The automotive stainless steel tube market is expected to grow at a CAGR of around 5% during the forecast period. The demand for lighter, more fuel-efficient automobiles is the main element fueling the market's expansion. Other factors such as stringent emission norms, a rise in the production of passenger cars, and growing demand for luxury cars are also expected to propel the market growth.
The automotive industry is constantly evolving and innovating in order to meet the ever-changing needs and demands of consumers. As a result, the materials used in vehicles must also adapt and change in order to keep up with these advances. Due to its various advantages over other metals, stainless steel is one such material whose use has grown recently.
Welded stainless steel tube's strength, durability, and corrosion resistance make it a great choice for usage in autos. Seamless stainless steel tube is another option that offers similar benefits, but with the added advantage of being easier to produce and install. Automotive stainless steel tubes can be used in a variety of applications within a vehicle, including the exhaust system, motor, and fuel system.
Each of these systems has unique requirements that must be considered when selecting the appropriate type of stainless steel tube. The market for automotive stainless steel tubes is expected to grow at a steady pace over the next few years as more and more automakers adopt this versatile material for their vehicles.
Over the past few years, the market for automotive stainless steel tubes has been expanding significantly. This can be attributed to the many advantages offered by stainless steel tubes, such as their resistance to corrosion, high strength-to-weight ratio, and low maintenance costs. In addition, stainless steel tubes offer superior electromagnetic properties and are 100% recyclable.
As the demand for more fuel-efficient and environmentally-friendly vehicles continues to grow, automotive manufacturers are increasingly turning to stainless steel tubes as a weight-saving measure. Stainless steel tubes are also being used more frequently in exhaust systems due to their ability to withstand high temperatures.
An automotive stainless steel tube is a hollow steel product that is used in various automotive applications. It is mostly utilised in the motor, fuel system, and exhaust system. Corrosion resistance is the key benefit of employing stainless steel tubes.
The most common types of automotive stainless steel tubes are welded stainless steel tubes and seamless stainless steel tubes. Welded tubes are manufactured by welding two strips of stainless steel together. A solid piece of stainless steel is drawn through a die to create seamless tubes.
There are several grades of automotive stainless steel tubes, including 304, 316, and 321. The most widely used grade is 304. It has good corrosion resistance and formability properties. Grade 316 has better corrosion resistance than grade 304 and is suitable for use in aggressive environments. Grade 321 has the highest corrosion resistance among all the grades and is often used in high-temperature applications.
From 2016 to 2031, the market for automotive stainless steel tubes is anticipated to expand at a CAGR of 5.5%. By 2031, the market, which was valued at USD 3.09 billion in 2016, is expected to grow to USD 4.72 billion.
The automotive stainless steel tube market is primarily driven by the expansion of the automobile sector and the rising demand for fuel efficiency and pollution reduction.
Restraining factors of the automotive stainless steel tube market include high initial investment, volatile raw material prices, and stringent emission regulations. The establishment of stainless steel tube manufacturing plants requires a significant upfront expenditure. Volatile raw material prices can lead to fluctuations in the cost of production. Stringent emission regulations are in place to control emissions from automobiles, which can act as a restraint on the growth of the automotive stainless steel tube market.
The global automotive stainless steel tube market is highly competitive owing to the presence of a large number of manufacturers. Some of the key players operating in the market are Tubacex, JFE Steel Corporation, Sandvik AB, Plymouth Tube Company, ArcelorMittal SA, Salzgitter AG and Outokumpu Oyj.
Welded Stainless Steel Tube segment forms a major portion of the market
Welded stainless steel tube is anticipated to be the fastest-growing product type in the automotive stainless steel tubes market during the forecast period. The properties of welded stainless steel tubes such as high resistance to elevated temperatures and corrosion make them ideal for use in exhaust systems. Moreover, increasing production of vehicles equipped with exhaust systems is expected to drive the demand for welded stainless steel tubes over the forecast period.
Exhaust System Segment to rule the market
The exhaust system application is expected to be the largest application segment of the automotive stainless steel tube market during the forecast period owing to its superior properties such as high resistance to corrosion, heat, and vibration compared to other materials such as aluminium and mild steel.
North America to dominate the market
North America is expected to be the largest market for automotive stainless steel tubes during the forecast period due to stringent regulations regarding fuel economy and emissions, which has led to an increase in demand for lightweight materials such as stainless steel in vehicles. Europe is expected to be the second-largest market due to similar regulations regarding fuel economy and emissions, while Asia Pacific is expected to be the fastest-growing market due to increased demand for vehicles from developing countries such as China and India
COVID-19 Impact & Market Status
The COVID-19 pandemic has impacted the automotive industry globally with production cuts, supply chain disruptions, and declining sales. However, the market for automotive stainless steel tubes is expected to recover soon as the demand from end-use industries picks up pace post-pandemic. The automotive industry is witnessing a paradigm shift from traditional materials, such as mild steel, to advanced materials, such as aluminium and stainless steel, owing to the stringent emission norms set by various governments. Additionally, the increasing adoption of electric vehicles is anticipated to drive the demand for stainless steel tubes in the coming years.
Automotive Stainless Steel Tube Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 4.72 billion|
|Growth Rate||CAGR of 5.5% during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Tubacex, JFE Steel Corporation, Sandvik AB, Plymouth Tube Company, ArcelorMittal SA, Salzgitter AG and Outokumpu Oyj.|
Key Segment of Global Automotive Stainless Steel Tube Market
By Type Overview 2021-2031, (USD Billion)
- Welded Stainless Steel Tube
- Seamless Stainless-Steel Tube
By Application Overview 2021-2031, (USD Billion)
- Exhaust System
- Motor and Fuel System
By Region Overview 2021-2031, (USD Billion)
- Rest of Asia Pacific
- Rest of North America
- Rest of Europe
Middle East and Africa