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Steel is extensively used in the automotive industry due to its ability to provide safety and strength at a relatively lower price, as compared to other metals such as aluminum. On an average, a vehicle comprises 900 kg of steel with significant utilization in the body structure and drive train.

Rising production of vehicles, globally, is projected to drive the automotive steel market. Asia Pacific and Latin America are witnessing high domestic demand for vehicles due to rise in income, which in turn is expected to boost the demand for automotive steel. Stringent emission regulations have led to the advent of lightweight materials, which have poor recyclability and hence, generate a carbon footprint. However, considering the total vehicle lifecycle, steel is an effective environment-friendly choice due to its low emission during manufacturing and 100% recyclability during the end of the vehicle life. Sustainable long-term environmental benefits at a cost-effective price is a major driver for the automotive steel market.

North America CAFÉ (Corporate Average Fuel Economy) emission standards have made it mandatory to improve the average fuel economy to 54.5 miles per gallon by 2025. Europe is expected to reduce its average emission levels to 95 gm per kilometer by 2025. Steel companies, such as United States Steel and ArcelorMittal, are heavily investing in development of advanced high strength steel (AHSS) in order to conform with these emission regulations. Usage of AHSS helps reduce structural weight by 25% and lifecycle CO2 emission by 15%. Thus, demand for AHSS is anticipated to rise during the forecast period. 

Introduction of lightweight aluminum is hampering the automotive steel market. However, AHSS is expected to witness higher demand than lightweight aluminum in the near future as AHSS is relatively cheaper yet reduces the structures weight.

The global automotive steel market can be segmented based on steel grade, component, vehicle type, and region. Based on steel grade, the global automotive steel market can be classified into mild steel, alloy steel, high strength steel (HSS), and advanced high strength steel (AHSS). The AHSS segment is expected to expand during the forecast period owing to its weight saving benefits.

In terms of component, the global automotive steel market can be segregated into body structures and panels, drivetrain, suspension, and others. The body structures and panels segment is estimated to expand at a considerable growth rate during the forecast period due to the rise in rate of adoption of AHSS in order to reduce weight and improve structural safety.

Based on vehicle type, the global automotive steel market can be split into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment is expected to expand at a significant pace in the near future owing to the higher production volume of passenger vehicles, globally.
In terms of region, the global automotive steel market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global market due to the rise in demand for vehicles in China and India, which in turn is likely to drive the automotive steel market in the region.

Key players operating in the global automotive steel market include United States Steel, ArcelorMittal, JFE Steel Corporation, Baosteel Group, and Nippon Steel & Sumitomo Metal Corporation.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

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Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Automotive Steel Market

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