Automotive structural steel is used to provide greater strength to vehicle components. High strength of steel can be achieved by mixing alloy materials and cooling at low temperature. Additionally, automotive structural steel has excellent cold forming ability.
In terms of revenue, the worldwide automotive structural steel market was estimated to be worth US$ 120.49 billion in 2022. From that year to 2032, it is anticipated to rise at a CAGR of 3.5 percent, reaching US$ 169.97 billion.
Therefore, it is used in the making of boom, arms of truck, and trailer frames. Stainless steel is mainly used to make exhaust systems of automotive vehicles owing to its impressive surface finishing and admirable corrosion resistance.
Request a Sample of this Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-8500
Stainless steel is a high-value added steel product that can be used in various applications without any separate treatment. Approximately, 34% automotive structural steel is used for body structures, panels, doors, and trunk closures, 23% automotive structural steel is used for drive train components, engine component, and gears, 12% is used for suspension units, and the remaining is used for tyres, wheels, steering, breaking system, and fuel tanks.
Ultra-high strength steel is keenly used in the making of B-pillar and front cross parts of automotive vehicles. High-strength steel has good balance of strength, formability, energy absorption, and durability. Therefore, it is used in the making of roof and side panels of automotive vehicles.
Automotive structural steel makers are deliberately using lightweight alloy materials with automotive structural steel in a bid to inches physical property of vehicle components i.e., strength, ductility, toughness and fatigue and make a significant cornerstone among the customers, clientele, and in the global automotive structural steel market.
Automotive Structural Steel Market: Dynamics
The increasing demand for eco-friendly vehicles, coupled with the increasing production of automotive vehicles is expected to drive the automotive structural steel market during the forecast period. Moreover, supportive government regulations pertaining to overall vehicle weight and safety of passengers are also projected to boost the demand for automotive structural steel over the coming years.
Automotive structural steel makers are strongly focused on making high-performance automotive structural steel at affordable cost, to meet the stringent safety regulations and emission norms. Moreover, automakers are also using advanced high-strength steel to increase the safety of vehicles.
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.
Download PDF Brochure @ https://www.futuremarketinsights.com/reports/brochure/rep-gb-8500
Automotive Structural Steel Market: Key Participants
Some of the key market participants in the automotive structural steel market identified across the value chain are:
- POSCO
- KIRCHHOFF Group
- Inner Galaxy Group
- thyssenkrupp AG
- Advanced Structural Technologies, Inc.
- SSAB
- Waldaschaff Automotive GmbH
- KOBE STEEL, LTD.
- NANOSTEEL
- Ternium
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
Speak to our Research Expert: https://www.futuremarketinsights.com/ask-question/rep-gb-8500
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
Top Reports Related To Automotive Market Insights
Automotive Windshield Washer System Market : to grow with a year on year growth of 5.7% in 2022 reaching a value of about US$ 19 Bn by 2022 end.
Automotive Screenwash Products Market : demand is anticipated to be valued at US$ 2.05 Billion in 2022, forecast to grow at a CAGR of 2.5% to be valued at US$ 2.62 Billion from 2022 to 2032.
Bicycle Market : is anticipated to have a stable CAGR of 5.8% during the forecast period of 2022-2032. According to FMI, the bicycle market is expected to grow from US$ 59,882.2 Mn in 2021 to US$ 109,511.7 Mn by 2032.
Automotive Engineering Services Market : is likely to strengthen its hold in the global market at a moderate CAGR of 8.6% during the forecast period. The global market holds a forecasted revenue of US$ 166.16 Bn in 2022 and is likely to cross US$ 348 Bn by the end of 2032.
Automotive Back-up Camera Market : are expected to create an incremental opportunity of more than US$ 2.6 Bn by 2022, expanding at a staggering CAGR of around 8% to 9% during the forecast period 2022-2032.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs