Automotive Steel Market: size was valued at US$ 21.79 Bn. in 2022 and the total revenue is expected to grow at 13.6% of CAGR through 2023 to 2029, reaching nearly US$ 53.22 Bn.
Automotive Steel Market Overview:
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Automotive Steel Market: The automotive industry continues to be influenced by the use of steel. Since it can be machined and made in a variety of shapes using various techniques, it is a practical, affordable, and durable alternative. Among the steel types used in the automotive industry are galvanised steel, stainless steel, high-strength steel, high-carbon steel, and low-carbon steel.
Segmentation:
by Vehicle Type
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles
The Automotive Steel Market is divided into three categories based on the kind of vehicle: Passenger, Light Commercial, and Heavy Commercial. It is anticipated that the Asia Pacific region will see an increase in the sales of passenger cars, which will benefit the industry. In 2020, automotive manufacturing increased overall in India, Thailand, Indonesia, and Malaysia by 2.6%, 7.2%, 7.5%, and 13.7%, respectively, according to OICA statistics.
The market is dominated by passenger cars during the forecasted period. In a typical passenger car, 15 to 22 kilogrammes of stainless steel are used. Although it is also found in numerous smaller sizes, stainless is most frequently seen in exhaust systems. Since commuter and long-distance trains have been constructed of stainless steel. Modern high-speed trains are amazing, like the US’s X2000 or Sweden’s X2000.
by Application
Body structure
Power train
Suspension
Others
The Automotive Steel Market is divided into four categories based on Application: Body Structure, Power Train, Suspension, and Others. In 2022, body structure had the biggest market share. The main considerations in choosing a material, especially for the body, cover a wide variety of characteristics, such as robustness, production efficiency, and mechanical, chemical, or heat resistance. Steel is the product of choice for manufacturers since it possesses all necessary characteristics.
The steel industry has made breakthroughs that have made steel stronger, lighter, and more rigid than it ever was. Several automotive parts, including the engine, chassis, wheels, and bodywork, are made of steel. Low-cost materials like iron and steel produce the crucial structural components needed for the mass production of automobiles.
by Product
Transformation induced plasticity (TRIP) steel
Dual phase steel
Complex phase (CP)
Others
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Key Players:
The Market competitive landscape Automotive Steel gives information by competitor. Business overview, financials, revenue produced, Market potential, investment in R&D, new Market efforts, worldwide presence, production sites and facilities, production capacity, company strengths and weaknesses, product launch, product width and breadth, application domination are all mentioned. The data points presented above are only linked to the firms’ concentration on the Automotive Steel sector. These are the main 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)
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Regional Analysis:
The country portion of the Automotive Steel Market study additionally includes individual Market affecting elements and changes in legislation in the Market that affect present and future Market trends. Consumption volumes, production sites and volumes, import export analysis, price trend analysis, raw material costs, and downstream and upstream value chain analysis are some of the primary indicators utilised to anticipate the Market situation for particular nations. While providing forecast analysis of the nation data, the existence and availability of global brands, as well as the obstacles they face due to significant or scarce competition from local and domestic brands, as well as the impact of domestic tariffs and trade routes, are also taken into account.
COVID-19 Impact Analysis on Automotive Steel Market:
A detailed study of Covid-19 impacts the Automotive Steel Market is provided in the report.
The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Automotive Steel Market segments.
Key Questions answered in the Automotive Steel Market Report are:
- At what growth rate is the Automotive Steel Market evolving?
- Who are the major Market giants operating in the global Automotive Steel Market?
- Which application segment of the Automotive Steel Market is observing the fastest growth?
- What is the primary driving factor of the global Automotive Steel Market?
