According to a new market report published by Credence Research “Global Automotive Steel Market Growth, Future Prospects and Competitive Analysis, 2018 – 2026,” the automotive steel market is expected to expand at a CAGR of 4.3% from 2018 to 2026. Rising adoption of advanced high strength steel as a trend towards lightweightness is driving the market to a great extent.
Rising issues towards the demand of higher safety measures and improving fuel efficiency in the automobiles are encouraging the use of lighter high strength steel. Vehicles made of high strength steel are light weight and leads to overall reduction of automobile weight, thus consuming small amount of fuel. Additionally, manufacturers are conducting extensive research for the development of multiple steel grades constituting properties similar to other metals so as to attain lightweightness of vehicles. In addition to it, steel exhibits high recycling efficiency in contrast to other metals. Presence of certain regulations such as the End of Life Vehicles (ELV) regulations in Japan, South Korea, India and European economies is projected to show robust growth to the steel implementation in automotive industry in the forecast period.
Consumer preference for light weight budget vehicles, government policies, environmental regulations are the key factors leading to the advancement of steel in automotive industry. Certain initiatives taken by governments across the globe such as improvement of fuel efficiency and reduction of carbon foot print also surge the market. Also, improvements in consumer willingness to spend on vehicles with long life and improved quality has motivated manufacturers to develop innovative products with high end features at relatively lesser costs. Apart from that, rising Governmental programs to improve the road infrastructure by improving the existing roads, maintaining highways as well as management of traffic jams is poised to boost the demand for cars, leading to enhanced requirement for automotive steel throughout the forecast period.
The automotive steel market is characterized by the presence of numerous key players. The key players throughout the industry are involved in the expansion, mergers and acquisition as part of their strategy so as to increase their reach along with consumer base. Major key players present in the market include ArcelorMittal, United States Steel Corporation, Severstal, Baosteel, JFE Steel Corporation, Nippon Steel, POSCO, ThyssenKrupp, Hesteel Group and TimkenSteel.
Browse the full report Automotive Steel Market Growth, Future Prospects and Competitive Analysis, 2018 – 2026 at http://www.credenceresearch.com/report/automotive-steel-market
- Increasing demand for high strength steel and advanced high strength steel in automotive industry.
- Rising consumer preference for light weight vehicle.
- Latin America offers major market growth potential.