Stainless steel is preferred in the automotive industry due to its favorable properties such as high strength, corrosion resistance, and ability to perform under extreme temperatures and pressures. Iron ore, nickel, chromium, silicon, scrap iron, zinc, and coking coal are the major raw materials used in the manufacturing of automotive stainless steel tubes.
The automotive stainless steel tubes market is segmented into welded and seamless, on the basis of product. Welded stainless steel tubes have the highest penetration in the market. These are cost effective and have minimum waiting period which is likely to increase its popularity in cost-conscious countries such as India and China.
The demand for seamless stainless steel tubes is projected to grow at the highest rate, over the forecast period. Low risk of leakage is expected to increase its utilization in automobile components such as exhaust systems and fuel supply systems. However, the high cost of these products is anticipated to restrain growth.