How Fast is the Automotive Structural Steel Market Growing?
The global automotive structural steel market is expected to reach a value of US$132.1 billion in 2024, with a projected growth to US$178.5 billion by 2031, driven by a CAGR of 4.4% during the forecast period. This market plays a critical role in the automotive industry, supplying high-quality steel alloys that meet the rigorous demands of vehicle safety, durability, and performance. With a focus on lightweight materials and advanced steel formulations, the automotive structural steel market is evolving to support the growing demand for fuel-efficient, environmentally friendly, and technologically advanced vehicles, including electric and autonomous models.