The global Automotive Steel Market is projected to reach USD 130.07 billion by 2025, according to Million Insights. The market is expected to grow with the 3.2% CAGR above the forecast period, from 2019 to 2025. Increasing demand for lightweight vehicles coupled with the expansion of production facilities in Asia Pacific is expected to drive the growth of automotive steel market over the forecast period. Increasing demand for electric vehicles across the globe is another factor expected to propel the demand for steel material in the automotive industry. Electric vehicles play an important role in meeting the environmental goals to reduce CO2 emission, as these vehicles are manufactured with lightweight materials such as steel. According to the International Energy Agency, in 2017, more than 1 million cars were sold across the globe and China has accounted for over 50% sales.
JFE Steel Corp.
Request free sample to get a complete analysis of top-performing companies @ https://www.millioninsights.com/industry-reports/global-automotive-steel-market/request-sample
Market Synopsis of Automotive Steel Market:
Europe is one of the largest regions for vehicle production and contributes to 6.85% of its GDP in the automotive industry. Investment in automotive R&D activities and growing focus on reducing CO2 emission are major factors expected to propel the demand for lightweight chassis components in Europe.
Passenger vehicle segment is projected to witness significant growth in terms of volume from 2019 to 2025. Due to the development of small and microcar components, market players are expanding their product lines in this segment.
Major companies operating in steel industries are focusing on the development of high strength steel that enables automakers to manufacture lightweight and thin automotive parts along with safety features. Steel companies are collaborating with global universities and research institutes in order to develop high-quality steel for the automotive industry.
Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Automotive Steel: Market Variables, Trends & Scope
Chapter 4 Automotive Steel: Product Estimates & Trend Analysis
Chapter 5 Automotive Steel: Application Estimates & Trend Analysis
Chapter 6 Automotive Steel: End-use Estimates & Trend Analysis
Chapter 7 Automotive Steel: Industrial End-use Estimates & Trend Analysis
Chapter 8 Automotive Steel: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Automotive Steel: Manufacturers Company Profiles
Browse Related Category Research Reports @ https://millioninsightsmarket.blogspot.com