026

According to a new research report by Global Market Insights, Inc., the steel market for automotive & aerospace applications size is set to surpass $165 Billion by 2026.
 

Increasing government investment towards aerospace research & development coupled with rising expenditure by airlines in cabin interiors to improve passenger travel should escalate the overall market growth. Steel materials in aerospace applications provide lightweight, aesthetic interiors and high temperature resistance for better jet fuel efficiency which are the major attributes driving the product demand from the industry. In addition, growing demand for new-generation aircrafts on account of increasing advancements in aircraft manufacturing shall further escalate the expansion of steel market for automotive & aerospace applications.

 

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Aerospace applications require high quality materials which help maintain the integrity of the structure, provide high corrosion resistance and inertness to certain alkalis and chemicals. Steel products are widely served in exhaust components, high temperature engine and structural parts as they withstand exposure to extreme temperatures and help prevent thermal fatigue.
 

Growing penetration of steel wire rods in aviation industry to boost the market size

According to the global market insights reports, steel wire rods are gaining high popularity in the aviation industry pertaining to their high durability and finishing characteristics. The product offers superior oxidation and corrosion resistance, effective plasticity and processing properties. Furthermore, these wire rods are extensively used in spring coils and steering system of the vehicles as they provide high tensile strength and fatigue resistance.
 

Rising consumer inclination towards air transport pertaining to its economic feasibility and ease of convenience has substantially increased the number of consumers for air travel which shows significant growth opportunities for market expansion. Increasing awareness towards the environment-friendly benefits of steel materials in the manufacture of aircraft components shall further accelerate the steel market in the projected time period.
 

“As per industry forecasts, steel wire rods market is expected to witness substantial gains at over 3.5% by the end of 2026 owing to growing awareness towards the product properties”.
 

Browse key industry insights spread across 301 pages with 239 market data tables and 66 figures & charts from the report, “Steel Market Size for Automotive & Aerospace Applications By Product (Angles. Shapes and Sections, Hot-Rolled Bars and Rods, Wire Rod, Drawn Wire, Other Bars And Rods, Hot-Rolled Strip, Cold-Rolled Strip, Hot-Rolled Sheets And Coils, Plates, Cold-Rolled Sheets And Coils, Electrical Sheet And Strip, Tinmill Products, Galvanised Sheet, Other Coated Sheet, Steel Tubes And Fittings, Wheels And Axles, Castings, Forgings), By Application (Automotive, Aerospace), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/steel-market-for-automotive-and-aerospace-applications
 

Stringent government regulations towards rising vehicular carbon emissions to accelerate the market expansion

According to steel market for automotive & aerospace applications analysis, automotive application is expected to register substantial gains over 3.5% by 2026. Increasing investments in research & development towards the manufacture of high-performance automotive shows lucrative opportunities for market growth. Growing focus towards the development of lighter and thinner auto components so as to improve overall vehicle performance with optimal fuel efficiency shall further stimulate the market size.
 

 “As per the analysis, steel market size from automotive applications is projected to grow at about 3.5% by 2026 owing to its eco-friendly nature & minimal toxic gas emissions”.
 

Increasing adoption of steel in automobile manufacturing shall foster product demand in Asia Pacific

As per regional market analysis, growing presence of huge auto manufacturing bases in China, India is expected to offer optimum opportunities for market growth in the region. Steel is utilized in the manufacturing of exterior & interior body parts, panels and door beams on account of its unique mechanical properties which help improve passenger safety by ensuring that the energy produced in a collision is absorbed by deformation. In addition, ongoing trend towards the use of electric vehicles on account of growing vehicular emissions is further expected to augment the regional growth of steel market for automotive & aerospace applications.
 

Major market participants in steel market for automotive & aerospace applications industry are Tata Steel, Gerdua S/A, Essar Steel, Acerinox, Kobe Steel, POSCO, Steel Dynamics, Outokumpu OYJ and China Steel Corporation.
 

According to market trends, several major players of steel market for automotive & aerospace applications are also engaged in various strategies and initiatives including technological advancements, product innovations, and mergers & acquisition to gain significant market share.
 

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