Selbyville, Delaware, Feb. 12, 2020 (GLOBE NEWSWIRE) — According to the report published by Global Market Insights Inc., the global is set to observe massive growth over the coming years and may exceed a total valuation of $165 billion by 2026, registering a CAGR of 4.5% from 2019 to 2026. The rapid transformation of the automotive and aerospace sector is playing a major role in industry expansion. Shifting preference towards high strength and lightweight automobile components that reduce overall vehicle weight and facilitate a better fuel economy is fostering industry share growth.
The introduction of policies and regulations that support automotive manufacturing activities across emerging economies like Vietnam, India, and China is further impelling market expansion. Substantial economic development has increased the purchasing power of customers, which should subsequently boost the demand for automobiles. Automakers’ efforts to enhance energy efficiency by implementing lightweight steel components in vehicle designs are a key factor responsible for the proliferation of the steel market for automotive and aerospace applications.
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Key reasons for the steel market for automotive and aerospace applications growth:
- Growing traction of the automotive sector in the Asia Pacific.
- The increasing number of consumers opting for air travel.
- Increasing implementation of steel forgings in the automotive industry.
2026 forecasts project increasing air freight and transport:
Speaking of aerospace applications, the steel market is likely to observe significant growth over the coming years due to rising air freight and increasing air transport. This product provides higher resistance to temperature and corrosion improving the performance and work-life of aircraft engines and exhaust components. Additionally, steel is extensively used in the joints of aircraft superstructure to enhance durability and lower the mid-flight failure possibility. Based on these factors, the segment is anticipated to grow at a rate of 2.5% through 2026.
The Asia Pacific to play a major role in revenue growth:
On the geographical front, the for automotive and aerospace applications in the Asia Pacific was valued at more than $75 billion in 2018. The region is likely to retain its top position in terms of growth. The growing prevalence of the automotive sector in the region, along with the emerging middle-class population is impelling the industry share in APAC. Major market players such as Hyundai, Suzuki Motor Corp., and Volkswagen are investing heavily to develop novel automotive models, using beneficial regulatory policies to accelerate automotive production.
Key market players:
Some of the key companies majorly contributing to the steel market for automotive and aerospace applications are Tata Steel, JFE Steel Corporation, Outokumpu OYJ, Thyssenkrupp AG, China Steel Corporation, and Hyundai Steel, among others. These players are primarily involved in different strategies such as R&D investment, mergers and acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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