Steel Market Size for Automotive & Aerospace Applications Top Countries Data, Industry Growth Analysis, Future Demand and Leading Players by 2027

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Steel Market Size for Automotive Aerospace
Applications Business Overview, Challenges,
Opportunities Analysis and Forecast to 2027
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Global Market Scenario of Steel Market Size for
Automotive Aerospace Applications Industry

• In the latest research report by steel market
  size is likely to surpass US 175 bn by 2027.
• Regarded as the worlds most recycled material,
  steel market production has witnessed a meteoric
  rise in the past few years. According to the
  World Steel Association, 630 megatons of steel
  are recycled annually. Besides, the year 2017
  witnessed material efficiency of recovery and use
  of steel industry by-products surge to 96.3.
• Steel is being highly sought-after across
  sectors, including automotive, construction, and
  transportation as the material of choice in the
  wake of attributes such as strength,
  availability, ductility, versatility, and
  recyclability. When it comes to construction
  sector, steel bridges are believed to be four to
  eight-fold lighter than those built from
  concrete.
• Trends in automotive sector
• Even though there has been a 13 dip in the crude
  steel production (137.1 million tons produced in
  April 2020), trends in automotive sector are
  poised to fuel the industry growth. Strong demand
  for advanced high-strength steels is likely to be
  witnessed as auto makers are gearing to roll out
  electric and self-driving vehicles.

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• Surged demand from aerospace sector driving
  growth
• While aluminum has been the status quo material
  for constructing aircraft components, stainless
  steel is gradually gaining ground as they are
  perceived to be corrosion resistance and can
  withstand higher temperature. Moreover, factors
  such as shear modulus and high tensile strength
  of stainless steel have made steel a desirable
  and marketable material for absorbing the impact
  stresses.
• Increased traction for stainless steel market is
  mainly linked to attributes such as resistance to
  wear and tear and its ability to handle
  impact/scratches damage as compared to aluminum
  parts. As such, steel has become a major revenue
  pocket in aircraft components, making it apt for
  aerospace parts, such as fasteners, actuators and
  landing gear components.
• Opportunities in Hot-rolled steel and cold-rolled
  steel
• Hot rolled steel presents massive opportunities
  for the steel market manufacturers as they have
  the innate ability to produce larger quantities
  of steel.

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360 Industry Analysis

• Challenges in the form of aluminum
• Notwithstanding steel being stronger than
  aluminum, the latter has been gaining prominence.
  Given than stainless steel is a bit heavier, its
  widespread application in aerospace sector may
  take a hit.
• That said, application of steel in
  state-of-the-art products and using it to make
  lighter and flexible products will bode well for
  stakeholders eyeing to expand their footfalls. By
  2050, steel use is set to be 1.5-fold higher than
  current levels to keep up with the demand of the
  demography.
•  

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• Competitive Analysis
• 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, Outokumpu OYJ, 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. and Baosteel Group. are some of
  the key players operating in the Steel Market
  Size for Automotive Aerospace Applications.

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