Automotive Steel Market to reach USD 60.43 Bn by 2030, emerging at a CAGR of 13.6 percent and forecast 2024-2030

Automotive Steel Market Report Scope and Research Methodology

The report's scope covers a spectrum of steel types crucial to the automotive industry, including stainless steel, high-strength steel, high-carbon steel, low-carbon steel, and galvanized steel. It delves into the significance of these steel varieties in the production of diverse engine and vehicle components, ranging from wheel rims and exhaust pipes to radiators and automobile frames. The report explores the historical reliability of steel as a durable, economical, and versatile material in the automotive sector.
In terms of methodology, the report employs a rigorous research approach to analyze market trends, raw material price impacts, and the challenges faced by steel Original Equipment Manufacturers (OEMs). It incorporates a detailed examination of the influence of increases in raw material prices, particularly in India, where steel, aluminum, and copper prices have surged in the past six months. The impact of global fluctuations in raw material prices on automotive steel market suppliers and OEMs, such as Toyota Motor's significant price increase in steel materials, is meticulously analyzed.
Furthermore, the report scrutinizes challenges faced by steel OEMs, particularly in the context of environmental considerations. It highlights initiatives like the Ultra-Low CO2 Steelmaking (ULCOS) research and development project, aimed at reducing CO2 emissions by at least 50%, illustrating the industry's commitment to sustainable practices.

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What are Automotive Steel Market Dynamics:
In India, raw material prices are becoming more rigid with the full impact of cumulative rises expected in the third and fourth quarters of this fiscal year. The primary materials used in the car industry are steel, aluminum, copper, and rubber. In the past six months, steel has increased by 30Percent, aluminum by 40Percent, and copper by 77Percent. However, during August and October 2020, the cost of main raw materials increased by 9Percent year over year, with the price of steel and iron increasing the highest.
Over the past six months, flat steel prices have increased by 30Percent, driven mostly by an increase in global prices of over 25Percent between May and September. In the previous six months, steel prices increased by Rs 12,000 per MT, and annual steel contracts with car companies have already been amended upward. "Steel prices (hot-rolled coils) rose from Rs 36,000/MT in June to Rs 48,000/MT as of this writing in the past six to eight months.

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Automotive Steel Market Regional Insights:
This ascendancy is propelled by robust steel consumption in countries such as China, India, Thailand, Indonesia, and Malaysia. Notably, China's resilient recovery, characterized by a 9.1Percent increase in steel consumption, has played a pivotal role in the region's overall growth. The construction sector in China experienced a significant boost, driven by infrastructure spending and a 7Percent expansion in real estate investment, reaching approximately USD 2.2 trillion in 2020. Despite a decline of 1.9Percent in passenger car sales, commercial vehicle sales surged by 19Percent, fueled by government infrastructure expenditure and adaptations to meet stricter emissions regulations. India, the second-largest producer in the region, witnessed a 17.8Percent increase in output to 118.1 million tons in 2022. However, steel usage in India fell by 13.7Percent to 88.5 million tons in 2020 due to prolonged lockdowns impacting industrial and building activities. The market also witnessed fluctuations in Japan, where output climbed nearly 15Percent to 96.3 million tons in 2022, and Korea, with a steel consumption decline of 8Percent to 49.0 million tons in 2020. The ASEAN-5 area, including Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, experienced an 11.9Percent reduction in steel consumption to 68.7 million tons in 2020. This regional diversity underscores the need for market players to navigate nuanced trends and capitalize on opportunities tailored to each locale.

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What is Automotive Steel Market Segmentation:
by Vehicle Type
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles
by Application
Body structure
Power train
Suspension
Others
by Product
Transformation induced plasticity (TRIP) steel
Dual phase steel
Complex phase (CP)
Others

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Who are Automotive Steel Market Key Players:
1. JSW Steel (India)
2. Steel Authority of India Limited (India)
3. Tata steel (India)
4. Nippon Steel Corporation (Japan)
5. JFE Holdings, Inc. (Japan)
6. POSCO (South Korea)
7. Hyundai Steel Co., Ltd (South Korea)
8. China Baowu Steel Group Corp., Ltd. (China)
9. Ansteel Group Corporation Limited (China)
10. Hesteel Group (China)
11. Jiangsu Shagang Group (China)
12. Jianlong Steel (China)
13. Hunan Valin Steel (China)
14. Fangda Steel (China)
15. Tsingshan Holding (China)
16. CITIC Group (Hong Kong)
17. Novolipetsk Steel (Russia)
18. ArcelorMittal S.A. (Luxembourg)
19. ThyssenKrupp AG (Germany)
20. United States Steel Corporation (US)
21. Nucor Corporation (US)
22. Steel Dynamics, Inc. (US)
23. Techint Group (Argentina)
Table of content for the Automotive Steel Market includes:
1. Global Automotive Steel Market: Research Methodology

2. Global Automotive Steel Market: Executive Summary
• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry
3.Global Automotive Steel Market: Competitive Analysis
• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact

4 . Company Profile: Key players
• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments
Key Offerings:
• Past Market Size and Competitive Landscape (2022 to 2029)
• Past Pricing and price curve by region (2022 to 2029)
• Market Size, Share, Size and Forecast by different segment | 2022-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by growth and trend
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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