Global Automotive Steel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Automotive Steel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Automotive steels can be classified in several different ways. One is a metallurgical designation providing some process information. Common designations include low-strength steels; conventional HSS; and the new AHSS.
Additional higher strength steels for the automotive market include hot-formed, post-forming heat-treated steels, and steels designed for unique applications that include improved edge stretch and stretch bending.
Steel has for long been the material of choice for automakers worldwide. The usage of steel has allowed automobile manufacturers to achieve desired standards of strength and safety for their vehicles at relatively low costs vis-a-vis other materials.

Market Overview:

The latest research study on the global Automotive Steel market finds that the global Automotive Steel market reached a value of USD 132239.28 million in 2022. It’s expected that the market will achieve USD 189717.58 million by 2028, exhibiting a CAGR of 6.2% during the forecast period.

Limitations

Manufacturers are required to invest largely in the creation of advanced exhaust systems to meet strict government norms. Strict emission norms and fuel efficiency standards imposed by government in different regions have forced manufacturers to look for different solutions to achieve the same.
Although the overall Automotive Steel market is growing significantly, challenges such as lack of standardization and high prices of high-performance alloy are hindering the growth of Automotive Steel market.

Opportunities

Market opportunities existed in the industry integration and regional migration process, in addition, the growing market in emerging countries, the development of consumer groups， technological innovation, product upgrading are also brought new opportunities for this market.
In developed countries, consumers have good innovation gene and consumer habits to promote automobile industry, which is fueling the demand for cheap, light in weight and economical Automotive Steel.

Region Overview:

China had the highest growth rate of all regions.

Company Overview:

ArcelorMittal is one of the major players operating in the Automotive Steel market, holding a share of 16.33% in 2022.

ArcelorMittal

ArcelorMittal operates through five segments: NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.

Thyssenkrupp

Thyssenkrupp is a German multinational conglomerate, based in Duisburg and Essen and divided into 670 subsidiaries worldwide. It is one of the world's largest steel producers; it was ranked tenth-largest worldwide by revenue in 2015. The company is the result of the 1999 merger of Thyssen AG and Krupp, and now has its operational headquarters in Essen.

Segmentation Overview:

Among different product types, Conventional HSS segment is anticipated to contribute the largest market share in 2027.

AHSS

Dual phase, transformation-induced plasticity, twinning-induced plasticity, ferritic-bainitic, complex phase and martensitic steels.

Conventional HSS

Carbon-manganese, bake hardenable and high-strength, low-alloy steels.

Low-strength Steel

Interstitial-free and mild steels.

Application Overview:

The market's largest segment by application is the segment Passenger Vehicle, with a market share of 63.54% in 2021.

Key Companies in the global Automotive Steel market covered in Chapter 3:

Ansteel Group
U.S. Steel
Nucor Corporation
Baowu Steel Group
Hesteel Group
Nippon Steel & Sumitomo Metal
Hyundai Steel
ArcelorMittal
JFE Holdings
POSCO
ThyssenKrupp
Tata Steel

In Chapter 4 and Chapter 14.2, on the basis of types, the Automotive Steel market from 2018 to 2029 is primarily split into:

AHSS
Conventional HSS
Low-strength Steel
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Automotive Steel market from 2018 to 2029 covers:

Passenger Vehicle
Commercial Vehicle

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)