Tata Group: electric vehicles will promote the steel industry growth
India's Tata Group's research shows how steelmakers respond to the electrification revolution. The study suggests that car companies may use more steel to keep car prices down, rather than away from steel.
The study shows that electric vehicles will lead to an increase of 4.2 million tons in steel demand in Europe between 2020 and 2050, reaching 22.5 million tons / year. Of which about 1.6 million tons are expected to come from expensive electrical steel for batteries and motors, and the rest are steel for automotive structural parts.
Aluminum has been adopted by some car manufacturers because its lightweight performance can counteract the weight of batteries in electric vehicles. However, aluminum is expensive, and manufacturers can find cheaper alternative materials to prevent car prices, because electric cars are becoming mainstream.
