How competitive are ferrous metals?

Ferrous metals, especially steel, have long been the primary material used in the automotive industry owing to their strength and durability. However, the rising market share of other materials like carbon fiber and aluminum has caused concerns about steel’s competitiveness. Despite this, advanced high-strength steels and improvements in production processes have enabled steel to retain its market dominance.

Steel is vertically integrated by several original equipment manufacturers (OEMs), is cost-effective and widely available, making it appealing for mass-produced vehicles. Moreover, steel remains a popular choice for critical structural components thanks to its strength and stiffness.