Dublin, Sept. 26, 2024 (GLOBE NEWSWIRE) -- The "Automotive Stainless Steel Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The automotive industry witnesses a robust increase in the demand for stainless steel, with the market size growing markedly from $119.59 billion in 2023 to a projected $126.51 billion in 2024, reflecting a strong compound annual growth rate (CAGR) of 5.8%. This surge is largely influenced by the rising production in the automotive sector, heightened consumer expectations for quality, stringent emission regulations, and a greater emphasis on safety.
Forecast Period Sees Steady Growth with Evolving Industry Dynamics
Looking ahead to the upcoming years, the automotive stainless steel market size is poised for steady growth, with expectations to reach $153.72 billion by 2028, advancing at a compound annual growth rate (CAGR) of 5%. This growth trajectory is fueled by the continuous drive towards vehicle lightweighting, burgeoning electric vehicle (EV) market, emphasis on sustainability, increased urbanization, and enhancements in stainless steel grades for automotive applications. Key market trends include customization, specialty alloys implementation, and the integration of stainless steel with emerging technologies in autonomous and connected vehicles.
Electric Vehicle Adoption Spurs Market Development
The automotive industry's pivot toward electric and autonomous vehicles is drastically increasing the need for durable materials like stainless steel. Known for its exceptional corrosion resistance and design versatility, stainless steel is becoming essential in this evolving landscape. Projections indicate a significant rise in U.S. electric vehicle numbers, potentially reaching 26.4 million by 2030 and corresponding to a substantial portion of light-duty vehicle sales.
Rise in Passenger Vehicle Demand Bolsters Market Growth
Passenger vehicles have seen a surge in production, which in turn feeds into expanded demand for automotive stainless steel. The material's contribution to the durability and resilience of vehicle components under various conditions is invaluable. Recent production data underlines the link between rising vehicle production and the consequential growth in stainless steel consumption.
Challenges from Lightweight Material Alternatives
As the automotive stainless steel market continues to grow, challenges arise from alternative materials, notably aluminum, which offers lightweight properties and competes for market share. Manufacturers' pursuit of more efficient materials means that stainless steel must evolve and innovate to maintain its position in the market.
Innovations Lead to Eco-Friendly Solutions in Stainless Steel Production
Leaders in the automotive stainless steel sector are pioneering the development of green stainless steel variants. These innovations underscore a commitment to sustainable materials and extraction methods. The introduction of eco-friendly steel options signals an industry-wide shift toward responsible manufacturing practices, catering to the climbing consumer demand for environmentally considerate products
Strategic Business Developments and Geographic Insights
Corporate expansions, such as acquisitions by key industry players, exemplify strategic moves to capitalize on market opportunities, particularly in growth-centric regions. North America remains the dominant player in this market, with comprehensive coverage across other strategic global locations. The automotive stainless steel market embodies a crucial industry segment, encompassing a diverse array of product types and applications across original equipment manufacturers (OEMs) and aftermarket services. Continued market research delves deep into the intricacies of this sector, equipping stakeholders with the necessary insights for informed decision-making in a competitive environment.
Companies Featured
- ArcelorMittal SA
- Pohang Iron and Steel Co. Ltd. (POSCO)
- Nippon Steel Corporation
- Tsinghan Holding Group
- Baosteel Group
- ThyssenKrupp AG
- Nucor Corporation
- JFE Steel Corporation
- Cleveland Cliffs Inc.
- Salzgitter AG
- Outokumpu Oyj
- Sandvik AB
- Acerinoc SA
- Commercial Metals Company
- Jindal Stainless Limited
- Sanyo Special Steel Co. Ltd.
- Yieh Corporation
- Aperam SA
- British Steel Ltd.
- Tubacex SA
For more information about this report visit https://www.researchandmarkets.com/r/n0jr7m
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