Press release
Automotive Stainless Steel Market Anticipated To Witness Robust Growth, Surpassing $162.73 Billion By 2029
Automotive Stainless Steel
What Is the Current Automotive Stainless Steel Market Size and Its Estimated Growth Rate?
The market size for stainless steel used in the automotive industry has seen substantial growth in recent years. Its value is expected to increase from $126.51 billion in 2024 to $133.56 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.6%. Factors that contributed to historical growth include a rise in automotive manufacturing, a focus on lighter weight materials, escalating consumer demand for superior quality, stringent emission norms, and heightened focus on safety.
The market size for automotive stainless steel is predicted to witness substantial growth in the upcoming years, reaching $162.73 billion in 2029 with a compound annual growth rate (CAGR) of 5.1%. This growth during the forecast period could be due to the ongoing trends towards lightweight materials, the expanding electric vehicle (EV) market, emphasis on sustainability, increasing worldwide urbanization, and stainless steel grade advancements. Notable trends for the forecast period comprise of customization and specialized stainless steel alloys, usage in autonomous and connected vehicles, concentration on the infrastructure for EV charging, strategic partnerships and collaborations throughout the supply chain, and implementation in next-generation automotive materials.
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How Are Emerging Segments Shaping the Automotive Stainless Steel Market Landscape?
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), After market
Subsegments:
1) By Straight Tubes: Standard Straight Tubes, High-Performance Straight Tubes
2) By U-Bends: Standard U-Bends, Custom U-Bends
3) By Coiled Tubes: Tight Radius Coiled Tubes, Large Diameter Coiled Tubes
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Which Growth Factors Are Influencing Automotive Stainless Steel Market Expansion?
The growth of the automotive stainless steel market is anticipated to be driven by the rising adoption of electric vehicles. An electric vehicle, which operates via an electric motor powered by an externally charged battery, is regarded as a leading wave in the ever-evolving automotive industry. These high-tech and autonomous vehicles demand robust and durable materials like stainless steel, which provides corrosion resistance, strength, and design flexibility. As noted by The Edison Electric Institute (EEI), a US-based representative organization for investor-owned electric companies in June 2022, the number of electric vehicles on U.S. roads is expected to surge from 2.4 million in 2021 to 26.4 million by 2030. Additionally, annual sales of electric vehicles are predicted to hit about 5.6 million in 2030, making up nearly 32% of total annual light-duty vehicle sales. As such, the increased usage of electric vehicles is set to stimulate the growth of the automotive stainless-steel market. Automotive Stainless Steel Market Driver: Growing Passenger Vehicle Demand Catalyses Automotive Stainless-Steel Market Expansion
Who Are the Dominant Players Across Different Automotive Stainless Steel Market Segments?
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.
What Automotive Stainless Steel Market Trends Are Gaining Traction Across Different Segments?
Leading businesses in the automotive stainless-steel sector are focusing on the development of novel stainless-steel inventions, such as green stainless steel, in an effort to minimize their environmental carbon contribution and establish a positive reputation in the market. The concept of green stainless steel in automotive applications means that all the raw materials utilized in its production are sourced responsibly, taking into account environmental factors. For example, in September 2022, Outokumpu Oyj, an American stainless-steel manufacturer, introduced Circle Green, a sustainable line of stainless-steel with a carbon footprint 92% smaller than the industry norm and 64% below its standard stainless-steel production. This improvement is possible due to the use of bio-based inputs like biogas, biodiesel, and bio-coke, in addition to electricity drawn from low carbon sources. This new development syncs with the increasing demand for durable, eco-friendly products, pushing towards a more sustainable future. The production took place on a large industrial scale, highlighting a significant move towards achieving the sustainability targets of Outokumpu.
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Which Geographic Regions Are Expected to Dominate the Automotive Stainless Steel Market in the Coming Years?
North America was the largest region in the automotive stainless-steel market in 2024. The regions covered in the automotive stainless steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Stainless Steel Market?
2. What is the CAGR expected in the Automotive Stainless Steel Market?
3. What Are the Key Innovations Transforming the Automotive Stainless Steel Industry?
4. Which Region Is Leading the Automotive Stainless Steel Market?
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