Automotive & Aerospace Steel Market Size

Automotive & Aerospace Steel Market Size

Steel Market for Automotive & Aerospace Applications size exceeded USD 125 Billion, in 2020 and is estimated to grow at over 5.4% CAGR between 2021 and 2027 owing to increasing automotive production and booming electric vehicles industry. Favourable government regulation to reduce carbon dioxide emissions and increasing infrastructural & construction activities should stimulate the market demand during the forecast period.

Steel is a widely used material in the automotive industry pertaining to its ability to promote safety & strength at an economical price in comparison to other substitute metals such as aluminum which are the key attributes driving the product demand and propel the steel market for automotive & aerospace applications.

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Growing automotive production, stringent regulations to ensure passenger safety and increasing adoption of lightweight materials in automobiles should boost business growth. Increasing prevalence of stringent emission norms and increasing demand for passenger vehicles owing to urbanization should boost hot-rolled steel bars & rods market demand and concurrently supports the steel market share for automotive & aerospace applications.

Growing demand for electric vehicles, especially in emerging countries such as China, India and the U.S. along with the substantial expansion of automotive production facilities should boost global steel market growth from automotive applications. Steel plays an essential role in the production of body structure, doors, trunk closures, panels, engine blocks, drive trains, and suspension of automobiles. Growing regulatory requirements to reduce carbon dioxide emissions, rising investment in green infrastructure such as charging stations and significant innovation in the production of high strength steel should boost the product demand for automotive & aerospace applications.