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Key Emerging Trends in the Automotive Plain Carbon ERW Tubes Market
The utilization of plain carbon electric resistance welding (ERW) tubes remains pivotal in various automotive applications, including steering linkages, steering columns, shock absorbers, propeller shafts, tie rods, body frames, rear body frames, and axle tubes. The growth trajectory of the global automotive plain carbon ERW tubes market is propelled by the rapid expansion of the automotive aftermarket and the burgeoning use of these tubes across diverse automotive components. However, the market's progression might encounter impediments due to escalating raw material costs.
Projections suggest that the global automotive plain carbon ERW tubes market is anticipated to witness a Compound Annual Growth Rate (CAGR) of around 7.36% throughout the forecast period, culminating in a valuation of USD 5,130.9 million by 2025. In the year 2018, Asia-Pacific emerged as the frontrunner in this market, commanding a significant share of 41.34%. It was trailed by Europe and North America, which secured shares of 27.14% and 19.16%, respectively.
The segmentation of the automotive plain carbon ERW tubes market is based on application, vehicle type, and region. Within the application segment, frames exhibited dominance by clinching a substantial share of 42.72% and a valuation of USD 1,343.6 million in 2018. This segment is predicted to sustain its lead, boasting the highest CAGR of 5.77% during the forecast period. Meanwhile, concerning vehicle type, the passenger car segment emerged as the market leader, commanding a share of 66.49% and accumulating a value of USD 2,091.2 million in 2018. This segment is projected to experience a growth rate of 6.69% throughout the forecast period.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increasing Row Material Prices |
Automotive Plain Carbon ERW Tubes Market Highlights:
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