Automotive Steel Market Boosts USD 165.76 Billion by 2034

Automotive Steel Market Review, Key Business Drivers and Industry Forecast

Projections indicate the global automotive steel market will increase from USD 84.74 billion in 2024 to USD 165.76 billion by 2034, experiencing a CAGR of 6.94% over the next 10 years. Asia Pacific dominates the automotive steel market due to rising vehicle sales, while Europe is set for strong growth with major automotive companies. Passenger vehicles lead the market, driven by hatchback sales, and body structures hold the top spot with increased use of AHSS.

Last Updated: 20 March 2025 Category: Automotive Materials Insight Code: 1648 Format: PDF / PPT / Excel

Senior Research Analyst

Dr. Arjun Patel

Reviewed By

Aditi Shivarkar

The automotive steel market is set to grow from USD 90.62 billion in 2025 to USD 165.76 billion by 2034, with an expected CAGR of 6.94% over the forecast period from 2025 to 2034.

Automotive Steel Market Size 2023 2034

Introduction

The automotive steel market is a prominent branch of the automotive industry. This market deals in manufacturing and distribution of steel for the automotive sector. There are several types of steel used in automotive sector comprising of galvanized steel, high-strength steel, and advanced high-strength steels. These steels are used for numerous automotive applications consisting of body structure, power train, suspension and some others. This industry manufactures steels for different types of vehicles including passenger vehicle, light commercial vehicle and heavy commercial vehicle. The growing application of steel in commercial vehicles has driven the industrial expansion. This market is expected to grow drastically with the rise in the overall steel industry around the globe.

Netherlands Commercial Vehicle Sales 2022 - 23

  • According to the OICA, around 72701 commercial vehicles were sold in Netherlands in 2022 that increased to 85828 in 2023.

Highlights of the Automotive Steel Market

  • Asia Pacific held the largest share of the automotive steel market due to the rising sales of automotives in this region.
  • Europe is expected to grow with a significant CAGR due to the presence of various automotive companies in this region.
  • The passenger vehicle segment held the highest share of the market due to the growing sales of hatchbacks around the globe.
  • The body structure segment led the industry due to the rising application of advanced high-strength steel (AHSS) for developing the body structure in automotives.

Key Metrics and Overview

Metric Details
Market Size in 2024 USD 84.74 Billion
Projected Market Size in 2034 USD 165.76 Billion
CAGR (2025 - 2034) 6.94%
Leading Region Asia Pacific
Market Segmentation ArcelorMittal, JSW, Nippon Steel Corporation, Nucor, POSCO, China BaoWu Steel Group Corporation Limited
Top Key Players By Vehicle Type, By Application and By Region

Automotive Steel: Stats and Figures

  • According to the International Energy Agency, around 10.1 million EVs were sold in China during 2024.
  • According to the AISI (American Iron and Steel Institute), around 1,667,000 net tons of steel was manufactured in the U.S. during March 2025.
  • According to the OICA, around 23,489,639 commercial vehicles were sold globally in 2023.
  • According to the World Steel Organization, around 1892 million tons of crude steel was manufactured globally in 2023.

Industry Leader Announcement

In June 2024, Bae Jin-Chan, the Senior vice president of Posco made an announcement stating that,” HyREX will change 3,000 years of steel making history. We see carbon neutrality as an opportunity in the steel sector rather than a barrier.”

Geographical Insights

Asia Pacific held the highest share of the automotive steel market. The rising sales and production of vehicles is a major growth factor of this region. Also, the presence of numerous automotive manufacturers along with rapid adoption of EVs in countries such as India and China has boosted the market expansion. Moreover, the growing demand for light-weight automotive components coupled with technological advancements in steel manufacturing industry has played a positive role in shaping the industrial landscape.

Competitive Landscape

Automotive Steel Market Companies

The automotive steel market is a highly competitive industry with the presence of several dominating players. Some of the crucial players in this industry consists of ArcelorMittal, JSW, Nippon Steel Corporation, Nucor, POSCO, China BaoWu Steel Group Corporation Limited, Hyundai Steel, JFE Steel Corporation and some others. These companies are constantly engaged in developing high-quality steels for the automotive sector and adopting numerous strategies to maintain their dominant position in this industry.

Nucor Segmental Revenue Share (2023)

  • According to the annual report of Nucor, the steel products segment generated around 37% to the overall revenue of the company.

Market Segmentations

By Vehicle Type

  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

By Application

  • Body Structure
  • Power Train
  • Suspension
  • Others

By Region

  • North America 
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
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About The Author

Dr. Arjun Patel is a distinguished expert in the automotive industry, holding advanced degrees in Automotive Engineering and Mechanical Engineering. His expertise spans automotive market dynamics, technological advancements, and sustainable practices. Dr. Patel excels in conducting in depth research and analysis on market trends, consumer preferences, and the economic implications within the automotive sector. He is renowned for his insightful publications on topics such as electric vehicles, autonomous driving technologies, and the evolution of sustainable transportation solutions. Dr. Patels research contributions have significantly advanced understanding in the field, earning him recognition as a leading authority in automotive research and analysis.

FAQ's

The automotive steel market was valued at USD 90.62 billion in 2025.

Asia Pacific dominated this industry.

The rising demand for high-strength steel (HSS) from the automotive sector coupled with increasing vehicle production across the globe has driven the market growth.

Some of the prominent players of this industry consists of ArcelorMittal, China BaoWu Steel Group Corporation Limited, Hyundai Steel, JFE Steel Corporation, JSW, Nippon Steel Corporation, Nucor, POSCO and some others.

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