What is the Historical Analysis of the Automotive Steel Market Size?
The automotive steel market has seen considerable growth due to a variety of factors.
• In the last few years, there's been a constant growth in the automotive steel market size. It is forecasted to increase from $115.71 billion in 2024 to $120.9 billion in 2025, marking a compound annual growth rate (CAGR) of 4.5%. Factors such as vehicle production and sales, concerns about weight and fuel efficiency, requirements for safety and crashworthiness, affordability and cost-effectiveness, recyclability, and sustainability have all contributed significantly to this historical growth.
What is the Forecasted Market Size and CAGR for the Automotive Steel Market Size In The Coming Years?
The Automotive Steel market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, it is predicted that the automotive steel market will witness a robust growth, escalating to $151.3 billion by 2029 with a compound annual growth rate (CAGR) of 5.8%.
This projected growth in the market is due to several factors such as the expansion of the global automotive industry, strict emission rules, the rise of electric vehicle production, advancements in steel alloys, and the adoption of sophisticated manufacturing techniques. The forecast period will also see several trends, including a growing desire for tailored blanks, the use of third-generation advanced high-strength steel (3gahss), partnerships for innovation, emphasis on sustainable steel manufacturing, the incorporation of intelligent manufacturing technologies, and the globalization of supply chains.
What Key Factors and Trends Are Driving The Growth Automotive Steel Market?
The burgeoning need for automobiles is predicted to fuel the expansion of the automotive steel market in the future. Automobiles, which are self-propelled vehicles designed for the transportation of passengers or freight on roads, are utilizing automotive steel more frequently in their production. This is because it enables vehicle manufacturers to lessen the overall weight of the automobile, enhance fuel efficiency, diminish emissions and increase durability. As evidence, data from the International Organization of Motor Vehicle Manufacturers (OICA), a trade association based in France, reveals that the worldwide production of motor vehicles, inclusive of cars, trucks, and buses, skyrocketed to 85,016,728 million units in 2022, a significant increase from 80,145,988 million units in 2021. As a result, the escalating demand for automobiles is propelling the advancement of the automotive steel market.
What Are The Market Segments In The Automotive Steel Market?
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
Subsegments:
1) By Mild Steel: Low Carbon Mild Steel, Medium Carbon Mild Steel
2) By Alloy Steel: Low Alloy Steel, High Alloy Steel
3) By High Strength Steel: High Strength Low Alloy (HSLA) Steel, Dual Phase Steel
4) By Advanced High Strength: Transformation-Induced Plasticity (TRIP) Steel, Martensitic Steel, Complex Phase Steel
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What Trends Are Shaping The Automotive Steel Market?
In the automobile steel market, product innovation is becoming an increasingly admired trend. The big players in the sector are creating novel products to fortify their standings. For example, in June 2022, Gestamp, a Spanish automotive engineering company, joined forces with SSAB, a Swedish steel industry company, to introduce Docol1000CP steel. This new steel variant, with its impressive strength of 1000 Mpa, is markedly stronger compared to traditionally used grades. Notable for its superior strength and light weight, Docol 1000CP is environmentally friendly and utilized in the construction of chassis parts for the Toyota Yaris. The distinctive attributes of Docol 1000CP allow for the production of lighter components, and it demonstrates positive resilience to fatigue.
Who Are the Key Players In The Automotive Steel Market?
Major companies operating in the automotive steel market include:
• ArcelorMittal SA
• Tata Iron and Steel Company Limited
• Hyundai Steel Co. Ltd.
• United States Steel Corp.
• JSW Steel Ltd.
• Pohang Iron and Steel Company
• Nippon Steel Corporation
• JFE Steel Corporation
• Nucor Corporation
• Thyssenkrupp Steel Europe AG
• China Baowu Steel Group Corp. Ltd.
• Hesteel Group Company Limited
• Kobe Steel Ltd.
• Jindal Steel and Power Limited
• Grow Ever Steel Pvt. Ltd.
• Outokumpu Oyj
• Baosteel Group Corporation
• China Steel Corporation
• Gerdau S.A.
• Essar Gujarat Limited
• AK Steel Holding Corporation
• Steel Authority of India Limited
• Wuhan Iron and Steel Corporation
• Maanshan Iron & Steel Company Limited
• Shougang Corporation
• Ansteel Group Corporation Limited
• HBIS Group Co. Ltd.
• Shandong Iron and Steel Group Co. Ltd.
• Jiangsu Shagang Group Co. Ltd.
• Valin Holdings Group Co. Ltd.
• Benxi Steel Group Corporation Limited
• China Minmetals Corporation
• China National Chemical Corporation
What Are The Regional Insights Into The Automotive Steel Market?
Asia-Pacific was the largest region in the automotive steel market in 2024. The regions covered in the automotive steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
