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.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.