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Automotive Steel Market Share

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

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Automotive Steel Market Share

Key participants operating in the industry are:

ArcelorMittal
TATA Steel
China Steel Corporation
Hyundai Steel
United States Steel Corporation
JSW Group
POSCO
Nippon Steel & Sumitomo Metal Corporation
JFE Steel Corporation
NUCOR Corporation
Jindal Steel & Power
Grow Ever Steel
HBIS Group
Outokumpu OYJ
Kobe Steel.

Varied acquisition opportunities and consistent research & development to enhance product reliability will shape the strategic landscape. Besides, burgeoning initiatives toward the mitigation of carbon footprint of the automobile sector will prove advantageous for companies.

To cite an instance, in July 2022, Tata Steel and BHP, a major global resources firm, signed an MoU to jointly explore steelmaking technology and low carbon iron. As a part of the deal, the firms planned to work together to find ways to reduce emissions produced by the blast furnace steel route.

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.