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Automotive Steel Market Size

Report ID: GMI3310
Published Date: Aug 2022
Report Format: PDF

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Automotive Steel Market Size

Automotive Steel Market size valued at USD 112.93 billion in 2021 and is projected to expand at over 3% in terms of revenue from 2022 to 2030. Rising adoption of electric vehicles will augment the demand for automotive steel.

Automotive Steel Market Overview

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High government emphasis across varied regions on promoting electrification to reduce the carbon footprint of automobiles will also propel product uptake in the automotive sector. For instance, in 2021, the U.S. government passed a bill to invest USD 550 billion toward a carbon-free initiative, under which USD 7.5 billion was allocated for building EV charging stations.

New lightweight automotive steel product development will transform the market outlook. Companies have been engaging in product innovation and strategic acquisitions to stimulate their presence. Additionally, companies would benefit from the growing demand for sustainable and efficient automobiles.

Automotive Steel Market Report Attributes
Report Attribute	Details
Base Year:	2021
Automotive Steel Market Size in 2021:	112,931.9 Million (USD)
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	3.1%
2030 Value Projection:	161,757.6 Million (USD)
Historical Data for:	2018 to 2021
No. of Pages:	500
Tables, Charts & Figures:	809
Segments covered:	Process, Product, Vehicle, Application, Region
Growth Drivers:	Upsurge in demand for automobiles around the world Increasing acceptance of lightweight steel in automobiles Stringent regulations for reducing fuel emissions Increasing adoption of EVs is likely to surge the industry proliferation
Pitfalls & Challenges:	Availability of substitutes Price volatility and supply chain issues

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Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

The market size of automotive steel was surpassed USD 112,930 million in 2021 and is set to progress at a CAGR of over 2% in terms of volume, over 2022-2030.

The advanced high strength steel segment is poised to be valued over USD 68,880 million by 2030 as a result of rising demand for light weight steel in electric and ICE vehicles.

The body structure application is expected to grow at a rate of above 3% through 2030 owing to increasing use of CHSS to maximize strength, reduce vehicle weight, and improve vehicle performance.

The automotive steel segment in Asia Pacific is expected to account for USD 86,295 million in revenue by 2030 as a result of booming automotive production in the region.