As per the business intelligence report titled ‘Steel Market Size for Automotive & Aerospace Applications By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’ available with Market Study Report, global steel market for automotive & aerospace applications is anticipated to grow substantially during 2020-2026.
 

Factors such as escalating demand for strong as well as environment-friendly materials, emergence of durable variety of steel, and technological advancements in the business sphere are bolstering the growth of global steel market for automotive & aerospace applications.
 

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Moreover, advantageous attributes of steel such as high formability, versatility, and strength coupled with rising adoption across several applications including commercial, industrial, and residential are stimulating the expansion of global steel market for automotive & aerospace applications.
 

Based on product terrain, from the report states that the angles, shapes, and sections segment of global steel industry for automotive & aerospace applications is estimated to register a 4% CAGR through 2026. On the other hand, the drawn wire product segment is also expected to witness significant growth over the forecast period, owing to rising steel adoption in the aerospace sector due to its high durability.
 

The hot-rolled sheets & coils product segment is calculated to record a 6% CAGR during 2020-2026, primarily due to higher affordability and faster manufacturing process as compared to cold-rolled steel.
 

As per credible estimations, the galvanized steel product segment reflected a 3.5% revenue share in the overall market in the year 2018 and is expected to expand considerably through 2026. Factors such as high affordability and life expectancy, enhanced durability as well as performance, and low maintenance requirements are fostering the expansion of the segment.
 

From a regional point of view, Middle East & Africa steel market for automotive & aerospace applications is estimated to exhibit a 3% CAGR during 2020-2026, on account of surging consumer demand for high-performance vehicles coupled with flourishing automotive industry vertical.
 

Alternatively, North America accounts for around 12% of the overall market share and is predicted to attain significant expansion through 2026, due to rapid development in the construction, industrial, and automotive sectors.
 

Prominent organizations that define the competitive landscape of worldwide steel market for automotive & aerospace applications are ThyssenKrupp AG, NJR Steel Holdings (Pty) Ltd., Jiangsu Shagang Group Company Limited, Celsa Steel U.K., China Steel Corporation, Outokumpu OYJ, China Baowu Steel Group Corp., Ltd., Steel Dynamics, Inc., Nucor Corporation, POSCO, JFE Steel Corporation, Jindal Steel & Power Ltd., Commercial Metals Company, United States Steel Corporation, Kobe Steel, Ltd., Daido Steel Co., Ltd., Hyundai Steel Co., Ltd., Acerinox S.A., Mechel Mining OAO, Essar Steel India Ltd., Nippon Steel Corporation, Gerdau Acominas S/A, Steel Authority of India Limited (SAIL), Tata Steel Limited, and ArcelorMittal S.A.