Automotive Steel Market : Market Dynamics and Strategies for Success 2024–2031 | Survey by DataM Intelligence
Steel forms the backbone of a vehicle's body and chassis construction, and it remains the most popular material in the automotive industry. Even as the global auto industry transitions to electric vehicles, the demand for steel is expected to remain steady. This transition will drive changes in the materials used in car manufacturing, along with adjustments in engineering and design.
Innovations in steel technology have led to the development of smarter steels, which offer enhanced efficiency and sustainability while improving strength and safety. These advancements enable manufacturers to achieve lightweight and extended driving range goals more cost-effectively than with other materials, especially in conjunction with advancements in battery technology.
North America is a key player in the global automotive steel market, accounting for more than one-third of the market share. Continuous progress in high-strength steel technology is a major factor driving the growth of the North American automotive steel industry. The automotive sector is increasingly focused on reducing vehicle weight to improve fuel efficiency and comply with stringent emissions standards.
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Market Dynamics :
The automotive steel market is poised for future growth driven by increasing vehicle demand. Automobiles, including self-propelled cars, are crucial for transporting people and goods on public roads. The utilization of automotive steel in car manufacturing is on the rise as it enables manufacturers to reduce vehicle weight while enhancing durability, fuel efficiency, and emissions reduction.
According to the International Organization of Motor Vehicle Manufacturers (OICA), a global production of motor vehicles (comprising cars, trucks, and buses) reached 85,016,728 million units in 2022, up from 80,145,988 million units in 2021.
Additionally, a report released in March 2022 by the European Automobile Manufacturers' Association (ACEA), the primary standards-setting and lobbying organization for the automotive industry in the European Union, indicated a 5.5% increase in passenger car sales in the US from 2020 to 11.9 million units in 2021. Consequently, the automotive steel market is expanding in response to the growing demand for vehicles.
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Market Segmentation :
By Type : Low-Strength Steels, High Strength Steel (HSS), Advanced High Strength Steel (AHSS).
By Vehicle : Passenger Vehicles, Commercial Vehicles.
By Application : Structural Assembly & Closures, Bumpers, Suspension, Rims.
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Competitive Landscape
The major global players in the market include ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), HBIS GROUP, Baosteel, POSCO, Tata Steel, HYUNDAI Steel Company, JFE Steel Corporation, Nucor Corporation and U.S. Steel Corporation.
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