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Automotive Stainless Steel Market Trends

Report ID: GMI6236
Published Date: Jul 2023
Report Format: PDF

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Automotive Stainless Steel Market Trends

The growing popularity of electric vehicles is driving the demand for stainless steel in the automotive sector. Stainless steel is used in battery components, such as casings and connectors, as well as in charging infrastructure. Thus, the growing demand for stainless steel can be attributed to the rising adoption of EVs. Technological advancements are enabling the production of highly precise, efficient & complex stainless-steel components. Advanced manufacturing techniques, such as laser cutting, 3D printing, and robotics, are improving production processes and reducing costs. These advancements are estimated to fuel the adoption of stainless steel in the automotive industry.

The expanding aftermarket for automotive stainless-steel components can be attributed to the rise in vehicle customization & modification activities. Consumers are looking for stainless-steel accessories, such as grilles, exhaust tips, and interior trims, to personalize their vehicles. This trend is driving the demand for stainless steel in the automotive aftermarket.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of automotive stainless steel was reached USD 120 billion in 2022 and is set to account for USD 185 billion by 2032, owing to the lightweight, strong & durable nature of the material.

The exhaust systems segment accounted around 40% market share in 2022 and will continue to generate demand as stainless steel is extensively used in automotive exhaust systems for its outstanding resistance to heat and corrosion.

The U.S. dominated the North America market and generated revenues worth USD 102 billion in 2022 and is expected to expand at a significant pace owing to the overall increase in vehicle production in the region.

Outokumpu Oyj, thyssenkrupp AG, AK Steel Holding Corporation, Nippon Steel Corporation, JFE Steel Corporation, POSCO, Acerinox S.A., Sandvik AB, Aperam S.A., and Ta Chen International, Inc.