What's Driving Automotive Metal Market Growth? Tata steels, Hyundai steel, Essar steel, Novalis, Posco, Voestalpine
This report provides an exhaustive account of the industry including:
o Automotive Metal Market size, annual forecast from 2020 to 2026
o Major automotive metal industry trends, technology evolution, economic indicators and business challenges
o Regulatory and geopolitical trends impacting the industry
o Business drivers and pitfalls impacting key regional markets
o Competitive landscape of the industry and detailed profiles on major companies
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Growing use of steel in automobile production
Automotive manufacturing uses high a substantial percentage of steel, amounting for up to 900 kg of steel per vehicle on average. About 34% of steel is used in doors, trunk closures, the body structure and panels for high energy adoption and strength in case of a crash. 23% of the metal is used in drive trains that consist of cast iron mainly for the engine block as well as machinable carbon steel for all the wear-resistant gears.
Rolled high-strength steel strip is used in suspension and the remaining is used across tires, tanks, steering and braking systems, among others. Advanced High Strength Steel (AHSS) makes up a notable amount of the new designs in vehicles' body structure making them lighter in weight and enabling decent fuel efficiency as desired by several governments and regulatory authorities for the reduction of greenhouse gas emission.
Large number of steel applications in automotive manufacturing will directly accelerate automotive metal industry share. Tata Technologies and NIO China had inked a partnership in 2018 for developing the latter's range of electric vehicles, wherein the companies intended to work on an all-aluminum electric car. The companies had been focused on weight optimization to boost efficiency which led both firms to secure targets related to weight reduction.
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Initiatives for weight reduction that can lead to the production of lighter metal components will create positive growth prospects for automotive metal market players in the near future.
Key market players are Tata steels, Hyundai steel, Essar steel, Thyssenkrupp AG, Novalis, Posco, Voestalpine Group, Nippon steel & Sumitomo Metal corporation, United steel corporation, ArcellorMittal, UACJ Corporation, Kobe Steel, AMG Advanced Metallurgical Group, Constellium NV,Massey Ferguson Ltd. and Norsk Hydro among others.
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