Steel Market Size for Automotive & Aerospace Applications By Product (Angles. Shapes and Sections, Hot-Rolled Bars and Rods, Wire Rod, Drawn Wire, Other Bars And Rods, Hot-Rolled Strip, Cold-Rolled Strip, Hot-Rolled Sheets And Coils, Plates, Cold-Rolled Sheets And Coils, Electrical Sheet And Strip, Tinmill Products, Galvanised Sheet, Other Coated Sheet, Steel Tubes And Fittings, Wheels And Axles, Castings, Forgings), By Application (Automotive, Aerospace), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Published Date: Feb 2020  |  Report ID: GMI4522  |  Authors: Kunal Ahuja, Kritika Mamtani

Report Format: PDF   |   Pages: 301   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Increasing penetration of the product in several aerospace & automotive applications coupled with rising government regulations to curb carbon emissions should enhance steel consumption

Steel market for automotive & aerospace applications exceeded USD 120 Billion, globally in 2018 and is estimated to grow at over 4.5% CAGR between 2019 and 2026. Global steel industry for automotive & aerospace applications is attributed to growing demand for lightweight vehicles.

Steel market

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Steel is an alloy of carbon and iron which is extensively served in a wide array of industries owing to its high tensile strength and mechanical properties. It contains less than 2% carbon and 1% manganese with small traces of silicon, oxygen and sulphur. The metal is used in the manufacture of auto and aerospace components as it offers high cost affordability and minimal environmental degradation.

Adoption of steel for use in automotive components significantly reduces the vehicular weight, enhances safety, and improves fuel efficiency. According to the International Energy Agency, the global transportation industry contributes toward 24% of man-made carbon emissions. Stringent government norms to reduce environmental pollution coupled with increasing R&D investments towards the development of premium cars should accelerate the market growth.

However, adoption of ultra-high strength steel in the production of automotive increases the risk of delayed fracture & fatigue which may hamper the growth of steel market for automotive & aerospace applications.

High quality steel products reduce fuel consumption, provide high flexibility and improved formability which are the key attributes driving product demand. Rapid growth in automotive sales has boosted the demand for technologically advanced, high performance vehicles which should escalate the market expansion.

Companies invest in product innovations and production facility expansions to offer efficient steel materials with improved characteristics. Increasing technological advancements have further enabled the sustainable production of steel products with the use of eco-friendly production process which is likely to stimulate the overall industry demand.

Steel Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 121,426.3 million (USD)
Historical Data for: 2015 to 2018 Forecast Period: 2019 to 2026
Pages: 301 Tables, Charts & Figures: 305
Geographies covered (27): U.S., Canada, Austria, Czech Republic, France, Germany, Italy, Netherlands, Poland, Romania, Spain, Sweden, UK, Turkey, Russia, Ukraine, China, India, Japan, Australia & NZ, South Korea, Brazil, Argentina, Mexico, Saudi Arabia, UAE, South Africa
Segments covered: Product & Applications
Companies covered (25): ArcelorMittal, Tata Steel, Steel Authority of India Limited (SAIL), Gerdua S/A, Nippon Steel & Sumitomo Corporation, Essar Steel, Mechel OAO, Acerinox S.A., Hyundai Steel, Daido Steel Co., Ltd., Kobe Steel Ltd., U.S. Steel Corporation, Commercial Metals Company, Jindal Steel & Power Ltd, JFE Steel Corporation, POSCO, Nucor Steel, Steel Dynamics, Inc., Baosteel Group, Outokumpu OYJ, China Steel Corporation, Celsa Steel UK, Jiangsu Shagang Group, NJR Steel, Thyssenkrupp AG
Growth Drivers:
  • North America: Rapid expansion of aerospace & defense sector
  • Europe:
    • Booming electric vehicles industry
    • Growing demand for electric aircrafts
  • Asia Pacific: Growing adoption of steel in automotive industry
Pitfalls & Challenges:
  • Fatigue & fracture in steel

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Rising usage of hot rolled steel bar & rod products to enhance overall market share

Hot Rolled Bars and Rods Market

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Global steel market for aerospace & automotive applications is bifurcated on the basis of products such as hot-rolled bars and rods, wire rod, drawn wire, hot-rolled strip, cold-rolled strip and several others. Hot rolled bars and rods segment of the market accounted for over 45 million tons in 2018 which indicates significant product penetration in application industries.

Hot-rolled steel bars and rods are manufactured by rolling the steel at extreme high temperatures which helps the steel to be shaped and deformed easily. The product offers high tolerance resistance and surface quality which makes it a suitable alternative to traditional materials, thus driving the steel market for automotive & aerospace applications growth opportunities.

Hot rolled steel bars and rods are used in suspension components, gears and steering gear shafts in the automobile industry owing to their low cost, lightweight and high-performance efficiency. These products offer high tensile strength, have capability to withstand pressure, provide exceptional versatility and help enhance the aesthetic value of the vehicle.

Growing deployment of the product in numerous automotive applications has enabled manufacturers to formulate innovations in steel products, leading to substantial opportunities for industry expansion.

Growing popularity in aerospace applications owing to their stability at elevated temperature to escalate steel market statistics

Aerospace Application Market

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Steel market demand for automotive & aerospace applications is attributed to the growing adoption of high strength steel products in numerous aerospace applications such as landing gear components, fuel tanks, fasteners and interior components. Steel products such as wire rods, hot rolled bars, cold rolled bars, tubes and fittings find wide usage in the aerospace industry. These products help withstand robust service environment, provide high resistance to oxidation at elevated temperatures and offer consistent mechanical properties over a wide temperature range. 

Rising number of consumers shifting towards air travel has boosted the demand for new commercial aircrafts which offer improved safety and performance characteristics. Steel parts in aircrafts offer high wear & tear resistance and handle better impact damage in comparison to aluminum parts which is further expected to stimulate the overall market trends.

Rapid growth in electric vehicles sales to boost steel consumption in Europe

Europe Steel Market Size For Automotive & Aerospace Applications

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European steel market for automotive & aerospace applications is expected to witness over 4.5% CAGR up to 2026. Increasing electric vehicle demand in the UK & Germany pertaining to growing government initiatives to reduce green-house gas emissions are expected to have a positive impact on the product demand.

Steel products require seven times less energy than aluminum to be produced. Growing awareness towards the emissions produced in vehicle manufacturing has increased the government standards towards automotive production which shows favorable circumstances for market expansion.

Steel products offer an optimal balance of performance, strength and weight reduction with minimum impact on environment. European market growth is attributed to increasing number of manufacturers in the region preferring steel in electric vehicles manufacturing owing to their economical cost, safety and superior reinforcement properties.

Strategic joint ventures and acquisitions to remain key business strategies by major market players

Global steel market for automotive & aerospace applications is moderately consolidated with major players including ArcelorMittal, Tata Steel, Nippon Steel & Sumitomo Metal Corporation, Hyundai Steel, Daido Steel, POSCO and JFE Steel Corporation.

Companies are engaged in product launches, partnerships, and innovations and in order to expand their product portfolio and cater to the rising product demand across geographies. New product launches with quality certifications are practiced by manufacturers to tap the global customer base.

In November 2019, Gerdau purchased a steel mill in northeast Brazil for USD 111 million. The mill offers an installed production capacity of 600,000 tons per year. The introduction of a new steel plant will help the company to improve productivity at Brazilian steel mills.

In April 2017, Daido Steel acquired ISO/TS16949:2009 certification, an international standard for quality management system for the automotive industry. The company acquired the certification for rolled round wires & bars at Hoshizaki Plant, which produces stainless steel and other metals for automotive parts.

The steel market for automotive & aerospace applications research report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Million Tons) and revenue (USD Million) from 2015 to 2026, for the following segments:

By Product

  • Angles. Shapes and Sections
  • Hot-Rolled Bars and Rods
  • Wire Rod
  • Drawn Wire
  • Other Bars and Rods
  • Hot-Rolled Strip
  • Cold-Rolled Strip
  • Hot-Rolled Sheets and Coils
  • Plates
  • Cold-Rolled Sheets and Coils
  • Electrical Sheet and Strip
  • Tinmill Products
  • Galvanised Sheet
  • Other Coated Sheets
  • Steel Tube and fittings
  • Wheels and Axles
  • Castings
  • Forgings

By Application

  • Automotive
  • Aerospace

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Austria
    • Czech Republic
    • France
    • Germany
    • Italy
    • Netherlands
    • Poland
    • Romania
    • Spain
    • Sweden
    • UK
    • Turkey
    • Russia
    • Ukraine
  • APAC
    • China
    • India
    • Japan
    • Australia & NZ
    • South Korea
  • Latin America      
    • Brazil
    • Argentina
    • Mexico
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE 

Frequently Asked Questions (FAQ) :

The steel market for automotive & aerospace applications is expected to witness a remuneration of $165 billion in 2026.
The steel market for automotive & aerospace applications is poised to observe a crcr of 4.5% over 2019-2026.
Growing need for high performance steel products pertaining to its high efficiency and eco-friendly characteristics will be a key driving factor for the growth of the global market.
Europe will be a major revenue pocket for the industry, as European steel market for automotive & aerospace applications is set to achieve over 4.5% CAGR up to 2026, driven by increasing electric vehicle demand in the UK & Germany pertaining to growing government initiatives.
ArcelorMittal, Tata Steel, Nippon Steel & Sumitomo Metal Corporation, Hyundai Steel, Daido Steel, POSCO and JFE Steel Corporation are top companies operating in the global steel industry for automotive & aerospace applications.

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Premium Report Details

  • Published Date: Feb 2020
  • Pages: 301
  • Tables: 239
  • Charts / Figures: 66
  • Companies covered: 25
  • Countries covered: 27

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