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.
To provide car parts more strength, automotive structural steel is employed. Steel can be made extremely strong by combining alloy components and cooling at low temperatures. Automobile structural steel also offers outstanding cold forming capabilities.
As a result, it is utilised to create booms, truck arms and trailer frames. Due to its excellent surface finishing and admirable corrosion resistance, stainless steel is primarily used to construct automotive exhaust systems.
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Stainless steel is a high-value steel product that doesn’t require any special processing and may be utilised in a variety of applications. Around 34% of automotive structural steel is used for body structures, panels, doors, and trunk closures; 23% is used for drive train components, engine components, and gears; 12% is used for suspension units; and the remaining percentage is used for tyres, wheels, steering, breaking systems, and fuel tanks.
B-pillars and front cross members of automobiles are frequently made of ultra-high strength steel. A good blend of strength, formability, energy absorption, and durability can be found in high-strength steel. As a result, it is utilised to create the side and roof panels for automobiles.
In an effort to increase the physical properties of vehicle components, such as strength, ductility, toughness, and fatigue, automotive structural steel manufacturers purposefully combine lightweight alloy materials with automotive structural steel. This strategy has become a significant cornerstone among customers, clientele, and in the global automotive structural steel market.
Automotive Structural Steel Market: Dynamics
During the forecast period, the market for automotive structural steel is likely to be driven by the rising demand for eco-friendly vehicles and the rising manufacturing of automobiles. Additionally, it is anticipated that favourable government restrictions concerning overall vehicle weight and passenger safety would increase demand for automotive structural steel in the upcoming years.
To comply with strict safety rules and emission standards, automobile structural steel manufacturers are intensely focused on producing high-performance automotive structural steel at competitive prices. In addition, automakers are utilising cutting-edge high-strength steel to make cars safer.
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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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