Cold Rolled Steel Coil Market to Reach $210.0 Million, Globally, by 2032 at 3.4% CAGR: Allied Market Research

Feb 08, 2024, 10:20 ET

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The global cold rolled steel coil market is driven by an increase in demand from construction sector. Cold-rolled steel coils find extensive use in the construction industry for various applications in buildings. The properties of cold-rolled steel make it suitable for construction purposes, providing strength, durability, and versatility. Cold-rolled steel is often used to fabricate structural components like beams and columns due to its high strength. These components play a crucial role in supporting the overall structure of a building. Moreover, cold-rolled steel is employed in the construction of framing systems for walls and floors. Steel studs and joists offer a strong and dimensionally stable framework for various building types. This may act as one of the key drivers responsible for the growth of the cold rolled steel coil market.

WILMINGTON, Del., Feb. 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Cold Rolled Steel Coil Market By Hardness (Full Hard, Half-Hard, Quarter Hard, Others) and End-User Industry (Construction, Automotive, Oil And Gas, Aerospace, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global cold rolled steel coil market was valued for $151.2 million in 2022 and is estimated to reach $210.0 million by 2032, exhibiting a CAGR of 3.4% from 2023 to 2032.

Prime determinants of growth

The global cold rolled steel coil market is driven by robust demand from pharmaceutical sector. The cold-rolled steel coil market is influenced by factors such as increasing demand in automotive and construction industries due to its superior surface finish and dimensional accuracy. Fluctuations in raw material prices, technological advancements in manufacturing processes, and government regulations on emissions and safety standards also impact the market. Global economic conditions, trade policies, and the evolving preferences for lightweight materials contribute to market dynamics.

Additionally, environmental sustainability and recycling initiatives play a growing role in shaping the industry as stakeholders seek eco-friendly solutions in the production and usage of cold-rolled steel coils. However, one significant constraint in the global cold rolled steel coil market is the global economic landscape. Factors such as fluctuating economic conditions, trade tensions, and geopolitical uncertainties may negatively affect the demand of cold-rolled steel coils among various end-use sectors. Moreover, economic downturns may lead to reduced construction activities and vehicle production which in turn may reduce the demand for steel products. This factor may pose a challenge for the market players seeking stability and growth in the cold rolled steel coil market; thus, hampering the market growth.

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Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size In 2022

$151.2 Million

Market Size In 2032

$210.0 Million

CAGR

3.4 %

No. Of Pages In Report

305

Segments Covered

Hardness, End-User Industry, And Region.

Drivers

increasing Demand From Automotive Industry

Robust Demand From Construction Sector

Government Regulations And Standards

Opportunities

Consolidation Of Players

Technological Advancements

Restraints

High Costs Of Cold Rolled Steel Coil

The half-hard segment to maintain its lead position during the forecast period

Based on hardness, the half-hard segment accounted for the largest share in 2022, contributing one-third of the global cold rolled steel coil market revenue. Steel is a crucial material in various industries, particularly in construction and infrastructure projects. If there is an increase in such projects, it could drive the demand for steel coils, including half-hard steel coil, which is known for its durability and strength.

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The automotive segment to maintain its lead position during the forecast period

Based on the end-user industry, the automotive segment accounted for the largest share in 2022, contributing to more than three-eighths of the global cold rolled steel coil market revenue. Cold-rolled steel has a smoother and more refined surface finish compared to hot-rolled steel. This makes it more suitable for automotive applications where aesthetics and surface quality are important.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global cold rolled steel coil market and is projected to register the highest CAGR of 3.5% during the forecast period. The Asia-Pacific region has experienced significant economic growth in recent years, leading to increased construction, infrastructure development, and manufacturing activities. Cold-rolled steel is widely used in various industries, including automotive, construction, and appliances.

Leading Market Players: -

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The report provides a detailed analysis of these key players in the global cold rolled steel coil market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research