Press release
Automotive Stainless Steel Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | ArcelorMittal SA, Pohang Iron and Steel Co. Ltd. (POSCO), Nippon Steel Corporation, Tsinghan Holding Group
Automotive Stainless Steel Global Market Report 2024
As per the report, the automotive stainless steel market size has grown strongly in recent years. It will grow from $119.59 billion in 2023 to $126.51 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The automotive stainless steel market size is expected to see steady growth in the next few years. It will grow to $153.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
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Electric Vehicle Revolution Sparks Surge In Automotive Stainless Steel Market Growth
The adoption of electric vehicles is expected to propel the growth of the automotive stainless-steel market going forward. An electric vehicle is a vehicle that can be driven by an electric motor that draws energy from a battery and is charged externally. The automotive industry continues to evolve with advancements in electric and autonomous vehicles, which need durable and reliable materials like stainless steel that offer corrosion resistance, strength, and design flexibility. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the number of electric vehicles (EVs) on U.S. roads is projected to increase from 2.4 million in 2021 to 26.4 million by 2030. Further, electric vehicles' annual sales are expected to reach about 5.6 million in 2030, accounting for around 32% of total light-duty yearly vehicle sales. Therefore, adopting electric vehicles will drive the growth of the automotive stainless-steel market.
Innovative Green Stainless-Steel Initiatives In The Automotive Industry
Major companies operating in the automotive stainless-steel market are concentrating on creating innovative stainless steel, such as green stainless steel, to reduce environmental carbon footprints and gain a positive image in the market. Green stainless steel for automotive applications indicates that the raw materials utilized in producing stainless steel are responsibly sourced with a focus on environmental considerations. For instance, in September 2022, Outokumpu Oyj, a US-based stainless-steel producer, launched Circle Green. This sustainable stainless-steel line boasts a carbon dioxide footprint 92% lower than the industry average and 64% lower than their standard stainless-steel production. This achievement is attributed to the use of bio-based materials such as biogas, biodiesel, and bio-coke alongside electricity sourced from low-carbon outlets. This innovation aligns with the demand for eco-friendly and durable products, contributing to a more sustainable future. The production was executed at an industrial scale, marking a significant step towards Outokumpu's sustainability objectives.
The automotive stainless steel market covered in this report is segmented -
1) By Tube Type: Straight Tubes, U-Bends, Coiled Tubes
2) By Manufacturing Method: Seamless Tubes, Welded Tubes
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Exhaust Systems, Fuel And Break Lines, Heat Exchangers, Structural Components, Other Applications
5) By End-Use: Original Equipment Manufacturers (OEMs), Aftermarket
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Major companies operating in the automotive stainless steel market report are ArcelorMittal SA, Pohang Iron and Steel Co. Ltd. (POSCO), Nippon Steel Corporation, Tsinghan Holding Group, Baosteel Group, ThyssenKrupp AG, Nucor Corporation, JFE Steel Corporation, Cleveland Cliffs Inc., Salzgitter AG, Outokumpu Oyj, Sandvik AB, Acerinoc SA, Commercial Metals Company, Jindal Stainless Limited, Sanyo Special Steel Co. Ltd., Yieh Corporation, Aperam SA, British Steel Ltd, Tubacex S.A., Acciai Speciali Terni S.p.A., Centravis, Ta Chen International Inc., Plymouth Tube Company, Venus Wire Industries Pvt. Ltd., Crucible Industries LLC, Handytube Corporation, Bri-Steel Manufacturing. Ltd., The Fischer Group, Stanch Stainless Steel Co. Ltd.
Contents of the report:
1. Executive Summary
2. Automotive Stainless Steel Market Report Structure
3. Automotive Stainless Steel Market Trends And Strategies
4. Automotive Stainless Steel Market - Macro Economic Scenario
5. Automotive Stainless Steel Market Size And Growth
…..
27. Automotive Stainless Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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