Metal and Mineral

What Are The 5 Top Insights From The Automotive Steel Market Forecast 2024

April 1, 2024March 26, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Automotive Steel Global Market Report 2024, the automotive steel market is expected to show significant growth in the forecast period.

The automotive steel market has witnessed steady growth, with notable projections for the future. Several factors contribute to this growth trajectory:

Rising Demand for Automobiles

Automobile production and sales continue to surge globally.
Automotive steel aids in reducing vehicle weight, enhancing fuel efficiency, and ensuring durability.
Noteworthy increase in global production and sales of motor vehicles, as reported by reputable industry associations.

Innovative Product Developments

Key players focus on product innovation to strengthen market presence.
Collaborative efforts lead to the development of advanced steel alloys, catering to specific automotive needs.
Example of Docol1000CP steel, a high-strength, lightweight, environmentally friendly steel developed for chassis parts.

View More On The Automotive Steel Market Report 2024 – https://www.thebusinessresearchcompany.com/report/automotive-steel-global-market-report

Strategic Acquisitions

Acquisitions bolster market presence and expand geographical footprint.
Kloeckner Metals Corporation’s acquisition of National Material of Mexico (NMM) to tap into key automotive markets in Mexico.

Market Segmentation

Segmentation based on components, processes, applications, and vehicle types provides insights into diverse market dynamics.
Components include mild steel, alloy steel, high-strength steel, and advanced high-strength steel.
Processes encompass basic oxygen furnace (BOF) and electric arc furnace (EAF).
Applications span body structure, powertrain, suspension, and other automotive uses.
Vehicle types categorized into passenger vehicles, light commercial vehicles, and heavy commercial vehicles.

Regional Dominance

Asia-Pacific emerges as the largest region in the automotive steel market in 2023, indicating significant market potential and growth opportunities.

Future Outlook

Strong growth projections for the automotive steel market, with estimated growth from $111.82 billion in 2023 to $117.38 billion in 2024.
Compound annual growth rate (CAGR) of 5.0% expected through 2028, reaching a market size of $142.78 billion.
Forecasted growth attributed to global automotive industry expansion, stringent emission regulations, and increasing electric vehicle manufacturing.
Notable trends include the adoption of tailored blanks, integration of third-generation advanced high-strength steel (3gahss), collaboration for innovation, and emphasis on sustainable steel production.

Request A Sample Of The Global Automotive Steel Market Report 2024:

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The Automotive Steel Global Market Report 2024 provides an in-depth analysis on the automotive steel market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the automotive steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Weathering Steel Global Market Report 2024

Special Steel Global Market Report 2024

Electrical Steel Global Market Report 2024

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