Cold rolled steel coil is profoundly used as basic materials in electrical appliances, automobile, and steel office equipment. An increased need for greater strength, formability, and more pristine surface finish has encouraged major companies to provide strong, light, and pristine cold rolled steel coils. Moreover, low carbon hot rolled steel has become trendier in painting and ornament as it protects against rusting. Expanding applications across automobile, cold rolled formed sections, furniture, and drums & barrels could redefine the global landscape. Business Research Insights projects the market for cold rolled steel coil to witness 8.31% CAGR from 2022 to 2027.
Well-established and emerging players are poised to redefine their business strategies in the wake of the COVID-19 pandemic. Resumption of the global economy following the havoc wracked by the pandemic has provided a ray of hope and mustered confidence of stakeholders. Some of the prominent names boosting their portfolios are highlighted below:
1. Nippon Steel & Sumitomo Metal Corporation
Nippon Steel Corporation and Sumitomo Metal Industries, Ltd. merged in October 2012 to be known as Nippon Steel & Sumitomo Metal Corporation. The Tokyo-based company is globalizing the steel business and investing in advanced technologies. Nippon Steel has also upped its focus on mergers & acquisitions to tap into markets. To illustrate, in November 2021, NS-Siam United Steel Co., Ltd. and Siam Tinplate Co., Ltd., Thailand manufacturing and sales subsidiaries of Nippon Steel Corporation, agreed to merge around April 2022.
2. Hyundai Steel
Established in 1953, Hyundai Steel is known to be the oldest steel-making company in South Korea. The company is investing in high value-added products and services, thereby offering top-notch products and human-oriented values. The South Korean company invested in eco-friendly technology and research & development activities.
3. Tata Steel
Headquartered in Mumbai, India, Tata Steel was established in 1907 and is among the top steel-producing companies globally. The company is geographically diversified and operates in over 100 countries with major operations in India, the U.K., and the Netherlands. Tata Steel has manufacturing units in 26 countries with a commercial presence in more than 50 countries.
4. JSW Steel Ltd
With its history rooting back to 1982, JSW Steel Ltd implemented several projects to minimize the cost of production. The Mumbai-based company is ranked among India’s leading business houses. The company has been investing in Environmental, Social, and Governance (ESG) and has expanded the cold rolling mill. The company has been investing in innovative and advanced cold rolling products for a host of applications, including automotive.
5. China Baowu Steel Group
Founded in 1978, China Baowu Steel Group deals in cold rolled steel, hot rolled steel, steel plates, strip steel, and steel wires. In 2020, China Baowu reportedly produced 115 million tons of steel to become the top steel enterprise in the world. The China-based company was ranked among the top 100 for the first time in the Fortune 500 list released in 2021. In January 2021, China Baowu contemplated achieving a carbon peak by 2023 and carbon neutralization by 2050.
6. ThyssenKrupp AG
ThyssenKrupp AG is a German multinational conglomerate founded in 1999 with its operational headquarters in Duisburg and Essen. The company’s business activities include Steel Europe, Automotive Technology, Materials Services, Marine Systems, Industrial Components, and Multi Tracks. ThyssenKrupp apparently has a portfolio of approximately 18,100 patents and utility models.
7. ArcelorMittal
Headquartered in Luxembourg, ArcelorMittal was founded in 2006 following the takeover and merger of Arcelor by Mittal Steel. The company specializes in steel, mining, and research & development activities. With steel being a material of choice, owing to its lower carbon footprint, the company is gearing to be at the forefront in the next-zero transition.
Emphasis on Modern Facilities and Advanced Technologies
Prominent companies could explore opportunities in advanced operational technologies, modern facilities, integrated quality control, and strict inspection to streamline operations. With improved surface finish, increased strength, and tighter tolerances, cold rolled steel coils will continue to gain popularity globally.
Furthermore, steel coil has become the product of choice across automobile, furniture, and construction applications. With the construction sector being the global engine for economic growth and recovery from COVID-19, the next few years could be filled with investments in the cold rolled steel coil manufacturing process.