Automotive Steel Market Synopsis

Automotive Steel Market Size is Valued at USD 123.40 Billion in 2023 and is Projected to Reach USD 156.32 Billion by 2032, Growing at a CAGR of 3% From 2024-2032.

Automotive Steel market means the worldwide system of businesses that offer and create steel for automotive usage. This steel is applied in vehicle compartments, engine and transmission systems, and suspending materials among others. This includes, mild steel, high strength low alloy steel, advanced high strength steel, and ultra-high strength steel. The market covers passenger cars, light commercial vehicles, and heavy commercial vehicles in North America Europe Asia-Pacific Latin America and the Middle East & Africa regions, to suit the automotive manufacturing industry requirements.

• The factors affecting automotive steel market are mainly the rising usage of lightweight materials that can improve the vehicle’s fuel economy without affecting its safety and durability negatively. AHSS and UHSS are widely used today because of their high strength to weight ratio and the need for their applications in various components including body structure, power trains and suspensions. Car manufacturers are integrating these materials into cars due to evolving and stringent emission and safety measures legislation hence increasing the demand for these materials and hence driving the market forward.
• Also, increased production of passenger and commercial cars and trucks around the world has propelled the consumption of automotive steel. The Asia-Pacific countries, spearheaded by China and India, have become major automobile manufacturing centers hence spurring demand for automotive steel. Additionally, there are ongoing advancements in using new technologies in the production of steel where new high grades of automotive steel are being unveiled with by its application across the different automobile types. However, factors like the volatility in the price of raw materials and appearance of increments or new lightweight materials like Aluminum and composite could act as a restraint to the market growth in the future years.

Automotive Steel Market Trend Analysis

AHSS and UHSS, Revolutionizing Vehicle Design and Performance

• It is evident that the current market of automotive steels shows an increased usage of AHSS and UHSS grades in vehicles of all classes. These materials give higher strength to weight ratios and this enables auto makers to come up with Vehicle miles per gallon and safety regulation set by different government without straining on the strength of the auto mobiles. AHSS and UHSS are getting more used in body structures, power trains, chassis parts substituting to mild steel conventional material which has added up to the lightweight but high strength vehicle development.
• Furthermore, the concepts of global sustainability, environmental responsibility, and green technology are in the process of becoming an increasingly relevant concern for the automotive steel market; shareholders are working on the elaboration of environmentally friendly technologies of the production of automotive steel and utilization of recyclable grades of steel for their cars. Self- گاه promoted lifecycle sustainability of automobiles and the desire to minimise carbon emission continue to put pressure on the automakers in demanding sustainable steel solutions. This trend is injecting drastic changes in the processes in steel making including the electric arc furnaces and recycling technologies in order to reduce the energy consumption and emissions while at the same time enduring on the quality and performance of the material across the automotive industry.

Driving Growth, Opportunities in the Automotive Steel Market

• The Automotive Steel Market has significant potential mainly as a result of rising need for light and strong materials in automotive industry. AHSS & UHSS are becoming more popular because they can provide the high safety and fuel-efficient requirements that the consumers demand with the additional bonus of having a lower weight than traditional mild steel. This trend is especially prominent in the developed regions such as the North America and Europe; the auto makers are focusing on sustainability and performance.
•  Similarly, increasing automotive production especially in the Asia-Pacific and Latin American countries along with infrastructure improvements is also increasing the automotive steel requirement. In this light, such factors as government support of EV market and implementation of more stringent standards for emissions supplement the market’s expansion. That results in the main opportunities that consist in the further increasing of the steel usage rate due to the development of the new steel grades providing higher specific strength, better corrosion resistance, and good formability for various automotive parts from the body structure to powertrain applications. Integration efforts that relate to improved properties of the material as well as improvement of the manufacturing process will place the manufacturers in a vantage point to take advantage of such changing market trends.

Automotive Steel Market Segment Analysis:

Automotive Steel Market Segmented on the basis of type, Vehicle Type, and Application.

By Type, Mild Steel segment is expected to dominate the market during the forecast period

• The automotive steel market is divided into different types such as plain steel, high strength steel, AHSS and UHSS. Mild steel continues to originate as a principal material for most automobile uses because of affordability while providing reasonable strength. Both AHSS and UHSS are increasingly used in automotive applications because high strength steel offers high performance in connection with low weight. AHSS improves strength and formability for structural parts and UHSS boasts of higher strength properties and safety and lightweighting objectives in the current automobile industry. These steel types have great responsibilities in the improvement of safety, fuel economy and performance in various automobile applications.

By Application, Body Structure segment held the largest share in 2024

• The markets for automotive steel have been classified using the application factors such as body structure, power trains, suspensions, and others. Body structure applications of steel are mainly for facet structure and crash worthiness which are important in providing safety for vehicles. The body structure and powertrain parts are safeguarded by steel’s qualities including strength and heat resistance to enable computational engine efficiency and survivable transmission. Suspension systems use steel for it strength and elasticity to improve vehicle response and ride quality. Moreover, steel is used in other ways in automobiles, which are exploited in their fabrication and design both in terms of interior and exterior shelling due to its versatile application and relatively affordable price as compared to many other automotive materials.

Automotive Steel Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• This market is fast growing and is well rooted in the region given the fact that the Asia-Pacific region is one of the most important automotive manufacturing regions in the world. China, Japan, South Korea and India are key car consuming nations and producers of automotive steel, as well. The market’s growth is backed by the ability of the global vehicle production on account of the rising demand, improved standard of living, emergence of more towns and cities and increased economic development. Automotive steel can be used for body in white, power trains, chassis, suspension systems in both passenger vehicles and commercial vehicles.
• Novelties in automotive steel in the type of high strength and advanced high strength steel fit the regions’ regulations on vehicle safety and energy consumption. That is why the trend towards increased use of lightweighting measures to improve the performance of the car and minimize the level of emissions stimulates the use of automotive steel. Also, research and development activities by key market players and the presence of partnerships with automotive manufacturers help in innovation and business growth in the Asia-Pacific region to become one of the crucial market segments of the global automotive steel market.

Active Key Players in the Automotive Steel Market

• ArcelorMittal (Luxembourg)
• TATA Steel (India)
• China Steel Corporation (Taiwan)
• Hyundai Steel (South Korea)
• United States Steel Corporation (United States)
• JSW Group (India)
• POSCO (South Korea)
• Nippon Steel & Sumitomo Metal Corporation (Japan)
• JFE Steel Corporation (Japan)
• NUCOR Corporation (United States)
• Jindal Steel & Power (India)
• Grow Ever Steel (Taiwan)
• HBIS Group (China)
• Outokumpu OYJ (Finland)
• Kobe Steel (Japan)
• Others

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Automotive Steel Market by Type
 4.1 Automotive Steel Market Snapshot and Growth Engine
 4.2 Automotive Steel Market Overview
 4.3 Mild Steel
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Mild Steel: Geographic Segmentation Analysis
 4.4 High Strength Steel
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 High Strength Steel: Geographic Segmentation Analysis
 4.5 Advanced High Strength Steel (AHSS)
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Advanced High Strength Steel (AHSS): Geographic Segmentation Analysis
 4.6 Ultra High Strength Steel (UHSS)
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 Ultra High Strength Steel (UHSS): Geographic Segmentation Analysis

Chapter 5: Automotive Steel Market by Vehicle Type
 5.1 Automotive Steel Market Snapshot and Growth Engine
 5.2 Automotive Steel Market Overview
 5.3 Passenger Car
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Passenger Car: Geographic Segmentation Analysis
 5.4 Light Commercial Vehicles (LCVs)
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Light Commercial Vehicles (LCVs): Geographic Segmentation Analysis
 5.5 Heavy Commercial Vehicles (HCVs)
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Heavy Commercial Vehicles (HCVs): Geographic Segmentation Analysis

Chapter 6: Automotive Steel Market by Application
 6.1 Automotive Steel Market Snapshot and Growth Engine
 6.2 Automotive Steel Market Overview
 6.3 Body Structure
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Body Structure: Geographic Segmentation Analysis
 6.4 Powertrain
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Powertrain: Geographic Segmentation Analysis
 6.5 Suspension
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Suspension: Geographic Segmentation Analysis
 6.6 Others
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Others: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Automotive Steel Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 ARCELORMITTAL (LUXEMBOURG)
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 TATA STEEL (INDIA)
 7.4 CHINA STEEL CORPORATION (TAIWAN)
 7.5 HYUNDAI STEEL (SOUTH KOREA)
 7.6 UNITED STATES STEEL CORPORATION (UNITED STATES)
 7.7 JSW GROUP (INDIA)
 7.8 POSCO (SOUTH KOREA)
 7.9 NIPPON STEEL & SUMITOMO METAL CORPORATION (JAPAN)
 7.10 JFE STEEL CORPORATION (JAPAN)
 7.11 NUCOR CORPORATION (UNITED STATES)
 7.12 JINDAL STEEL & POWER (INDIA)
 7.13 GROW EVER STEEL (TAIWAN)
 7.14 HBIS GROUP (CHINA)
 7.15 OUTOKUMPU OYJ (FINLAND)
 7.16 KOBE STEEL (JAPAN)
 7.17 OTHER ACTIVE PLAYERS

Chapter 8: Global Automotive Steel Market By Region
 8.1 Overview
 8.2. North America Automotive Steel Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Type
   8.2.4.1 Mild Steel
   8.2.4.2 High Strength Steel
   8.2.4.3 Advanced High Strength Steel (AHSS)
   8.2.4.4 Ultra High Strength Steel (UHSS)
  8.2.5 Historic and Forecasted Market Size By Vehicle Type
   8.2.5.1 Passenger Car
   8.2.5.2 Light Commercial Vehicles (LCVs)
   8.2.5.3 Heavy Commercial Vehicles (HCVs)
  8.2.6 Historic and Forecasted Market Size By Application
   8.2.6.1 Body Structure
   8.2.6.2 Powertrain
   8.2.6.3 Suspension
   8.2.6.4 Others
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Automotive Steel Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Type
   8.3.4.1 Mild Steel
   8.3.4.2 High Strength Steel
   8.3.4.3 Advanced High Strength Steel (AHSS)
   8.3.4.4 Ultra High Strength Steel (UHSS)
  8.3.5 Historic and Forecasted Market Size By Vehicle Type
   8.3.5.1 Passenger Car
   8.3.5.2 Light Commercial Vehicles (LCVs)
   8.3.5.3 Heavy Commercial Vehicles (HCVs)
  8.3.6 Historic and Forecasted Market Size By Application
   8.3.6.1 Body Structure
   8.3.6.2 Powertrain
   8.3.6.3 Suspension
   8.3.6.4 Others
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Automotive Steel Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Type
   8.4.4.1 Mild Steel
   8.4.4.2 High Strength Steel
   8.4.4.3 Advanced High Strength Steel (AHSS)
   8.4.4.4 Ultra High Strength Steel (UHSS)
  8.4.5 Historic and Forecasted Market Size By Vehicle Type
   8.4.5.1 Passenger Car
   8.4.5.2 Light Commercial Vehicles (LCVs)
   8.4.5.3 Heavy Commercial Vehicles (HCVs)
  8.4.6 Historic and Forecasted Market Size By Application
   8.4.6.1 Body Structure
   8.4.6.2 Powertrain
   8.4.6.3 Suspension
   8.4.6.4 Others
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Automotive Steel Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Type
   8.5.4.1 Mild Steel
   8.5.4.2 High Strength Steel
   8.5.4.3 Advanced High Strength Steel (AHSS)
   8.5.4.4 Ultra High Strength Steel (UHSS)
  8.5.5 Historic and Forecasted Market Size By Vehicle Type
   8.5.5.1 Passenger Car
   8.5.5.2 Light Commercial Vehicles (LCVs)
   8.5.5.3 Heavy Commercial Vehicles (HCVs)
  8.5.6 Historic and Forecasted Market Size By Application
   8.5.6.1 Body Structure
   8.5.6.2 Powertrain
   8.5.6.3 Suspension
   8.5.6.4 Others
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Automotive Steel Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Type
   8.6.4.1 Mild Steel
   8.6.4.2 High Strength Steel
   8.6.4.3 Advanced High Strength Steel (AHSS)
   8.6.4.4 Ultra High Strength Steel (UHSS)
  8.6.5 Historic and Forecasted Market Size By Vehicle Type
   8.6.5.1 Passenger Car
   8.6.5.2 Light Commercial Vehicles (LCVs)
   8.6.5.3 Heavy Commercial Vehicles (HCVs)
  8.6.6 Historic and Forecasted Market Size By Application
   8.6.6.1 Body Structure
   8.6.6.2 Powertrain
   8.6.6.3 Suspension
   8.6.6.4 Others
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Automotive Steel Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Type
   8.7.4.1 Mild Steel
   8.7.4.2 High Strength Steel
   8.7.4.3 Advanced High Strength Steel (AHSS)
   8.7.4.4 Ultra High Strength Steel (UHSS)
  8.7.5 Historic and Forecasted Market Size By Vehicle Type
   8.7.5.1 Passenger Car
   8.7.5.2 Light Commercial Vehicles (LCVs)
   8.7.5.3 Heavy Commercial Vehicles (HCVs)
  8.7.6 Historic and Forecasted Market Size By Application
   8.7.6.1 Body Structure
   8.7.6.2 Powertrain
   8.7.6.3 Suspension
   8.7.6.4 Others
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research