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Automotive structural steel is used to provide greater strength to vehicle components. High strength of steel can be achieved by mixing alloy materials and cooling at low temperature. Additionally, automotive structural steel has excellent cold forming ability.

In terms of revenue, the worldwide automotive structural steel market was estimated to be worth US$ 120.49 billion in 2022. From that year to 2032, it is anticipated to rise at a CAGR of 3.5 %, reaching US$ 169.97 billion.

Therefore, it is used in the making of boom, arms of truck, and trailer frames. Stainless steel is mainly used to make exhaust systems of automotive vehicles owing to its impressive surface finishing and admirable corrosion resistance.

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Stainless steel is a high-value added steel product that can be used in various applications without any separate treatment. Approximately, 34% automotive structural steel is used for body structures, panels, doors, and trunk closures, 23% automotive structural steel is used for drive train components, engine component, and gears, 12% is used for suspension units, and the remaining is used for tyres, wheels, steering, breaking system, and fuel tanks.

Ultra-high strength steel is keenly used in the making of B-pillar and front cross parts of automotive vehicles. High-strength steel has good balance of strength, formability, energy absorption, and durability. Therefore, it is used in the making of roof and side panels of automotive vehicles.

Automotive structural steel makers are deliberately using lightweight alloy materials with automotive structural steel in a bid to inches physical property of vehicle components i.e., strength, ductility, toughness and fatigue and make a significant cornerstone among the customers, clientele, and in the global automotive structural steel market.

Automotive Structural Steel Market: Dynamics

The increasing demand for eco-friendly vehicles, coupled with the increasing production of automotive vehicles is expected to drive the automotive structural steel market during the forecast period. Moreover, supportive government regulations pertaining to overall vehicle weight and safety of passengers are also projected to boost the demand for automotive structural steel over the coming years.

Automotive structural steel makers are strongly focused on making high-performance automotive structural steel at affordable cost, to meet the stringent safety regulations and emission norms. Moreover, automakers are also using advanced high-strength steel to increase the safety of vehicles.

General Motors Company is using an advanced automotive structural steel named as Advanced High-Strength Steels (AHSS) to make 70% of its vehicles. Therefore, advanced high-strength steel has been become a trend in the automotive structural steel market.

Automotive Structural Steel Market: Regional Outlook

Europe and North America are expected to grow with a sizable share in the global automotive structural steel market owing to the rising demand for passenger vehicles, coupled with imposition of regulations pertaining to emission of harmful gasses which, in turn, drive the global automotive structural market in the coming decades.

The Asia Pacific is expected to grow with a significant growth rate in the global automotive structural steel market owing to the increasing automotive vehicle fleet, coupled with the rising awareness of lightweight eco-friendly vehicles over the forthcoming years.

The Middle East & Africa is anticipated to grow with minimal share in the global automotive structural steel market owing to limited automotive production facilities. Latin America is anticipated to grow in the global automotive structural market with passengers favoring light commercial vehicles for transportation purpose instead of personal vehicle.

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Automotive Structural Steel Market: Key Participants

Some of the key market participants in the automotive structural steel market identified across the value chain are:

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Automotive Structural Steel Market: Segmentation

By manufacturing process, the automotive structural steel market can be segmented as:

By product type, the automotive structural steel market can be segmented as:

By vehicle components, the automotive structural steel market can be segmented as:

By vehicle component, the automotive structural steel market can be segmented as:

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The post Automotive Structural Steel Market Projected to Register 3.5% CAGR through 2032 appeared first on Future Market Insights.

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