A recent study by Fact.MR on the Automotive Steel market offers a 10-year forecast for 2021 and 2031. The study analyzes crucial trends that are currently determining the growth of the Automotive Steel market. This report explicates on vital dynamics such as the drivers, restraints, and opportunities for key market players, along with key stakeholders as well as emerging players associated with the manufacturing of Automotive Steel . The study also provides dynamics that are responsible for influencing the future status of the Automotive Steel market over the forecast period.
A detailed assessment of the Automotive Steel market value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the Automotive Steel market along with their product portfolios enhances the reliability of this comprehensive research study.
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Key Takeaways from Global Automotive Steel Market
- The global Automotive Steel market is anticipated to create a value opportunity of around US$ 150 Bn during the forecast period, adding 1.6X times more value as compared to 2020.
- Growing R&D activities and new product launches are set to benefit the Automotive Steel market by the end of 2031.
- Passenger vehicles will account for more than 58% of the global Automotive Steel market by the end of the 2031.
- The chassis & suspension segment is anticipated to lose around 108 BPS during the forecast period of.
- China holds a leading share and accounts for more than 18 MMT of Automotive Steel production, to cater to the rapidly growing automotive manufacturing in the country.
- The markets in North America and Mexico are set to grow at a moderate pace, together accounting for around 20% demand share, globally.
“AHSS is set to be a promising material by the mid-term forecast period, owing to extensive inclination of automakers towards making vehicles light in weight”. Says Analyst at Fact.MR
COVID-19 Impact on Automotive Steel Market
The coronavirus pandemic has brought the whole world to a standstill. Business activities have registered a downturn in the form of dwindling sales due to reduced production and demand. The same is true for the Automotive Steel market. A prominent end use of Automotive Steel is in automotive application. The ongoing pandemic has led to a decline in all industrial activities, in the wake of disrupted supply chains.
Extended lockdowns across different countries have hit the production of Automotive Steel for the past months, as key manufacturing units and factories are shut. Even after these lockdowns are lifted, it will take at least a couple of quarters to restore production to normal. Thus, contracting demand from allied industries in the second quarter of 2021 will have a prolonged effect on the growth of the global Automotive Steel market.
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Global Automotive Steel Market Manufacturers: Key Strategies
The global Automotive Steel market is fragmented in nature. Voestalpine Stahl GmbH , POSCO, Formosa, JSR, Owen Corning, ThyssenKrupp AG, Trinseo, LG Chem, Aleris International, Dupont, Eastman, SGL Carbon SE, Guirt Holding AG, Teijin Limited, Hunstman, ExxonMobil, Covestro, Mitsubishi, DSM, Solvay, SSAB AB, Baoshan Iron & Steel Co., Ltd, Nucor Corp, Trinseo, Luxfer, Kaiser, Hindalco, Braskem, UFP Technologies, Asahi Kasei Corporation, Ineos, Chevron Phillips, SABIC, Toray, Celanese, BASF, and ArcelorMittal SA. are among the tier 1 players. Together, they are anticipated to account for more than 80% of the global market share in 2021.
Key manufacturers are observed to be involved in extensive research, product development, and collaborations with key manufacturers to enhance their market share. Moreover, these key manufacturers have also showcased inorganic strategies. For instance, in December 2020, two steel market giants, ArcelorMittal and Nippon Steel, together acquired loss making steel firm Essar Steel in India. This acquisition is set to enhance the company’s market share in the South Asia region.
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Automotive Steel Market: Segmentation
Fact.MR has studied the Automotive Steel market with detailed segmentation on the basis of by material, vehicle, application, and key regions.
- AHSS & UHSS
- PU and continued…
- Engine & Mechanical
- Chassis and Suspension
- Exterior & Structural
- Body Structure and Frame
- Body Panels & Trims and continued…
- North America
- Latin America Excluding Mexico
- Europe Excluding Germany
- East Asia Excluding China
- South Asia & Oceania and continued…
*Full Segmentation and Many Crucial Insights Available in Report *
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The study offers a comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the Automotive Steel market across the globe.
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