Steel forms the backbone of vehicle body and chassis construction and remains the most popular material in the automotive industry. Despite the global transition to electric vehicles, the demand for steel is expected to stay steady. This shift will drive changes in car manufacturing materials and necessitate adjustments in engineering and design.
Innovations in steel technology have led to the development of smarter steels, offering enhanced efficiency and sustainability while improving strength and safety. These advancements enable manufacturers to achieve lightweight and extended driving range goals more cost-effectively than other materials, especially with advancements in battery technology.
North America is a key player in the global automotive steel market, accounting for more than one-third of the market share. Continuous progress in high-strength steel technology drives the growth of the North American automotive steel industry. The automotive sector is increasingly focused on reducing vehicle weight to improve fuel efficiency and comply with stringent emissions standards.
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Market Dynamics :
The automotive steel market is poised for future growth driven by increasing vehicle demand. Automobiles, including self-propelled cars, are essential for transporting people and goods on public roads. The use of automotive steel in car manufacturing is rising, as it allows manufacturers to reduce vehicle weight while enhancing durability, fuel efficiency, and reducing emissions.
According to the International Organization of Motor Vehicle Manufacturers (OICA), global motor vehicle production, including cars, trucks, and buses, reached 85,016,728 units in 2022, up from 80,145,988 units in 2021.
Additionally, a report released in March 2022 by the European Automobile Manufacturers' Association (ACEA), the primary standards-setting and lobbying organization for the automotive industry in the European Union, indicated a 5.5% increase in passenger car sales in the US, rising from 11.9 million units in 2020 to 2021. Consequently, the automotive steel market is expanding in response to the growing demand for vehicles.
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Market Segmentation :
By Type : Low-Strength Steels, High Strength Steel (HSS), Advanced High Strength Steel (AHSS).
By Vehicle : Passenger Vehicles, Commercial Vehicles.
By Application : Structural Assembly & Closures, Bumpers, Suspension, Rims.
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Competitive Landscape
The major global players in the market include ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation (NSSMC), HBIS GROUP, Baosteel, POSCO, Tata Steel, HYUNDAI Steel Company, JFE Steel Corporation, Nucor Corporation and U.S. Steel Corporation.
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