Automotive Steel Market Analysis

Automotive Steel Market Analysis

In terms of process, the market is classified into electric arc furnace (EAF) and basic oxygen furnace (BOF). The BOF segment is estimated to attain around 3% growth rate and will reach USD 111,470 million revenue by 2030. The growth is attributed to the cost advantage factor of these furnaces.

The advanced high strength steel segment is expected to cross USD 68,880 million in revenue by 2030. The segment accounted for the highest industry share due to the rising demand for light weight steel in electric as well as ICE vehicles.
 

Based on vehicle, the automotive steel market is categorized into light commercial vehicles, passenger vehicles, heavy commercial vehicles, and two-wheeler vehicles. The passenger vehicles segment held the majority market share on account of increasing passenger car sales in the past few years and will continue to experience a positive outlook, exhibiting a CAGR of over 3% through 2030.
 

With respect to application, the automotive steel industry has been divided into body structure, power train, suspension, and others. The body structure segment is set to record a valuation of about USD 66,620 million by 2030, expanding at above 3% CAGR. Body structure dominated the application segment as a result of the growing use of CHSS to optimize strength, reduce vehicle weight, and improve vehicle performance.
 

The Asia Pacific automotive steel market is predicted to observe nearly 3.4% CAGR to surpass USD 86,295 million in revenue by 2030 backed by soaring automotive production and increasing vehicle demand in the region.
 

Another region that may emerge as a key revenue hub is Europe. The regional industry growth is owing to strict regulations to reduce carbon dioxide emissions in nations including the UK and Germany.