Automotive Steel Global Market Report 2023 - Product Innovation Paves the Way

DUBLIN, Nov. 27, 2023 /PRNewswire/ -- The "Automotive Steel Global Market Report 2023" has been added to  ResearchAndMarkets.com's offering.

The global automotive steel market is on an upward trajectory, with expectations of reaching $113.76 billion in 2023, marking a notable 5.5% compound annual growth rate (CAGR). Projections indicate further expansion, with the market poised to hit $135.24 billion by 2027 at a CAGR of 4.4%.

Product Innovation Paves the Way

One of the key trends in the automotive steel market is the surge in product innovation. Major industry players are investing in innovative products to solidify their market presence. An illustrative example is the collaboration between Gestamp, a Spain-based automotive engineering company, and SSAB, a Sweden-based steel industry company. They jointly developed Docol1000CP steel, boasting significantly higher strength (1000 Mpa) than conventionally used grades. This innovative steel is lightweight, eco-friendly, and enhances the durability of automotive chassis parts. Such advancements are driving the industry forward.

Strategic Acquisitions Fuel Growth

Strategic acquisitions are shaping the market landscape. In December 2020, United States Steel Corporation acquired a remaining 50.1% stake of Big River Steel for approximately $774 million. This move has enabled United States Steel Corporation to expand its product portfolio and enhance its cost structure with the addition of a technologically advanced and environmentally sustainable mill. Big River Steel, a US-based steel company, caters to various industries, including automotive.

Asia-Pacific Takes the Lead

Asia-Pacific emerged as the largest region in the automotive steel market in 2022, underscoring the region's pivotal role in the industry's growth.

Rising Automobile Demand Drives Market Growth

The automotive steel market is set to flourish further, driven by the escalating demand for automobiles. Automotive steel is increasingly favored in manufacturing as it contributes to reducing vehicle weight, improving fuel efficiency, lowering emissions, and enhancing durability. Recent data reveals a surge in global motor vehicle production, emphasizing the growing significance of automotive steel in the industry.

Report Scope

Markets Covered:

• By Component: Mild Steel; Alloy Steel; High Strength Steel; Advanced High Strength
• By Process: Basic Oxygen Furnace (BOF); Electric Arc Furnace (EAF)
• By Application: Body structure; Power train; Suspension; Other Applications
• By Vehicle Type: Passenger Vehicles; Light Commercial Vehicles; Heavy Commercial Vehicles

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Company Profiles

• ArcelorMittal
• Tata Steel
• Hyundai-Steel
• United States Steel
• JSW Steel
• Pohang Iron and Steel Company (POSCO)
• Nippon Steel Corporation
• JFE Steel Corporation
• Nucor Corporation
• thyssenkrupp Steel Europe
• China Baowu Steel Group
• Hesteel Group
• Kobe Steel Ltd.
• Jindal Steel & Power
• Grow Ever Steel
• Outokumpu

For more information about this report visit https://www.researchandmarkets.com/r/v4qm88

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SOURCE Research and Markets