According to the latest market report published by Research Nester“North America Automotive Stainless Steel Tubes Market: Outlook, Industry Analysis & Opportunity Evaluation – 2018-2027” that delivers detailed overview of the North America automotive stainless steel tubes market in terms of market segmentation by tube type, vehicle type, steel grade, by vehicle component, by diameter and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The stainless steel tubes sustains wide array of applications in the automotive industry. Exhaust system, transmission systems, structures, steering pipes and various other applications are widely made of material as stainless steel tubes in North America. The elevation in the commercial automotive vehicle production exhibits considerable growth in the automotive stainless steel tubes market.
Government initiatives catering automotive industry in the US to safeguard domestic manufacturing holds major derivation in the growth of North America stainless steel tube market. In addition, economic recovery from subprime crisis formulate to holds the demand of commercial vehicle. Surge in industrial production of the country since 2011 continues in 2019 propagating the demand of commercial vehicle in the country. In addition, elevation in various industries contains the major proportion of industrial growth directs the increased disposable income towards luxury goods and services. The simultaneous growth of disposable income in the country attains the growth of automotive industry accelerating the North America automotive stainless steel tubes market.. Growth in production of commercial vehicle in the US and Canada tends to enhance the long term market growth.
However, the substitute products such as carbon steel, aluminum, and titanium are offsetting the market growth since, they are becoming popular alternative to stainless steel tubes for automotive application. The raw materials holds attributes such as lighter mass and corrosion resistant properties making them suitable for the vehicles as compared to stainless steel hindering the growth of automotive stainless steel tubes over the forecast period. In addition, the volatile price of steel in the past inversely impact the profitability of automotive aligned industries such as automotive stainless steel tubes hampering the market growth.
In 2018, by volume, the automotive stainless steel tubes market was valued at 1.98 million tonnes and by value it remains at USD 8,712.2 million. The market is predicted to grow at a constant CAGR of 3.1% over the forecast period (2018-2027) and is estimated to cross 2.37 million tonnes by volume. In addition, by value the market is estimated to reach USD 11,478.9 billion the end of 2027.
The US automotive stainless steel tube market is estimated to dominate and was valued to USD 7,341.6 million in 2018. It is estimated to reach USD 9,763.1 million in 2027 registering a CAGR of 3.2% over the forecast period. The extensive growth among the commercial vehicle in the US augments the growth of the automotive stainless steel tube industry in the country. By volume, the automotive stainless steel tube market in the US was valued at CAGR of 1.7 million tonnes in 2018 and is estimated to reach 2.0 million tonnes in 2027 growing at a CAGR of 2.10% over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the automotive steel tube market in North America which includes company profiling of Sandvik Group, Nippon Steel, ArcelorMittal, ThyssenKrupp, Tubacex S.A., Handytube Corporation, Plymouth Tube Company, Fischer Group, Maxim Tubes Company Pvt. Ltd., JFE Steel Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America automotive stainless steel tubes market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.