Automotive Steel Casting Market 2021 Explosive Factors of Revenue by Industry Statistics, Size, Demands, Trends, Opportunity, Share and Forecast To 2027
The Global Automotive Steel Casting Market Size is Projected to Reach at a CAGR of 6% during 2021-2026.
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The rise in disposable income of consumers has increased their spending power, which in turn is driving the sales of automotive vehicles and boosting the automotive steel casting market. Moreover, an increase in government initiatives for infrastructure development increases the efficiency of transportation and distribution channels, which further propels the market. The rise in demand for automotive vehicles from different industries such as mining, construction, oil & gas, transportation, and logistics increases the need for automotive parts.
Automotive manufacturers are using advanced technology to manufacture vehicles, which decreases their production time and cost, thereby enhances the use of steel casting components. Moreover, manufacturers employ latest technologies to develop durable components, which further improves the quality of the product. Furthermore, rising demand for electrification of vehicles is also driving the market.
Top Leading Companies:
POSCO, ArcelorMittal S.A., Hitachi Metals Co., Ltd., ThyssenKrupp AG, TATA Steel, Baosteel Group Corporation, Voestalpine Group, Nucor Corporation, HBIS Group Co., Ltd., Nippon Steel Corporation
Posco has acquired 1 company. The Company’s most targeted sectors include metals/mining (100%). POSCO engages in the manufacture and distribution of steel products. The Company operates in the steel business, engaged in the manufacture of hot-rolled steels, steel plates, wire rods, cold-rolled steels, galvanized steels, electrical galvanized steels, stainless steels, titanium products, magnesium products and others; trading business, engaged in the trading of steel products. POSCO was founded in 1968 and is based in Pohang, South Korea.
In February 2021, Endurance Technologies commenced commercial production at its new plant in Vallam, Vadagal, Kancheepuram, Tamil Nadu. The plant will manufacture aluminium die-castings and carry out the integration of disc brake components with control brake modulators for supplying machined aluminium castings to Hyundai, Kia, Royal Enfield.
In December 2020, Ryobi Aluminium Casting (UK) Ltd announced that it has secured a significant new multi-million-pound contract with an emerging transmission supplier specializing in electrified drivetrains for the automotive market. The deal is worth almost GBP 15 million annually, the deal will see the manufacturer produce 150,000 clutch and transmission cases per year for new hybrid vehicles commencing 2023.
Automotive Steel Casting Market Segmentation by Type:
High-Pressure Die Casting (HPDC)
Low-Pressure Die Casting (LPDC)
Automotive Steel Casting Market Segmentation by Application:
Light Commercial Vehicle
Heavy Commercial Vehicle
Hybrid Electric Vehicle
Plug-in Hybrid Electric Vehicle
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Automotive Steel Casting Market in the Asia Pacific to Expand Significantly
The automotive steel casting market in Asia pacific is estimated to expand significantly due to an increase in population, rise in urbanization, aggressive investments by vehicle manufacturers, and initiatives by governments for infrastructural development. Production of automotive vehicles, especially passenger cars and commercial vehicles, is rising due to the easy availability of steel in Asia Pacific. Moreover, increase in number of original equipment manufacturers of automotive parts in Asia Pacific further boosts the steel casting market in the region. Furthermore, the demand for premium vehicles, hybrid and electric vehicles is rising in Asia Pacific, which is estimated to drive the market in the region. Companies in China and other countries in the region are focusing on the development of electric vehicle charging stations, which is projected to increase the sales of EV, HEVs, and PHEV vehicles. Additionally, Europe has large number of automotive manufacturers who are investing in the design of eco-friendly components for their vehicles, which is estimated to further fuel the automotive steel casting market in the region.
Regional Automotive Steel Casting Market (Regional Output, Demand & Forecast by Countries)
North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Ecuador, Chile)
Asia Pacific (China, Japan, India, Korea)
Europe (Germany, UK, France, Italy)
Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran) And additional.
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Highlights of the Automotive Steel Casting Market Report:
Detailed overview of Automotive Steel Casting Market
Changing the Automotive Steel Casting market dynamics of the industry
In-depth market segmentation by Type, Application, etc.
Historical, current and projected Automotive Steel Casting market size in terms of volume and value
Recent industry trends and developments
Competitive landscape of Automotive Steel Casting Market
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising growth.
The research includes historic data from 2016 to 2021 and forecasts until 2026 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Finally, the Automotive Steel Casting Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and market development rate and figure, and so on. Automotive Steel Casting industry report additionally Presents a new task SWOT examination, speculation attainability investigation, and venture return investigation.
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