The global automotive structural steel market was valued at USD 120.49 Billion in 2022 and is expected to grow at a CAGR of 3.5% in terms of revenue between 2022 and 2032, reaching USD 169.97 Billion by 2032.
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.
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.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 116.42 Billion |
| Expected Market Value (2022) | USD 120.49 Billion |
| Anticipated Forecast Value (2032) | USD 169.97 Billion |
| Projected Growth Rate (2022 to 2032) | 3.5% CAGR |
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 a 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 increase the 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.
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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 become a trend in the automotive structural steel market.
The automotive structural steel market in Europe is expected to grow at a CAGR of 2 percent. Europe is 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 German automotive industry is an integral and substantial part of the European automotive industry owing to the presence of industries including precision equipment, passenger cars, and heavy automotive vehicles. Moreover, the rising exports of premium cars and increasing R&D budgets for the development of premium cars is expected to propel the German automotive structural steel market in the country.
According to the Future Market Insights analysis, North America is projected to grow at a CAGR of 3% during the forecast period. Expansion of the electric vehicles industry in the USA, Canada, and Mexico are likely to benefit from the industry growth.
In addition, it 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.
Some of the key participants present in the global food tester market include POSCO, KIRCHHOFF Group, Inner Galaxy Group, thyssenkrupp AG, Advanced Structural Technologies, Inc., SSAB, Waldaschaff Automotive GmbH, KOBE STEEL, LTD., NANOSTEEL, Ternium. Attributed to the presence of such a high number of participants, the market is highly competitive.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.5% from 2022 to 2032 |
| Market Value in 2022 | USD 120.49 Billion |
| Market Value in 2032 | USD 169.97 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Manufacturing Process, Product Type, Vehicle Components, Vehicles Type, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Russia, BENELUX, China, Japan, South Korea, GCC, South Africa, Turkey |
| Key Companies Profiled | POSCO; KIRCHHOFF Group; Inner Galaxy Group; thyssenkrupp AG; Advanced Structural Technologies, Inc.; SSAB; Waldaschaff Automotive GmbH; KOBE STEEL, LTD.; NANOSTEEL; Ternium |
| Customization | Available Upon Request |
FMI projects the global automotive structural steel market to expand at a 3.5% value CAGR by 2032
North America is expected to be the most opportunistic automotive structural steel market, expanding at a 3% CAGR
Lyckeby, Cargill Inc., BASF, DowDuPont, Lanxess Aktiengesellschaft, Mitsui Chemicals, Shell International, Covestro, Stepan Company, Sweetener Products POSCO, KIRCHHOFF Group, and Inner Galaxy Group are some prominent automotive structural steel manufacturers.
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Automotive Structural Steel Market
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