The automotive steel market share based on application can be categorized into powertrain, body structure and suspension. Body structure will account for a significant share on account of the availability of a wide range of vehicles with varied body sizes and shapes including hatchbacks, sedans, crossovers, and SUVs. Additionally, industry manufacturers are continuously focusing on improving the vehicle power to weight ratio and lowering vehicle weight for improving efficiency. Additionally, the usage of high strength steel contributes significantly towards increasing product life span and reduces the probabilities of corrosion, thereby expanding the segment share.
Based on vehicle, the automotive steel market share is segmented into PCV, LCV, and HCV. LCV will account for a considerable share owing to increasing usage of these vehicles for transporting cargo and freight across long distances. Moreover, the proliferation of e-commerce activities along with compact size of these vehicles compared to the HCVs make them ideal for a diversified range of applications including home pick-up and delivery.
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Based on type, the automotive steel market size can be classified into mild steel, alloy steel, and high strength steel. High strength steel will showcase a considerable growth rate on account of stringent regulatory and compliance norms associated with improving vehicle efficiency and lowering carbon emissions. Moreover, the lower strength and improved rigidity of the material significantly improves the vehicle durability, thereby making them compliant with stricter crash norms.
Europe will account for a significant share in the automotive steel market share. This can be credited to the presence of multiple automobile manufacturers focusing on launching a wide range of vehicles at diversified price. Moreover, the rising demand for premium and sports cars with incorporation of superior body structure and steel materials further accentuates the regional demand.
Few of the notable players in the automotive steel market size include Posco, United States Steel Corp., Nippon Steel & Sumitomo Metal Corp., JSW Group China Steel Corp., Nucor Corp., ArcelorMittal S.A., Hyundai Steel Co. Ltd., JFE Steel Corp., and Tata Steel Ltd. Industry players are engaged in strategic acquisitions and joint ventures for increasing their market share.
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