The Automotive Steel Global Market Report 2023, provides comprehensive information on the automotive steel market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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https://www.thebusinessresearchcompany.com/report/automotive-steel-global-market-report
As per The Business Research Company’s Automotive Steel Global Market Report 2023, the market size is expected to grow from $107.81 billion in 2022 to $113.76 billion in 2023 at a compound annual growth rate (CAGR) of 5.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global automotive steel market size is expected to reach $135.24 billion in 2027 at a CAGR of 4.4%.
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Product innovation is a key trend gaining popularity in the automotive steel market. Major companies operating in the automotive steel market are developing innovative products to strengthen their position in the market. For instance, in June 2022, Gestamp, a Spain-based automotive engineering company, in collaboration with SSAB, a Sweden-based steel industry company developed Docol1000CP steel, which has a significantly higher strength (1000 Mpa) than conventionally used grades. Docol1000CP is a new steel with high strength, lighter in weight, more environmental friendly, and is used to manufacture chassis part for the Toyota Yaris. The unique features of Docol 1000CP help to produce lighter parts and it offers a very positive behaviour against fatigue.
The automotive steel market is segmented:
1) By Component: Mild Steel, Alloy Steel, High Strength Steel, Advanced High Strength
2) By Process: Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF)
3) By Application: Body structure, Power train, Suspension, Other Applications
4) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
Asia-Pacific was the largest region in the automotive steel market in 2022.
The table of contents in TBRC’s automotive steel market report includes:
- Executive Summary
- Automotive Steel Market Characteristics
- Automotive Steel Market Trends And Strategies
- Automotive Steel Market – Macro Economic Scenario
- Automotive Steel Market Size And Growth
…..
- Africa Automotive Steel Market
- Automotive Steel Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Automotive Steel Market
- Automotive Steel Market Future Outlook and Potential Analysis
- Appendix
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