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Automotive Structural Steel Market is Expected to reach US$ 169.97 Billion by 2032

Automotive Structural Steel Market

To provide car parts with more strength, automotive structural steel is employed. Steel can be made extremely strong by combining alloy components and cooling at low temperatures. Automobile structural steel also offers outstanding cold-forming capabilities.

The market for Automotive structural steel was predicted to generate US$120.49 billion in revenue by 2022. It is predicted to grow at a CAGR of 3.5 percent from that year to 2032, reaching US$ 169.97 billion.

As a result, it is utilized to create booms, truck arms, and trailer frames. Due to its excellent surface finishing and admirable corrosion resistance, stainless steel is primarily used to construct automotive exhaust systems.

Stainless steel is a high-value steel product that doesn’t require any special processing and may be utilized in a variety of applications. Approximately 34% of automotive structural steel is used for the body, panels, doors, and trunk closures, 23% is used for the drive train, engine, and gears, 14% is used for the suspension units, and the remaining 36% is used for the tires, wheels, steering, braking system, and fuel tanks.

B-pillars and front cross members of automobiles are frequently made of ultra-high strength steel. A good blend of strength, formability, energy absorption, and durability can be found in high-strength steel. As a result, it is utilized to create side and roof panels for automobiles.

To increase the physical properties of vehicle components, such as strength, ductility, toughness, and fatigue, automotive structural steel manufacturers purposefully combine lightweight alloy materials with automotive structural steel. This strategy has become a significant cornerstone among customers, clientele, and the global automotive structural steel market.

Key Participants:

  • Inner Galaxy Group
  • thyssenkrupp AG
  • Advanced Structural Technologies, Inc.
  • SSAB
  • Waldaschaff Automotive GmbH
  • Ternium

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