The Steel Materials Market size is estimated to reach US$70.5 billion by 2027, after growing at a CAGR of 4.3% during the forecast period 2022-2027. The
use of steel materials in automotive has increased significantly. Steel
is a carbon alloy composed of iron ore, less than 2% carbon, 1% manganese and
trace amounts of silicon, phosphorus, sulfur and oxygen, as well as chromium,
nickel, zinc and tungsten. The rise in demand for steel materials from the global construction and
automotive industries is driving the expansion of the steel material market. Steel
materials are in high demand in the market for the manufacture of various
automotive components and industrial machinery tools. According to the Energy
Information Administration (EIA), by 2035, there would be 1.7 million
automobiles worldwide.
Steel Materials Market:
The Automotive Segment Leads the Market
On the basis of the end-use
industry, the Steel Materials market can be segmented into automotive,
building & construction, metal fabrication, electrical & electronics, machinery
and others. During the forecast period 2022-2027, the automotive segment is
expected to grow at a CAGR of 3.5%. With the rise in automotive production across
the globe, the demand for steel materials is anticipated to rise for various
applications, which is projected to boost the growth of the steel materials market in the automotive industry during the forecast period. According to the
International Organization of Motor Vehicle Manufacturers (OICA), automobile
output increased by 10% in the first nine months of 2021 to 57.26 million
vehicles, up from 52.15 million units in the same period last year.
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Steel materials Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Steel Materials market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 40% share of the total revenue earned by the market globally. In terms of consuming automotive products, Asia-Pacific countries including India and China are ahead comparatively. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and production rise. According to India Brand Equity Foundation, in 2021, the Indian passenger car market was valued at US$32.70 billion and it is expected to grow to US$54.84 billion by 2027. The Steel materials market would also gain demand from the North American region. The USA and Canada are emerging as competitive countries in the Steel Materials market.
Steel materials Market: Competitive
Landscape
The key companies holding major shares in the Steel materials
market are AK Steel Holding Corporation, ArcelorMittal South Africa Limited,
Baoshan Iron & Steel Company Limited, Kobe Steel Ltd., WEC Group Ltd. (MTL
Advanced Ltd.), The NanoSteel Company, Nucor Corporation, SSAB AB, Tata Steel
Limited and United States Steel Corporation.
R&D Investments
In April 2022, JFE Steel and
ThyssenKrupp Steel Europe Introduced Cold Formable high-strength steel
sheets for use in automobile frames.
In September 2020, Hyundai Steel introduced ULTREX, a line of high-strength rolled steel products that are both robust and bendable.