Press release
Steel Market Size for Automotive & Aerospace Applications | Top Key Players - ArcelorMittal, Nippon Steel & Sumitomo Corporation, Mechel OAO, Hyundai Steel
Steel Market
Preference for steel elements across the automotive & aerospace applications will garner significant momentum on account of the increasing focus towards reducing greenhouse gas emissions. The adoption of lightweight materials in transportation components has resulted in their increased fuel efficiency. Taking note of this factor, steel alloys are excessively preferred by auto and aero manufacturers as they offer robustness and are cost-friendly. They can be diversely engineered to enhance the performance of the vehicle while offering maximum crash safety.
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Furthermore, steel is environmentally friendly and imparts an aesthetically pleasing look. It is easy to manufacture, maintain, and clean. It is used as a constituent in orifices, fuel rails, and deep drawn automotive parts across the automotive sector. The aerospace industry witnesses a higher demand for precision cold processing in helicopter and military, landing gears, and jet engine components.
Weather sustainability in aerospace applications
Penetration of steel across the aerospace application is believed to increase over the following years. This can be attributed to their potential of exhibiting resistance against corrosion and extreme external conditions. There is a surging demand for steel in this sector as it witnesses a major presence in actuators, landing gear components, and aircraft control rods. It is also used in the production of cockpit fasteners for aircraft. Steel also plays a significant role in exhaust components to limit the instances of leaks and blockages that could lead to health hazards and accidents.
Wide scope of steel wire rods
Steel wire rods are likely to see a rise in adoption across automotive applications considering their attributes like strength, elongation, and stiffness. This has led to their higher use in pinion shafts, rack bars, ball housing, and tie rods in the steering & suspension systems as well as in bearings. The rods offer high tensile strength and fatigue resistance in automotive springs and enhance the overall performance, safety as well as lightweight features of the vehicles. They are also used as tire cords to impart strength and resistance against punctures.
Competitive strategies by key market players
Providers of various types of steel are consistently working on marketing strategies like acquisitions, mergers, capacity expansions, and partnerships to reach a wider customer base albeit the novel coronavirus pandemic. They are also focusing on novel product launches for the automotive and aerospace industry to gain a positive edge over other participants. For instance, Steel Authority of India Limited (SAIL), in February 2020, supplied special steel plates manufactured at its Bhilai Steel Plant for a satellite launch vehicle in India.
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ArcelorMittal, Nippon Steel & Sumitomo Corporation, Mechel OAO, Hyundai Steel, Celsa Steel UK, JFE Steel Corporation, U.S. Steel Corporation, Jiangsu Shagang Group, Commercial Metals Company, Kobe Steel Ltd., Jindal Steel & Power Ltd, Baosteel Group, OYJ, and China Steel Corporation, are some of the other major suppliers of steel operating in the business.
However, the presence of iron in steel indicates the need for regular painting to make it corrosion-free. The maintenance and fireproofing of steel components across automotive & aerospace applications could also incur higher costs, suggesting a negative outlook on the industry forecast.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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