Overview and Scope
Automotive steel refers to the different types of steel that is used in manufacturing of various vehicle components. It usually requires raw materials such as iron ore and coal to melt in a blast furnace to produce molten iron. The iron ore is subsequently refined and alloyed with additional elements to produce suitable quality steel.
Sizing and Forecast
The automotive steel market size has grown steadily in recent years. It will grow from $111.82 billion in 2023 to $117.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to vehicle production and sales, weight and fuel efficiency concerns, safety and crashworthiness requirements, cost-effectiveness and affordability, recyclability and sustainability..
The automotive steel market size is expected to see strong growth in the next few years. It will grow to $142.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to global automotive industry growth, stringent emission regulations, electric vehicle manufacturing, innovation in steel alloys, integration in advanced manufacturing techniques.. Major trends in the forecast period include increased interest in tailored blanks, integration of third-generation advanced high-strength steel (3gahss), collaboration for innovation, focus on sustainable steel production, integration of smart manufacturing technologies, globalization of supply chains..
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Segmentation & Regional Insights
The automotive steel market covered in this report is segmented –
1) By Component: Mild Steel, Alloy Steel, High Strength Steel, Advanced High Strength
2) By Process: Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF)
3) By Application: Body structure, Power train, Suspension, Other Applications
4) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
Asia-Pacific was the largest region in the automotive steel market in 2023. The regions covered in the automotive steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for automobiles is expected to propel the growth of the automotive steel market going forward. Automobiles are self-propelled vehicles meant to transport passengers or cargo on roadways. Automotive steel is increasingly using in automobile manufacturing as it allows automakers to reduce overall vehicle weight, can improve fuel efficiency, reduce emissions and durability. For instance, in 2022, according to the International Organization of Motor Vehicle Manufacturers (OICA), a France-based international trade association, the global production of motor vehicles, including cars, trucks, and buses, reached 85,016,728 million units in 2022, up from 80,145,988 million units in 2021. Furthermore, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Therefore, rising demand for automobiles is driving the growth of the automotive steel market.
Key Industry Players
Companies in the automotive steel market are increasingly focusing on strategic partnerships and collaborations to improve their financial strength, strengthen their product portfolio and expand their geographical presence. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For example, in June 2023, Outokumpu, a Finland-based manufacturer of stainless steel, partnered with Thyssenkrupp Materials Processing Europe, a Germany-based steel processing company, and Boysen Group, a Germany-based exhaust system manufacturer, to introduce the world’s first towards-zero stainless steel to the automotive industry. The collaboration aims to supply larger quantities of Outokumpu’s Circle Green product to the automotive industry starting in the second half of 2023. Further, the partnership represents a significant milestone in the pursuit of a low-emission automotive industry. The collaboration involves material supply, processing, and just-in-time delivery to enable more sustainable supply chains in the automotive industry. The use of Circle Green stainless steel sets a global precedent for low emissions throughout the production chain.
The automotive steel market report table of contents includes:
- Executive Summary
- Automotive Steel Market Characteristics
- Automotive Steel Market Trends And Strategies
- Automotive Steel Market – Macro Economic Scenario
- Global Automotive Steel Market Size and Growth
.
- Global Automotive Steel Market Competitive Benchmarking
- Global Automotive Steel Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Steel Market
- Automotive Steel Market Future Outlook and Potential Analysis
- Appendix
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