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Global Automotive Steel Market Report 2023: Growth, Size, Share, Trends Analysis And Forecast To 2032
Automotive Steel Market
Automotive Steel Market Size, Growth Rate, And Forecast
The global automotive steel 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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Automotive Steel Market Drivers
The rising demand for automobiles is expected to propel the growth of the automotive steel market going forward. Automobiles are self-propelled vehicles meant to transport passengers or cargo on roadways. Automotive steel is increasingly using in automobile manufacturing as it allows automakers to reduce overall vehicle weight, can improve fuel efficiency, reduce emissions and durability.
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Automotive Steel Market Segments
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
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Automotive Steel Market.
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Automotive Steel Market Key Players
Major competitors in the Automotive Steel Market include ArcelorMittal, Tata Steel, HYUNDAI-STEEL, United States Steel, JSW Steel, Pohang Iron and Steel Company (POSCO), Nippon Steel Corporation, JFE Steel Corporation, Nucor Corporation, thyssenkrupp Steel Europe AG, China Baowu Steel Group Corp. Ltd, Hesteel Group Company Limited, Kobe Steel Ltd., Jindal Steel & Power, Grow Ever Steel pvt. Ltd., and Outokumpu Oyj
The Business Research Company's "Global Automotive Steel Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Automotive Steel Market Include:
1. Executive Summary
2. Automotive Steel Market Characteristics
3. Automotive Steel Market Trends And Strategies
4. Automotive Steel Market - Macro Economic Scenario
5. Automotive Steel Market Size And Growth
......
26. Africa Automotive Steel Market
27. Automotive Steel Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Steel Market
29. Automotive Steel Market Future Outlook and Potential Analysis
30. Appendix
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