The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Rising automobile demand is likely to stimulate innovation in automotive steel manufacturing, propelling the market during the forecast period.

The global automotive steel market is expected to grow from $107.81 billion in 2022 to $113.76 billion in 2023 at a compound annual growth rate (CAGR) of 5.5%. The global automotive steel market size is expected to reach $135.24 billion in 2027 at a CAGR of 4.4%.

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Global Automotive Steel Market Segments Include:

• By Component: Mild Steel, Alloy Steel, High Strength Steel, Advanced High Strength
• By Process: Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF)
• By Application: Body structure, Power train, Suspension, Other Applications
• By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global automotive steel market in 2021.

Major Market Players in the automotive steel market include ArcelorMittal, Tata Steel, HYUNDAI-STEEL, United States Steel, JSW Steel, Pohang Iron and Steel Company (POSCO), Nippon Steel Corporation, JFE Steel Corporation, Nucor Corporation.

Product innovation is a prevalent trend in the automotive steel market. To increase their market position, major businesses in the automotive steel market are introducing innovative products. In June 2022, for example, Gestamp, a Spanish automobile engineering firm, collaborated with SSAB, a Swedish steel industry company, to develop Docol1000CP steel, which has a much higher strength (1000 Mpa) than normally used grades. Docol1000CP is a novel steel with high strength, low weight, and low environmental impact that is used to make chassis parts for the Toyota Yaris. Docol 1000CP’s unique properties aid in the production of lightweight parts and provide excellent fatigue resistance.

The Automotive Steel Global Market Report 2023  provides a automotive steel market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automotive steel market forecast analyzes automotive steel market size, automotive steel market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Automotive steel refers to the numerous types of steel used in the production of various car components. To manufacture molten iron, raw materials such as iron ore and coal are typically melted in a blast furnace. Following that, the iron ore is purified and alloyed with additional elements to produce high-quality stell.

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