The global automotive steel market is projected to reach USD 130.07 billion by 2025, according to Million Insights. The market is expected to grow with the 3.2% CAGR above the forecast period, from 2019 to 2025. Increasing demand for lightweight vehicles coupled with the expansion of production facilities in Asia Pacific is expected to drive the growth of automotive steel market over the forecast period. Increasing demand for electric vehicles across the globe is another factor expected to propel the demand for steel material in the automotive industry. Electric vehicles play an important role in meeting the environmental goals to reduce CO2 emission, as these vehicles are manufactured with lightweight materials such as steel. According to the International Energy Agency, in 2017, more than 1 million cars were sold across the globe and China has accounted for over 50% sales.
Europe is one of the largest regions for vehicle production and contributes to 6.85% of its GDP in the automotive industry. Investment in automotive R&D activities and growing focus on reducing CO2 emission are major factors expected to propel the demand for lightweight chassis components in Europe.
Passenger vehicle segment is projected to witness significant growth in terms of volume from 2019 to 2025. Due to the development of small and microcar components, market players are expanding their product lines in this segment.
Major companies operating in steel industries are focusing on the development of high strength steel that enables automakers to manufacture lightweight and thin automotive parts along with safety features. Steel companies are collaborating with global universities and research institutes in order to develop high-quality steel for the automotive industry.
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Further key findings from the report suggest:
• In 2018, body structure accounted for largest market share of 34.0% in terms of revenue. This high revenue market share is attributed to stringent regulations for vehicles safety.
• Among applications, power train segment is expected to register CAGR of 2.6% in terms of volume from 2019 to 2025. Increasing focus of automakers for weight reduction of power train by using steel material is expected to fuel the segment growth.
• In 2018, passenger vehicles segment held the largest market share of 73.0% in terms of volume. This is due to growing production of passenger’s vehicles and increasing demand of it in developed nations.
• In 2018, Asia Pacific dominated the global automotive market and expected to retain its position throughout the forecast period due to high production in India and China.
• Europe is expected to register CAGR of 2.2% in terms of volume during the forecast period. Technological advancement and growing focus on weight reduction of vehicles are major factor to contribute regional market growth.
• The major players operating in the automotive steel market are ArcelorMittal S.A., Tata Steel Ltd., Hyundai Steel Co. Ltd., Nippon Steel & Sumitomo Metal Corporation, POSCO, and Nucor Corporation,
Million Insights has segmented the global automotive steel market on the basis of vehicle type, application, and region:
Vehicle Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
• Passenger Vehicles
• Light Commercial Vehicles
• Heavy Commercial Vehicles
Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
• Body structure
• Power train
Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Central and South America
• Middle East & Africa