The Asia Pacific Cold Rolled Steel Coil Market would witness market growth of 3.4% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 79,863.79 tonnes, showcasing a growth of 22.7% (2020-2023).
Quarter Hard steel is particularly suited for applications that require moderate bending and forming without cracking or compromising the material's integrity. Its mechanical properties make it ideal for manufacturing components such as automotive parts, appliances, and certain construction materials, where a higher degree of hardness than soft annealed steel is needed, but without the brittleness of higher temper levels like Half Hard or Full Hard. Thus, the China market would utilize 5,895.37 tonnes of Quarter Hard steel Coil by 2031.
The China market dominated the Asia Pacific Cold Rolled Steel Coil Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $26,767.5 Thousands by 2031. The Japan market is registering a CAGR of 2.7% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 4.1% during (2024 - 2031).
The cold rolled steel coil is a steel product that has undergone the cold rolling process. Cold rolling is a manufacturing method that reduces the thickness and improves the surface finish of steel sheets and strips. The method provides hot-rolled steel with several significant properties by passing it through room-temperature rollers.
Additionally, Cold-rolled steel coils are preferred in the automotive industry due to their high strength-to-weight ratio, allowing manufacturers to produce lighter vehicles without compromising safety and performance. Automakers are increasingly working on reducing vehicle weight to increase fuel efficiency and meet rigorous pollution rules, and cold-rolled steel coils aid in this effort.
India is experiencing growing demand for passenger, commercial, and two-wheelers, driven by rising income levels, urbanization, and infrastructure development. Cold-rolled steel coils are used in manufacturing vehicle bodies, chassis, structural components, and other automotive parts, driving demand for steel in India. The Indian government has announced ambitious targets for electric vehicle adoption to reduce pollution and dependence on fossil fuels. Cold-rolled steel coils produce EV components, including battery casings, chassis, and structural reinforcements, driving demand for steel materials in India.
Free Valuable Insights: The Global Cold Rolled Steel Coil Market is Predict to reach USD 192.8 Million by 2031, at a CAGR of 3.3%
Based on Hardness, the market is segmented into Half-hard, Full Hard, Quarter Hard, and Others. Based on End User, the market is segmented into Automotive, Construction, Aerospace, Oil & Gas, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Hardness (Volume, Tonnes, USD Million, 2020-2031)
By End User (Volume, Tonnes, USD Million, 2020-2031)
By Country (Volume, Tonnes, USD Million, 2020-2031)
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