increasing steel production in developing countries is driving the Cold Roll Steel Market
Technavio analyzes that the Cold Roll Steel Market is expected to grow at a CAGR of 3.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 17060.7 million.There are various factors that contribute to the growth of the market. The global cold roll steel market is experiencing significant growth due in part to the increasing steel production in developing countries. These nations are expanding their industrial sectors, leading to a surge in demand for cold roll steel. This trend is particularly prominent in Asia, where countries like China, India, and South Korea are driving the market's growth. The rising demand for cold roll steel in these regions is attributed to their burgeoning automotive, construction, and packaging industries.
The automotive industry represents a substantial market segment for global cold roll steel consumption, driven by the demand for high-performance, lightweight materials. In August 2024, Voestalpine's Metal Forming Division secured significant long-term contracts with two leading North American truck manufacturers. To cater to this increased demand, Voestalpine is investing USD78 million to expand production capacity at its Indiana, US facility. This strategic move underscores cold roll steel's importance in the automotive sector, where its superior mechanical properties, including high tensile strength, excellent surface finish, and precise dimensional tolerances, are essential for manufacturing high-strength and low-carbon steel components.
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Cold Roll Steel Market Segmentation
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The Cold-rolled steel coil market encompasses the production and sale of CRC, a type of flat steel product obtained through the cold rolling process. Key industries utilizing cold-rolled steel include the automotive sector for manufacturing structural components in EVs and commercial vehicles. In construction, it's used for framing members and residential building projects. Tata Steel and other steel manufacturers produce low-carbon, high-strength, and stainless steel variants for various applications. Cold-rolled steel coils offer excellent surface finish, dimensional tolerances, and are used in appliances, general engineering, and fabricating, machining, and construction processes.
The global steel market encompasses businesses involved in the manufacturing and provision of iron and steel products. According to Technavio, the metals and mining industry's size is determined by the consolidated revenue generated by producers of aluminum, copper, gold, silver, steel, diversified metals and mining, and precious metals and minerals, such as platinum. Key drivers fueling the expansion of the steel market include the escalating demand for steel in the automotive sector, particularly for electric vehicles (EVs), and the construction industry's requirement for structural framing members. In China, stimulus measures aimed at increasing construction activity have significantly boosted steel consumption.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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