Global Automotive Steel Market Size, Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Automotive Steel Market


The global Automotive Steel market size is projected to reach US$ 79.96 billion by 2026, from US$ 64.67 billion in 2020, at a CAGR of 3.6% during 2021-2026. Increasing production of automobiles and demand for Electric Vehicles (EVs), particularly in North American and European countries, is likely to propel the market growth over the forecast period. Asia Pacific is expected to emerge as one of the fastest-growing regional markets for automotive steel in the coming years.

Rising vehicle production coupled with high demand for technologically advanced passenger cars is estimated to promote the market growth in this region over the forecast period. North America automotive sector has observed a steady growth, in terms of unit sales, from 2010 to 2017. As per the statistics of International Organization of Motor Vehicle Manufacturers (OICA) published in 2017, the overall motor vehicle sales in North America increased from 19.7 million units in 2010 to nearly 25.7 million units in 2017.

Such steady growth is likely to have a positive impact on the demand for automotive steel over the forecast period. As per the OICA statistics of 2017, the production volume of automobiles reached nearly 20.6 million units in 2017, which also contributed to the market development. Statistics published by Canada Vehicles Manufacturers

Association in 2016 state that the regional automotive sector contributed nearly USD 20 billion to the national GDP.
In addition, the contribution of the sector to the overall NAFTA trade was of nearly USD 230 billion in 2016. The overall trade figure mentioned above includes nearly 55% of the parts and 45% of the vehicles trade. Thus, the automotive industry in Canada is expected to be one of the key driver for the market in the years to come.

Market Segmentation, Outlook & Viewpoint: Global Automotive Steel Market

Vehicle Type Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  
Passenger Vehicles
  
Light Commercial Vehicles
  
Heavy Commercial Vehicles

Application Market Segmentation & Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  
Body structure
  
Power train
  
Suspension
  
Others

Key Players, Recent Developments & Regional Insights: Global Automotive Steel Market

Body structure segment led the global automotive steel market in 2017 and is expected to expand further over the forecast period. The increasing crash regulatory norms is pushing the manufacturers to use high strength metals. Thereby, driving the demand for advanced high strength steel demand in the body structure segment. Globally, power train segment is estimated to progress at a CAGR of 2.7% from 2018 to 2025.

Power train is a crucial element for the automotive manufacturers. Rising demand for high-performance, fuel-efficient, and lightweight vehicles is expected to be a key factor driving the segment growth over the next few years. Increasing complexity of design and mechanical operation resulting in high demand for automobile parts with high surface flatness, roughness, waviness, and porosity, which is also likely to support segment expansion.

Regional Insights

In terms of revenue, Asia Pacific was the largest regional market in 2017 and is said to expand further over the forecast years. Extensive R&D activities to cater to rising demand are expected to contribute to the market growth.
Europe accounted for 22.6% of the global market volume share in 2017. Recovery from the financial crisis in Europe has led to a rise in new passenger car registrations, particularly in Germany, France, Italy, and Spain. Moreover, consumers in Europe are adopting green and eco-friendly options, which is likely to augment the production of EVs, consequently propelling the market growth.

North America is expected to witness a CAGR of 2.6% from 2018 to 2025. U.S. is the largest producer, as well as consumer, of motor vehicles in this region. The country recorded overall vehicle sales of 11.7 million units in 2010 to 17.5 million units in 2017 as per the OICA statistics of 2017. Automotive industry in U.S. has been witnessing developments, in terms of vehicle type. advent of high-quality, compact SUVs has positively influenced the vehicle sales in the country.

Central & South America accounted for a revenue share of 3.9% in the global market in 2017. Rapidly expanding automotive sector in developing countries, such as Brazil and Argentina, is a major driving factor for the regional market. As per OICA statistics, Argentina accounted for a sales volume of nearly 900 thousand unit of vehicles in 2017. Thus, steady sales volume of vehicles in the region is likely to positively influence the market over the forecast period.

Automotive Steel Market Share Insights

Some of the prominent manufacturers in the market are ArcelorMittal S.A., China Steel Corp., Tata Steel Ltd., United States Steel Corp., HYUNDAI STEEL Co. Ltd. (HSC), POSCO, JSW Group, JFE Steel Corp., Nippon Steel & Sumitomo Metal Corp., and Nucor Corp.

Manufacturers often seek long-term contracts with raw material suppliers, such as Hausner Hard Chrome, Inc. and Masemanzi Mining Holdings, to avoid fluctuations in the supply. Iron ore, coal, metallic products (scraps, solid fuels, and alloys), natural gas, and base metals are the key raw materials used by the manufacturers.

Key Insights Covered: Global Automotive Steel Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Automotive Steel industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Automotive Steel industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Automotive Steel industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Automotive Steel industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Automotive Steel industry.

Research Methodology: Global Automotive Steel Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other