Steel Market for automotive & aerospace applications projected to exceed $175 billion by 2027, Says Global Market Insights Inc.
SELBYVILLE, Del., Feb. 25, 2021 /PRNewswire/ -- Based on Global Market Insights Inc., report, the Steel Market for automotive & aerospace applications size was estimated at $125 billion in 2020 and is slated to surpass $175 billion by 2027, registering a CAGR of 5.4% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Increasing infrastructural & constructional activities coupled with supportive government regulations and growing demand for tin mill steel products as it offers excellent thickness uniformity, high quality, flatness, and suitability for producing automotive components, telecommunications cable is propelling the steel market growth.
The forging segment is anticipated to grow with a CAGR of over 4% by the end of 2027 owing to growing aircraft production and increasing passenger air travel. Steel forgings provide effective toughness, advanced strength, and superior surface quality which help in the manufacture of cables, shafts, and axles for use in various automotive applications.
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The ductility, strength, and reliability of the product maintain its performance in a wider temperature range which are the key attributes augmenting the steel market share. These products are used in a wide variety of applications and industries such as automotive and aerospace owing to their high degree of reliability & tolerances, compressive strength. Thus, it has wider acceptance in the aerospace industry and is used in interior components, landing & breaking components, flight-critical & safety components, and exterior & interior sensors.
Hot-Rolled Strip is gaining traction by the CAGR of 5% owing to its various benefits such as increased product life, improved in-service performance, reduced product weight, and material yield improvements. Significant demand for lightweight equipment and vehicles is creating lucrative growth opportunities for the steel market.
North America steel market for automotive & aerospace applications has a dominant share with a CAGR of 4% and the industry is further stipulated to grow owing to the rapid expansion of the aerospace and defense sector.
European steel market for automotive & aerospace applications is anticipated to gain traction with the CAGR of 5% at the end of 2027 owing to increasing electric vehicle demand in the UK & Germany will boost the automotive industry in Europe owing to a rise in per capita income and stringent marketing campaigns by major players such as Vauxhall, Lotus, Mini, and Volkswagen.
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The German electric vehicles market registered sales of over 100,000 vehicles in 2019, indicating tremendous growth opportunities for the market. The market share of electrical steel in electric automotive batteries will increase as it helps in reducing core losses and improving the efficiency of electric vehicles. The implementation of stringent emission norms and noise pollution regulations in Germany, France, and the UK is predicted to boost the demand for light electric aircraft. These listed factors are attributing to the growth of the steel market growth for automotive & aerospace applications.
Some of the key players operating in the steel industry are Celsa Steel UK, NJR Steel, Thyssenkrupp AG, ArcelorMittal, JFE Steel Corporation, Mechel OAO, Jiangsu Shagang Group, Commercial Metals Company, Nucor Steel, Essar Steel, Acerinox S.A., Hyundai Steel, Jindal Steel & Power Ltd., POSCO, Steel Dynamics, Inc. Baosteel Group, Gerdau S/A, Nippon Steel & Sumitomo Metal Corporation Daido Steel Co., Ltd., Kobe Steel, Ltd., Tata Steel, Steel Authority of India Limited (SAIL), China Steel Corporation, United States Steel Corporation, and Outokumpu OYJ.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Steel Market for Automotive & Aerospace Applications Report Overview - 2027
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