Cold Rolled Steel Coil Market Size, Share, Growth, Global Industry Growth By Type (cold rolled coils (Thickness above 3mm), and cold rolled coils (Thickness below 3mm)) By Application (Automotive, Construction, Home Appliances, and Machinery) Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

COLD ROLLED STEEL COIL MARKET REPORT OVERVIEW

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The global cold rolled steel coil market size is estimated to be worth US$ 131.1 million in 2021 and is forecast to a readjusted size of USD 174.11 million by 2031 with a CAGR of 2.9% during the forecast period. 

Cold rolled steel is low carbon hot rolled steel at room temperature. Cold rolling is a method to treat hot rolled steel sheets to increase their strength and hold high tolerances in fabricating and machining. It is cast-off to smooth and polish the surface of hot rolled steel. The process is used to mend the surface quality. It includes chemical or mechanical scraping and cold rolling or polishing. It also increases its strength and rigidity because it is performed at room temperature and below the recrystallization temperature.

The cold rolled steel coil is generally used in the building & construction sector. The advantages offered by cold rolled steel in the construction industry are lighter in weight, toughness, and high strength. The proliferation of cold rolled steel coil methods has been considerably growing in countries where old-fashioned structural construction solutions have ruled the construction industry.

COVID-19 Impact: Halt on Production and Supply Chain Disruption to Impede Sales. 

The pandemic had a significant impact on the market. As COVID-19 forced lockdowns in numerous nations, the market planned policies to approve the halt in construction and that workers in their companies managed remotely wherever possible. The majority of construction projects paused for a specified time across various countries across the globe. Moreover, loss of investment plans and termination of planned projects continued even after the lockdown protocols were relaxed. To adapt to ever-changing circumstances, companies and businesses have reversed their plans. Chemical demand shattered throughout end markets, global supply networks disrupted, and steel prices have taken unprecedented hits.

LATEST TRENDS

"Increasing Adoption in Automotive Sector to Bolster Market Progress"

The consumption of steel has not been any less impactful in the automotive sector. Its machined and mass-produced in various shapes and finished methods make it a useful, cost-effective, and durable option. The forms of steel used in automotive engineering are stainless steel, high-strength steel, high-carbon, and low-carbon. These types of steel are used to produce several vehicles and engine components such as bearings, exhaust pipes, car frames, wheel rims, and many more. There's no disputing that steel has imprinted itself in the past in manufacturing as one of the most reliable resources. Steel is an intrinsic part of the automobile industry as it is lighter in weight, fuel-efficient vehicles, and cost-effective.

Different types of steel are found in various automotive parts as it offers strength and quality to automobiles. Modern steel discoveries have led to the expansion of new grade steel. They are made of selected resources with detailed chemical compositions. They are favored for vehicle bodies, frames, car doors, and bumpers due to their lightweight properties. Producers are coming up with operational manufacturing solutions that satisfy the product's safety, cost, and performance. These factors are likely to bolster cold rolled steel coil market development during the coming years. 

COLD ROLLED STEEL COIL MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into cold rolled coils (Thickness above 3mm) and cold rolled coils (Thickness below 3mm)

The cold rolled coils (Thickness below 3mm) segment is expected to lead the market share. It is best for enlargements where accuracy is essential. The metal is effortlessly formable for moderate draw applications. These factors are likely to influence the growth of the industry. 

• By Application Analysis

Based on the application, the market is classified into automotive, construction, home appliances, and machinery. 

The home appliances segment is expected to be the leader because it is used in various appliances and metal cabinets. Cupboards and school storerooms are commonly made of cold rolled steel coils. 

DRIVING FACTORS

"Increasing Adoption in Infrastructural Development to Facilitate Industry Progress"

The rapid growth in industrial development and urbanization are the major factors driving the cold-rolled steel coil market demand. Rising population is the primary growth in relocation to cities, leading to expansion. Therefore, the demand for houses and apartments is growing and increasing investment in developing countries. The formation of industries that encourage the demand for cold rolled steel coil is fueling the market growth.

Growing demand for readymade and hassle-free constructions for infrastructural applications is a major driving factor for the market. Rapid industrialization in developing markets and rising awareness regarding lower costs are expected to drive consumption.

"Increasing Adoption in Various Applications to Magnify Market Growth"

cold rolled steel coil is broadly used in truck frames, metal construction applications, and large pipes and tubes. Increasing automation in several industries to boost the growth of the market. Factors such as rising disposable income in India, and the spending capacity of consumers, thus driving the market's growth. Moreover, increasing demand for infrastructural development increases the demand for the market. Moreover, rising industrialization to provide to the diverse needs of the rising population contributes considerably to the market's growth. These factors are likely to drive the cold rolled steel coil market growth.

RESTRAINING FACTORS

"Weight of Steel to Impede Market Progress"

The growing requirement to decrease the weight of an automotive is hampering the development in the usage of steel in the automotive industry. It is to distress the depletion of steel in the coming years. Moreover, the availability of alternatives and fluctuating properties with temperature are likely to impede the market's growth.

COLD ROLLED STEEL COIL MARKET REGIONAL INSIGHTS

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"Infrastructural Development to Bolster Growth in the Asia Pacific"

Regionally, the market is grouped into North America, Europe, Asia-Pacific, and the rest of the world. 

The Asia Pacific is expected to dominate the cold rolled steel coil market share. The rapid infrastructural growth to support residents and the significant rise in the residential sector are fueling the market in the region. China has the fastest developing economies and production houses. The country's manufacturing sector is one of the significant contributors to the country's economy. Moreover, China is the primary producer of automobiles in the world. The country's automotive sector has been modeling product advancement, focusing on refined products, ensuring fuel economy, and minimizing emissions.

North America is the second-largest market shareholder for cold rolled steel coil. The increasing construction, manufacturing plants, and infrastructural activities are expected to dominate the market in the region. The U.S. is the leading cold-rolled steel coil consumer due to increasing construction.

KEY INDUSTRY PLAYERS

"Presence of Prominent Players and R&D Activities to Improve Market Position"

The industry is characterized by the presence of prominent players in the market. Developing a diverse portfolio and extensive R&D activities for improved product offerings are expected to drive the market forward. The global cold rolled steel coil market is one of the most combined markets as a limited number of manufacturers are actively involved. Manufacturers are expanding their product portfolio with new and premium grades of steel. Key market participants have begun launching a wide range of products to take advantage of the coming changes.

List of Market Players Profiled

• China Baowu Steel Group (China)
• POSCO (South Korea)
• Nippon Steel & Sumitomo Metal (Japan)
• Arcelor Metal (Luxembourg)
• Shougang (China)
• Hyundai Steel (South Korea)
• Ansteel Group (China)
• JFE Steel Corporation (Japan)
• Benxi Steel Group (China)
• Hesteel Group (China)
• Tata Steel (Mumbai)
• ThyssenKrupp (Germany)
• JSW Steel Ltd. (Mumbai)

INDUSTRY DEVELOPMENT

• May 2021: JFE Steel Corporation has signed an agreement with JSW Steel Limited, a Strategic Alliance Partner, to launch a Grain Oriented Electrical Steel Sheet Manufacturing & Sales Joint-Venture Corporation in India.

REPORT COVERAGE

The report focuses on global major leading industry players of cold rolled steel coil market, providing information such as company profiles, product specification, price, capacity, cost, production, revenue, and contact information. The market analysts authoring this report have provided in-depth information on leading growth drivers, restraints, challenges, trends, and opportunities to analyze the market. The report comprises an in-depth analysis of the potential segments, including product type, application, and end-user and their contribution to the overall market size.