Summary

Overview
Global Automotive Steel Market reached US$ 111.8 billion in 2023 and is expected to reach US$ 161.4 billion by 2031, growing with a CAGR of 4.7% during the forecast period 2024-2031.
The spine of the entire vehicle is made up mostly of steel in the body and chassis constructions. In addition, steel will remain the most popular material for automobiles and demand for it is predicted to remain constant even as the global auto industry shifts to electric vehicles. Its means that the materials used to make cars will change along with their engineering and design.
Smarter steels can also provide higher levels of efficiency and sustainability while also improving strength and safety. Furthermore, manufacturers can use steel to achieve their objectives of lightness and driving range more affordably than they can with any other material thanks to advancements in battery technology.
North America is among the growing regions in the global automotive steel market covering more than 1/3rd of the market. The constant progress in high-strength steel technology is one of the main factors behind the expansion of the North American automotive steel industry. To increase fuel economy and meet strict emissions standards, the automobile industry is placing more importance on decreasing vehicle weight.
Dynamics
Rising Demand for Automobiles
The market for automotive steel is anticipated to develop in the future due to the growing demand for vehicles. Self-propelled cars are designed to move people and goods on public roads. The usage of automotive steel in car manufacturing is growing because it helps manufacturers lower the total weight of their vehicles while simultaneously boosting durability, fuel efficiency and emissions reduction.
The International Organization of Motor Vehicle Manufacturers (OICA), an international trade association with its headquarters in France, reports that, for example, the production of motor vehicles (cars, trucks and buses) globally increased to 85,016,728 million units in 2022 from 80,145,988 million units in 2021.
Furthermore, sales of passenger cars in US increased by 5.5% from 2020 to 11.9 million units in 2021, according to 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. Consequently, the market for automotive steel is expanding due to the growing demand for vehicles.
Increasing Demand For Commercial Vehicles
The market for automotive steel is anticipated to develop in the future due to the rising demand for commercial cars. Commercial vehicles are defined as motor vehicles, such as trucks, vans and buses, that are mainly utilized for business. It is made to be used for the delivery of products, the movement of people or the provision of services. Due to its widespread usage in body constructions, power trains and suspensions, automotive steel may see a rise in demand in tandem with demand for commercial vehicles.
For instance, in July 2022, 168,000 commercial cars were sold in China, according to Pandaily, a tech media outlet in China. The figure represented a 49.4% rise in sales year over year. The rising demand for commercial vehicles will thus benefit the automotive steel market's growth throughout the projected period.
Price Volatility for Raw Materials
The price volatility of raw materials, especially iron ore and coal, which are necessary for steel manufacturing, is a major constraint on the globally automotive steel market. Natural catastrophes, shifts in the dynamics of supply and demand and geopolitical conflicts are some of the causes of price fluctuations in these raw materials. For example, geopolitical conflicts such as the Russia-Ukraine war have affected supply lines for essential raw materials, leading to unexpected price increases.
Furthermore, the fluctuation in raw material prices impacts the financial planning and procurement tactics employed by automobile manufacturers. Automobile manufacturers are compelled to absorb higher manufacturing expenses when steel producers pass on higher costs resulting from a spike in raw material prices. The might result in lower profit margins and higher car prices, which would decrease customer demand.
Regulations Regarding the Environment and Sustainability
The global automotive steel market is further restricted by environmental restrictions and sustainability concerns. To lower carbon emissions and encourage sustainable industrial production methods, governments all over the world are enforcing stronger environmental laws. The impetus to embrace greener technology and lessen its carbon footprint is growing for the steel sector, which is among the biggest industrial emitters of CO2.
Moreover, the market for conventional automotive steel is being impacted by the move towards electric vehicles (EVs) and lightweight materials to increase fuel economy. Because they are lighter and more fuel-efficient than traditional steel, alternative materials like aluminum and sophisticated composites are being used by automakers more and more. The market for automotive steel is seriously threatened by this trend toward material substitution, which is being pushed by the requirement to cut emissions and fulfill fuel efficiency regulations.
Segment Analysis
The global automotive steel market is segmented based on type, vehicle, application and region.
Increasing Use of Advanced High Strength Steel (AHSS) in the Automotive Industry
The Advanced High Strength Steel (AHSS) segment is among the growing regions in the global automotive steel market covering more than 1/3rd of the market. Advanced high-strength steels (AHSS) are sophisticated materials, complex, with carefully selected multiphase microstructures and chemical compositions resulting from controlled cooling and heating processes.
Moreover, various strengthening mechanisms are employed to achieve a range of ductility, strength, fatigue and toughness properties. Recently, there has been raised funding and research for developing the “3rd Generation” of AHSS. Moreover, these steels have improved strength-ductility combinations compared to present grades, with the potential for more efficient joining capabilities, at lower costs.
Furthermore, these 1st and 2nd Generation AHSS grades are uniquely qualified to meet certain parts' functional performance demands. For instance, DP and TRIP steels are excellent in the car's crash zones for their high energy absorption. In addition, for structural elements of passenger vehicles, extremely high-strength steels, such as martensitic and boron-based press-hardened steels (PHS), improve safety performance.
Geographical Penetration
Increasing Demand for Vehicles in the Automotive Sector in North America
North America has been a dominant force in the global automotive steel market. The market for automotive steel is dominated by North America because of the region's increasing demand for vehicles with improved safety, fuel efficiency, high recyclability and formability. The U.S. is the biggest manufacturer and user of automobiles. The economy's automotive sector has been evolving in terms of the kinds of automobiles that are manufactured.
The number of motor vehicles sold in U.S. in 2020 ranged between 14.5 to 15 million units. Although sales in the first two months of 2021 were lower than in December, they were still on the rise globally. Moreover, strict emission regulations and investment in green infrastructure are expected to grow the demand for various steel products in the automotive sector.
For instance, Canada's government invested about US$ 3.4 million in clean technologies and green infrastructure by increasing the number of zero-emission vehicles. Moreover, these initiatives complement Canada's strengthened climate plan, A Healthy Environment and a Healthy Economy, which will further accelerate zero-emission vehicle adoption through an additional US$ 149.5 million for ZEV infrastructure and an additional US$ 286 million for ZEV purchasing incentives for Canadians.
COVID-19 Impact Analysis
The COVID-19 epidemic caused supply chains to break and demand dynamics to change, which had a significant effect on the globally automotive steel market. Lockdowns and other measures during the pandemic's early phases caused the shutdown of production facilities, notably steel and car industries. As a result, there was a sharp decline in steel output, which led to a deficit in supplies.
Furthermore, there was less of a need for automotive steel as a result of the slowdown in car manufacturing brought on by factory closures and lower customer demand. Together, these elements led to a market contraction, whereby unstable pricing and disrupted supply chains became the new normal. The market developed new difficulties as the epidemic spread, including a labor shortage and logistical snags.
The expenses and delays were further increased by the reorganization of supply networks to conform to new safety regulations. As customer tastes evolved, there was a shift in the demand, with a noticeable increase in desire for private automobiles over public transit because of health concerns. Steel demand eventually increased as a result of this eventual rebound in automobile demand, but supply levels were not adjusted by the market in time.
Russia-Ukraine War Impact Analysis
The conflict between Russia and Ukraine has had a substantial negative impact on supply chains and raw material availability, which has severely impacted the global automotive steel industry. Iron ore and steel from Ukraine are vital supplies to international markets, particularly those that manufacture steel for automotive.
Because of the war, Ukraine's steel output has significantly decreased as a result of destroyed infrastructure, logistical difficulties and the diversion of industrial resources to the war effort. The supply chain has also been severely stressed by Western sanctions imposed on Russia, a significant producer of steel and aluminum globally. The has affected the availability and cost of automotive steel internationally by raising costs and creating a shortage of raw materials needed for steel manufacturing.
By Type
- Low-Strength Steels
- High Strength Steel (HSS)
- Advanced High Strength Steel (AHSS)
- Others
By Vehicle
- Passenger Vehicles
- Commercial Vehicles
- Others
By Application
- Structural Assembly & Closures
- Bumpers
- Suspension
- Rims
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On June 29, 2022, Gestamp, a Spanish automotive engineering company, in collaboration with Sweden's SSAB, developed Docol 1000CP steel. The innovative steel, with a tensile strength of 1000 MPa, is stronger, lighter and more environmentally friendly than conventional grades. Used in the chassis parts of the Toyota Yaris, Docol 1000CP enables the production of lighter components and offers excellent fatigue resistance.
- On December 19, 2022, National Material of Mexico (NMM) was acquired by Kloeckner Metals Corporation (KMC), a US-based manufacturer and distributor of steel and metal products, for an unknown sum. With the acquisition of NMM, KMC can greatly extend its presence in major automotive and industrial client locations throughout Mexico, as well as its footprint. Automotive steel is supplied by the National Material of Mexico (NMM), an independent service center and materials supplier with operations in Mexico that cater to the automotive and industrial sectors.
- On June 26, 2022, Outokumpu collaborated in tandem with Boysen Group and Thyssenkrupp Materials Processing Europe to assist in the automobile sector's decarbonization. The first towards-zero stainless steel in the world will be introduced to the car sector by Outokumpu, the world leader in stainless steel, in collaboration with ThyssenKrupp Materials Processing Europe, a preeminent center for steel and aluminum servicing and Boysen Group, a superior exhaust system producer.
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.
Why Purchase the Report?
- To visualize the global automotive steel market segmentation based on type, vehicle, application and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of automotive steel market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global automotive steel market report would provide approximately 62 tables, 55 figures and 182 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies

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Table of Contents

1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet by Type
3.2. Snippet by Vehicle
3.3. Snippet by Application
3.4. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Rising Demand for Automobiles
4.1.1.2. Increasing Demand For Commercial Vehicles
4.1.2. Restraints
4.1.2.1. Price Volatility for Raw Materials
4.1.2.2. Regulations Regarding the Environment and Sustainability
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
5.5. Russia-Ukraine War Impact Analysis
5.6. DMI Opinion
6. COVID-19 Analysis
6.1. Analysis of COVID-19
6.1.1. Scenario Before COVID-19
6.1.2. Scenario During COVID-19
6.1.3. Scenario Post COVID-19
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. By Type
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
7.1.2. Market Attractiveness Index, By Type
7.2. Low-Strength Steels*
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. High Strength Steel (HSS)
7.4. Advanced High Strength Steel (AHSS)
7.5. Others
8. By Vehicle
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
8.1.2. Market Attractiveness Index, By Vehicle
8.2. Passenger Vehicles*
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Commercial Vehicles
8.4. Others
9. By Application
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
9.1.2. Market Attractiveness Index, By Application
9.2. Structural Assembly & Closures*
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Bumpers
9.4. Suspension
9.5. Rims
9.6. Others
10. By Region
10.1. Introduction
10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
10.1.2. Market Attractiveness Index, By Region
10.2. North America
10.2.1. Introduction
10.2.2. Key Region-Specific Dynamics
10.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
10.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
10.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
10.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.2.6.1. U.S.
10.2.6.2. Canada
10.2.6.3. Mexico
10.3. Europe
10.3.1. Introduction
10.3.2. Key Region-Specific Dynamics
10.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
10.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
10.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
10.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.3.6.1. Germany
10.3.6.2. UK
10.3.6.3. France
10.3.6.4. Russia
10.3.6.5. Spain
10.3.6.6. Rest of Europe
10.4. South America
10.4.1. Introduction
10.4.2. Key Region-Specific Dynamics
10.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
10.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
10.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
10.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.4.6.1. Brazil
10.4.6.2. Argentina
10.4.6.3. Rest of South America
10.5. Asia-Pacific
10.5.1. Introduction
10.5.2. Key Region-Specific Dynamics
10.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
10.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
10.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
10.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
10.5.6.1. China
10.5.6.2. India
10.5.6.3. Japan
10.5.6.4. Australia
10.5.6.5. Rest of Asia-Pacific
10.6. Middle East and Africa
10.6.1. Introduction
10.6.2. Key Region-Specific Dynamics
10.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
10.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
10.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
11. Competitive Landscape
11.1. Competitive Scenario
11.2. Market Positioning/Share Analysis
11.3. Mergers and Acquisitions Analysis
12. Company Profiles
12.1. ArcelorMittal*
12.1.1. Company Overview
12.1.2. Product Portfolio and Description
12.1.3. Financial Overview
12.1.4. Key Developments
12.2. Nippon Steel & Sumitomo Metal Corporation (NSSMC)
12.3. HBIS GROUP
12.4. Baosteel
12.5. POSCO
12.6. Tata Steel
12.7. HYUNDAI Steel Company
12.8. JFE Steel Corporation
12.9. Nucor Corporation
12.10. U.S. Steel Corporation
LIST NOT EXHAUSTIVE
13. Appendix
13.1. About Us and Services
13.2. Contact Us