According to Market Research Future (MRFR), the global automotive plain carbon ERW tubes market is projected to register a 7.36% CAGR from 2022 to 2030 (forecast period). The report outlines the market opportunities and market implications that arose as a result of the COVID-19 pandemic.
The automotive industry is rising at an accelerated pace. As this sector rises, the demand for better components is also growing, increasing the demand for and installation of automotive pain carbon ERW tubes. These tubes are used for steering, body frames, and shock absorbers. ERW tubes are made of carbon after combining with sulfur, manganese, and other materials. These tubes have excellent weldability and are ideal for cold deformed shapes. The expansion of the aftermarket segment and the increase in demand for lightweight yet powerful has provided this market with lucrative growth opportunities.
Plain Carbon ERW Tubes Market Dynamics
Rapidly developing regions will create maximum opportunities for market players. Companies are making their supply chains stronger, which will allow market players to achieve their targets at a very fast pace. Companies are investing in research and development initiatives to unfold new aspects, put additional pressures on the industry, and allow the market to speed up.
Apart from its uses and features, the global automotive plain carbon ERW tubes market faces challenges from the unstable cost of raw materials, which has hindered the global market's growth.
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Plain Carbon ERW Tubes Market Segmentation
The global market for automotive plain carbon ERW tubes has been segmented into application and vehicle type.
By application, the market has been segregated into frames, suspension, exhaust, and others. In 2018, the frame segment had the largest market share. The tubes in the vehicle frame assemblies must be too rigid and solid to reach the payload capacity and withstand shocks, twists, tension, and vibrations when driving on uneven roads. Automotive component manufacturers are mainly developing vehicle chassis by using carbon-containing ERW tubes to meet the demand for fuel and payload performance. In addition, frames are manufactured with the support of plain carbon ERW tubes. It is commonly used to manufacture seat frames, body frames, rear body frames, bumper frames, and headrest frames.
By vehicle type, the market has been segregated as a passenger car and commercial vehicle. Passenger cars broadly use automotive plain carbon ERW tubes around steering links, steering column, shock absorber, propeller shaft, tie rod, and axel tube. The growth in demand for passenger cars due to an increase in population and an increase in buying power is projected to increase the share of the passenger car segment. The demand for passenger safety from individual users and government standards is anticipated to propel the growth of this segment over the projected period.
Plain Carbon ERW Tubes Market Regional Analysis
Regionally, the global automotive plain carbon ERW tubes market has been segmented into Europe, North America, Asia Pacific, and the rest of the world.
North America is expected to see an excellent rise in the automotive plain carbon ERW tubes market. The growing demand for ERW tubes in various automotive applications and the increase in vehicle production are the main factors driving the market's growth in this area. This area is distinguished by the involvement of leading plain carbon ERW tubes manufacturers and tier-1 vehicle component suppliers, who also sell their products to aftermarket buyers, like chassis and frame remanufacturing, rebuilding, and recycling firms. The presence of prominent plain carbon ERW tubes manufacturers like North American Steel & Pipe, AK Tube Corporation, and Innoventive Industries Limited is expected to further increase demand for plain carbon ERW tubes in the area during the forecast period.
In 2018, Europe had the second-largest market share in the global automotive plain carbon ERW tubes market. Growing investment in R&D by regional market players, a spike in vehicle sales, and many automotive component suppliers in the region. In 2017, the European Automotive Manufacturers' Association (ACEA) estimated that automobiles and related components exported by the region amounted to USD 142,725.1 million. Prominent automotive plain carbon ERW tubes manufacturers are expanding their presence across a growing distribution channel and the stock market in this area, which further increases the demand for plain carbon ERW tubes, components, and parts from premium German OEMs, like Audi, Mercedes, and BMW, is pushing global market players to improve and grow their operating network in Europe.
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Asia Pacific is one of the key markets for automotive plain carbon ERW tubes. Due to developing countries such as China, India, and Japan, the region is the largest market. The expansion of the automotive component manufacturing industry in the Asia Pacific is driven by the burgeoning automotive manufacturing industry, mainly in India, China, and Malaysia. As a result, global automotive component manufacturers have developed their production and distribution facilities in the Asia Pacific.
Plain Carbon ERW Tubes Market Key Players
- JFE Steel Corporation (Japan)
- AK Steel Corporation (US)
- Innoventive Industries Limited (India)
- Hyundai Steel (South Korea)
- Nippon Steel Corporation (Japan)
- Tata Precision Tubes (India)
- Jindal Pipes Ltd (India)
- ArcelorMittal (Luxembourg)
- Tubular Steel Inc. (US)
- and Rexal Tubes (India)
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