The global automotive structural steel market was valued at USD 120.49 billion in 2022 and is projected to grow at a CAGR of 3.5% from 2022 to 2032, reaching an estimated USD 169.97 billion by 2032.
Automotive structural steel is essential for enhancing the strength of vehicle components. By alloying elements and cooling the steel at low temperatures, it achieves high strength and durability. This type of steel also possesses excellent cold forming capabilities, making it ideal for manufacturing components like booms, truck arms, and trailer frames. Stainless steel, known for its superior surface finish and corrosion resistance, is primarily used in automotive exhaust systems.
Stainless steel is a high-value product that does not require special processing and has versatile applications. Approximately 34% of automotive structural steel is used in body structures, panels, doors, and trunk closures; 23% in drivetrain components, engines, and gears; 12% in suspension units; and the remaining percentage in tires, wheels, steering, braking systems, and fuel tanks.
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Ultra-high strength steel is commonly used in automotive B-pillars and front cross members due to its excellent combination of strength, formability, energy absorption, and durability. High-strength steel is also utilized in the production of side and roof panels.
To enhance the physical properties of vehicle components—such as strength, ductility, toughness, and fatigue resistance—manufacturers are increasingly combining lightweight alloy materials with automotive structural steel. This approach has become a key strategy in meeting the demands of consumers and clients, as well as driving growth in the global automotive structural steel market.
Automotive Structural Steel Market: Dynamics
During the forecast period, the market for automotive structural steel is likely to be driven by the rising demand for eco-friendly vehicles and the rising manufacturing of automobiles. Additionally, it is anticipated that favourable government restrictions concerning overall vehicle weight and passenger safety would increase demand for automotive structural steel in the upcoming years.
To comply with strict safety rules and emission standards, automobile structural steel manufacturers are intensely focused on producing high-performance automotive structural steel at competitive prices. In addition, automakers are utilising cutting-edge high-strength steel to make cars safer.
General Motors Company is using an advanced automotive structural steel named as Advanced High-Strength Steels (AHSS) to make 70% of its vehicles. Therefore, advanced high-strength steel has been become a trend in the automotive structural steel market.
Automotive Structural Steel Market: Regional Outlook
Europe and North America are expected to grow with a sizable share in the global automotive structural steel market owing to the rising demand for passenger vehicles, coupled with imposition of regulations pertaining to emission of harmful gasses which, in turn, drive the global automotive structural market in the coming decades.
The Asia Pacific is expected to grow with a significant growth rate in the global automotive structural steel market owing to the increasing automotive vehicle fleet, coupled with the rising awareness of lightweight eco-friendly vehicles over the forthcoming years.
The Middle East & Africa is anticipated to grow with minimal share in the global automotive structural steel market owing to limited automotive production facilities. Latin America is anticipated to grow in the global automotive structural market with passengers favoring light commercial vehicles for transportation purpose instead of personal vehicle.
Automotive Structural Steel Market: Key Participants
- POSCO
- KIRCHHOFF Group
- Inner Galaxy Group
- thyssenkrupp AG
- Advanced Structural Technologies, Inc.
- SSAB
- Waldaschaff Automotive GmbH
- KOBE STEEL, LTD.
- NANOSTEEL
- Ternium
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Automotive Structural Steel Market: Segmentation
By manufacturing process, the automotive structural steel market can be segmented as:
- Cold Rolling
- Hot Rolling
By product type, the automotive structural steel market can be segmented as:
- Galvanized Steel
- Stainless Steel
- High-Strength Steel
- Mild Carbon Steel
- Ultra-High speed steel
By vehicle components, the automotive structural steel market can be segmented as:
- Body Structure Components (panels, roof, door, trunk lid & other)
- Drivetrain Components
- Under Chassis Components
By vehicle component, the automotive structural steel market can be segmented as:
- Passenger Car
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- Two Wheeler
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