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% , reaching US$ 169.97 billion.
Automotive structural steel is used to increase the strength of vehicle parts. Combining alloy components and cooling at low temperatures can make steel incredibly tough. Additionally, the structural steel utilised in autos has exceptional cold forming capabilities.
Booms, truck arms and trailer frames are consequently fashioned of it. Due to its amazing corrosion resistance and good surface finishing, stainless steel is commonly utilised for vehicle exhaust systems.
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High-quality stainless steel can be used in a number of applications and doesn’t require any further processing. About 34% of the structural steel used in automobiles is used for the body, panels, doors, and trunk closures; 23% is used for the drive train, engine, and gear components; 12% is used for the suspension units; and the remaining 20% is used for the tyres, wheels, steering, braking, and fuel tanks.
Typically, automobiles’ B-pillars and front cross members are constructed of ultra-high strength steel. High-strength steel has a good blend of strength, formability, energy absorption, and durability. Because of this, it is used to make the side and roof panels for cars.
Automotive structural steel producers purposely integrate lightweight alloy elements with automotive structural steel in an effort to improve the physical characteristics of car components, such as strength, ductility, toughness, and fatigue. Customers, clients, and the worldwide automotive structural steel industry have come to rely heavily on this approach.
Automotive Structural Steel Market: Dynamics
The rising demand for environmentally friendly vehicles and the increased production of automobiles are projected to be the primary drivers of the automotive structural steel market during the forecast period. Furthermore, it is projected that in the coming years, positive government regulations on overall vehicle weight and passenger safety will boost demand for automotive structural steel.
Automobile structural steel producers are highly focused on creating high-performance automotive structural steel at competitive rates in order to meet stringent safety regulations and emission norms. Additionally, to make cars safer, automakers are using cutting-edge high-strength steel.
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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
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
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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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