Selbyville, Delaware, Aug. 15, 2022 (GLOBE NEWSWIRE) —
The global automotive steel market size is expected to record a valuation of USD 161.75 billion by 2030, according to the most recent study by Global Market Insights Inc.
The market growth is attributed to the rising demand for automobiles across the globe. Increasing initiatives to reduce fuel emissions across the automotive sector, along with shifting consumer interest toward electrical vehicles, will propel automotive steel uptake. Inconsistency in prices and disruptions in the supply chain may emerge as major restraining factors. On the other hand, the surging uptake of lightweight steel products in emerging economies may help industry players in extending their customer bases.
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Based on the process, the report segregates the automotive steel market into electric arc furnace (EAF) and basic oxygen furnace (BOF). The EAF segment will depict notable expansion at a CAGR of 3.08% by 2030 due to the enhanced efficiency of electric arc furnaces.
Driven by the minimizing use of heavyweight steel in vehicles, the low strength steel segment is predicted to observe a 2.4% growth rate and is anticipated to reach USD 28,635 million by 2030.
The heavy commercial vehicles segment in the automotive steel market is estimated to attain a more than 3% CAGR to garner over USD 19,320 million in revenue by 2030 owing to…
