Automotive Stainless Steel Global Market Report 2024 - Automotive Stainless Steel Market Demand, Share And Size

"The Business Research Company recently released a comprehensive report on the Global Automotive Stainless Steel Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The automotive stainless steel market size has grown strongly in recent years. It will grow from $119.59 billion in 2023 to $126.51 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growing automotive production, emphasis on lightweight materials, rising consumer demand for quality, stringent emission standards, increased focus on safety..

The automotive stainless steel market size is expected to see steady growth in the next few years. It will grow to $153.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to continued lightweighting trends, growing electric vehicle (ev) market, focus on sustainability, rising global urbanization, advancements in stainless steel grades.. Major trends in the forecast period include customization and specialty stainless steel alloys, application in autonomous and connected vehicles, focus on electric vehicle charging infrastructure, strategic alliances and collaborations in the supply chain, adoption in next-generation automotive materials..

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Market Drivers and Trends:
The adoption of electric vehicles is expected to propel the growth of the automotive stainless-steel market going forward. An electric vehicle is a vehicle that can be driven by an electric motor that draws energy from a battery and is charged externally. The automotive industry continues to evolve with advancements in electric and autonomous vehicles, which need durable and reliable materials like stainless steel that offer corrosion resistance, strength, and design flexibility. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the number of electric vehicles (EVs) on U.S. roads is projected to increase from 2.4 million in 2021 to 26.4 million by 2030. Further, electric vehicles' annual sales are expected to reach about 5.6 million in 2030, accounting for around 32% of total light-duty yearly vehicle sales. Therefore, adopting electric vehicles will drive the growth of the automotive stainless-steel market.

Major companies operating in the automotive stainless-steel market are concentrating on creating innovative stainless steel, such as green stainless steel, to reduce environmental carbon footprints and gain a positive image in the market. Green stainless steel for automotive applications indicates that the raw materials utilized in producing stainless steel are responsibly sourced with a focus on environmental considerations. For instance, in September 2022, Outokumpu Oyj, a US-based stainless-steel producer, launched Circle Green. This sustainable stainless-steel line boasts a carbon dioxide footprint 92% lower than the industry average and 64% lower than their standard stainless-steel production. This achievement is attributed to the use of bio-based materials such as biogas, biodiesel, and bio-coke alongside electricity sourced from low-carbon outlets. This innovation aligns with the demand for eco-friendly and durable products, contributing to a more sustainable future. The production was executed at an industrial scale, marking a significant step towards Outokumpu's sustainability objectives.

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Major Key Players of the Market:
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 S.A., Acciai Speciali Terni S.p.A., Centravis, Ta Chen International Inc., Plymouth Tube Company, Venus Wire Industries Pvt. Ltd., Crucible Industries LLC, Handytube Corporation, Bri-Steel Manufacturing. Ltd., The Fischer Group, Stanch Stainless Steel Co. Ltd.

Automotive Stainless Steel Market 2024 Key Insights:
• The Automotive Stainless Steel Market is expected to grow to$153.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Electric Vehicle Revolution Sparks Surge In Automotive Stainless Steel Market Growth
• Innovative Green Stainless-Steel Initiatives In The Automotive Industry
• North America was the largest region in the automotive stainless-steel market in 2023.

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