Press release
Automotive Steel Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | ArcelorMittal SA, Tata Iron and Steel Company Limited, Hyundai Steel Co. Ltd., United States Steel Corp.,
Automotive Steel Market Characteristics
The Business Research Company offers in-depth market insights through Automotive Steel Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Rising Demand For Automobiles Drives The Automotive Steel Market
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.
Competitive Landscape:
Major companies operating in the automotive steel market report are 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 .
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Top Trend - Innovative Product Developments
Product innovation is a key trend gaining popularity in the automotive steel market. Major companies operating in the automotive steel market are developing innovative products to strengthen their position in the market. For instance, in June 2022, Gestamp, a Spain-based automotive engineering company, in collaboration with SSAB, a Sweden-based steel industry company developed Docol1000CP steel, which has a significantly higher strength (1000 Mpa) than conventionally used grades. Docol1000CP is a new steel with high strength, lighter in weight, more environmentally friendly, and is used to manufacture chassis part for the Toyota Yaris. The unique features of Docol 1000CP help to produce lighter parts and it offers a very positive behaviour against fatigue.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Steel Market Characteristics
3. Automotive Steel Market Trends And Strategies
4. Automotive Steel Market - Macro Economic Scenario
5. Automotive Steel Market Size And Growth
…..
27. Automotive Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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