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 plays a crucial role in enhancing the strength and durability of vehicle components. By incorporating alloying elements and cooling the steel at low temperatures, manufacturers achieve high strength and longevity. This type of steel excels in cold forming, making it ideal for fabricating components such as booms, truck arms, and trailer frames. Additionally, stainless steel is utilized for its superior surface finish and corrosion resistance, particularly in automotive exhaust systems.
As a high-value product, stainless steel does not require specialized processing and has versatile applications. Approximately 34% of automotive structural steel is utilized 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.
Ultra-high strength steel is frequently employed in automotive B-pillars and front cross members due to its outstanding combination of strength, formability, energy absorption, and durability. High-strength steel is also used for manufacturing side and roof panels.
To improve the physical properties of vehicle components—such as strength, ductility, toughness, and fatigue resistance—manufacturers are increasingly blending lightweight alloy materials with automotive structural steel. This strategy has become essential for meeting consumer and client demands and driving growth in the global automotive structural steel market.
In-Depth Market Analysis: A Complete Report
Automotive Structural Steel Market Dynamics
The automotive structural steel market is expected to be driven by the growing demand for eco-friendly vehicles and increased automobile manufacturing during the forecast period. Additionally, favorable government regulations concerning vehicle weight and passenger safety are anticipated to boost demand for automotive structural steel in the coming years.
In response to stringent safety regulations and emission standards, manufacturers of automotive structural steel are focusing on producing high-performance materials at competitive prices. Moreover, automakers are increasingly using advanced high-strength steel to enhance vehicle safety.
For instance, General Motors Company is utilizing Advanced High-Strength Steels (AHSS) in 70% of its vehicles, signaling a significant trend in the automotive structural steel market toward advanced materials.
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
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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