Automotive Steel Industry - Market Insights & Forecast 2018-2025
09 January 2019
The global automotive steel market size is expected to reach USD 77.30 billion by 2025 expanding at a CAGR of 3.6%, according to a new report by Grand View Research, Inc. Increasing automobile production, particularly in countries like India, China, Brazil, and Mexico, is the key factor propelling the market growth. Reviving economic conditions in Europe and Central & South America coupled with rapid industrialization in emerging economies are expected to have a positive impact on the market. In addition, supportive government policies are likely to create new growth opportunities for the market in the years to come. Asia Pacific emerged as the largest regional automotive steel industry in 2017 on account of steady growth of automotive sales in the region.
China, Japan, and India are the major markets in Asia Pacific. The Southeast Asian countries are expected to witness a significant development in the coming years owing to rising adoption of Electric Vehicles (EVs), specifically in China. This factor is also expected to have a positively impact on the automotive steel market in the region. Rapid expansion of the automotive and transportation industry in emerging economies, such as India, is expected to augment the demand for vehicle components over the forecast period. This, in turn, will help boost the market growth in Asia Pacific. In 2016, the automotive production in India was nearly 4,488,965 units, which witnessed an increase of about 5.8% and reached approximately 4,782,896 units in 2017.
This, in turn, is anticipated to drive automotive steel market over the forecast period. In addition, increased adoption of EVs in Spain, Germany, U.K., Thailand, Malaysia, and Indonesia is expected to propel the demand for automotive steel. Steel producers are focusing on R&D to develop new products, which cater to the high fuel-efficiency requirements. In 2017, POSCO, a South Korean steel manufacturer, developed GIGA steel, a lightweight product with high tensile strength. In line with this development, ArcelorMittal also developed lightweight solutions for mid-sized hybrid and electric vehicles, as well as trucks.
Further key findings from the study suggest:
• In terms of revenue, body structure application is anticipated to account for the maximum market share reaching at USD 29.0 billion by 2025
• However, the suspension segment is projected to witness the fastest CAGR over the forecast period
• Passenger vehicles type segment led the global automotive steel market in 2017, in terms of revenue
• In terms of revenue, Asia Pacific regional market is projected to expand at the fastest CAGR over the forecast period
• Some of the key companies in this market include Tata Steel Ltd., China Steel Corp., Hyundai Steel Co. Ltd., JFE Steel Corp., ArcelorMittal S.A., JSW Group, United States Steel Corp., Nippon Steel & Sumitomo Metal Corp., POSCO, and Nucor Corp.
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