“Global Cold Rolled Steel Coil Market to reach a market value of USD 192.8 Million by 2031 growing at a CAGR of 3.3%”
The Global Cold Rolled Steel Coil Market size is expected to reach $192.8 million by 2031, rising at a market growth of 3.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,58,498.32 tonnes, experiencing a growth of 22.6% (2020-2023).
The Asia Pacific region is experiencing rapid urbanization and industrialization, driving demand for cold-rolled steel coils in construction applications. The demand for cold-rolled steel coils in appliance applications is fueled by the presence of some of the world's biggest appliance manufacturers in the Asia Pacific region. Thus, the Asia Pacific region acquired 51.4% revenue share in the market 2023. In terms of volume the Asia Pacific region would attain a volume of 1,07,199.40 tonnes by 2031. The Asia Pacific region is a hub for manufacturing and machinery industries, driving demand for cold-rolled steel coils in these applications. The packaging industry's demand for cold-rolled steel coils is fueled by the Asia Pacific region's significant consumption of packaged goods.
Lightweighting is becoming an important priority for automotive manufacturers to increase vehicle performance, lower emissions, and improve fuel efficiency. These are a strong and lightweight alternative to conventional materials like cast iron and hot-rolled steel for lightweight applications in the automotive industry.
Additionally, Cold-rolled steel coils are used to construct high-rise buildings and manufacture structural components, framing systems, and cladding materials. Hence, rapid industrialization and urbanization has been a pivotal factor in driving the growth of the market.
However, the high initial investment cost is a significant entry barrier for new players entering the market. New entrants may struggle to compete with existing businesses that have made significant investments in production facilities, equipment, and infrastructure. Thus, high initial investment cost can slow down the growth of the market.
Based on end-user, the market is classified into construction, automotive, oil & gas, aerospace, and others. In 2023, the automotive segment witnessed 37% revenue share in the market. In terms of volume the automotive segment would attain a volume of 69,433.61 tonnes by 2031. Cold-rolled steel coils offer high tensile strength and excellent durability, making them ideal for structural and safety-critical automotive components.
By hardness, the market is categorized into full hard, half-hard, quarter hard, and others. The full hard segment covered 27% revenue share in the market in 2023. In terms of volume the hardness segment would attain a volume of 49,668.97 tonnes by 2031.
Free Valuable Insights: Global Cold Rolled Steel Coil Market size to reach USD 192.8 Million by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region acquired 23% revenue share in the market. In terms of volume, the North America region would attain a volume of 40,235.20 tonnes by 2031. North America is one of the largest automotive industries in the world, with a high demand for cold-rolled steel coils from automakers and automotive suppliers.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 149.9 Million |
| Market size forecast in 2031 | USD 192.8 Million |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 3.3% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Million, and CAGR from 2020 to 2031 | Number of Pages | 313 |
| Tables | 570 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Hardness, End-User, Region |
| Country scope |
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| Companies Included | Tata Steel Limited (TATA Group) (Tata Sons Pvt. Ltd.), ArcelorMittal S.A., JFE Steel Corporation (JFE Holdings, Inc.), Nippon Steel Corporation, China Steel Corporation, AK Steel International B.V. (Cleveland-Cliffs Inc.), Nucor Corporation, Hyundai Steel Company (Hyundai Motor Company), SSAB AB and Voestalpine AG |
By Hardness (Volume, Tonnes, USD Million, 2020-2031)
By End User (Volume, Tonnes, USD Million, 2020-2031)
By Geography (Volume, Tonnes, USD Million, 2020-2031)
This Market size is expected to reach $192.8 million by 2031.
Increasing focus on lightweighting and fuel efficiency are driving the Market in coming years, however, High initial investment cost restraints the growth of the Market.
Tata Steel Limited (TATA Group) (Tata Sons Pvt. Ltd.), ArcelorMittal S.A., JFE Steel Corporation (JFE Holdings, Inc.), Nippon Steel Corporation, China Steel Corporation, AK Steel International B.V. (Cleveland-Cliffs Inc.), Nucor Corporation, Hyundai Steel Company (Hyundai Motor Company), SSAB AB and Voestalpine AG
In the year 2023, the market attained a volume of 1,58,498.32 tonnes, experiencing a growth of 22.6% (2020-2023).
The Half-hard segment is leading the Market by Hardness in 2023; thereby, achieving a market value of $62.6 million by 2031.
The Asia Pacific market dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $100 million by 2031.
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