Cold Rolled Steel Coil Market Expected to Reach $210 Million by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cold Rolled Steel Coil Market," The cold rolled steel coil market was valued at $151.2 million in 2022, and is estimated to reach $210 million by 2032, growing at a CAGR of 3.4% from 2023 to 2032.

Cold-rolled steel coil refers to a specific type of steel product that has undergone the cold rolling process. Cold rolling is a manufacturing process used to reduce the thickness and improve the surface finish of steel sheets or strips. The process involves passing hot-rolled steel through a series of rollers at room temperature, which imparts several important characteristics to the steel.    

Both developed and developing economies are constantly engaged in upgrading their military aircrafts and fighter jets by introducing new fighter jets equipped with latest technology and modern armor facilities. Fighter jets require materials with specific characteristics, including high strength-to-weight ratio, resistance to extreme temperatures, and superior performance in terms of aerodynamics.

Cold rolled steel coil in conjunction with advanced materials such as titanium alloys, aluminum alloys, and composites are often preferred choices for manufacturing fighter jet components. These materials offer a combination of strength, durability, and low weight that is critical for the demanding conditions and performance requirements of fighter aircraft. This factor may act as one of the key drivers responsible for the growth of the cold rolled steel coil market in the growing aerospace sector. 

Furthermore, the cold-rolled steel coil market is characterized by intense competition among manufacturers. Factors such as product quality, pricing strategies, and innovation play a pivotal role in maintaining a competitive edge. Strategic alliances, mergers, and acquisitions also shape the competitive landscape, influencing the market structure. 

However, environmental concerns pose a restraint on the cold-rolled steel coil market. The steel industry is energy-intensive, and traditional steel production processes emit substantial carbon dioxide. The increasing regulatory pressure from agencies such as the U.S. Environmental Protection Agency, Central Pollution Control Board (CPCB), and others, and growing emphasis on sustainability may drive the need for eco-friendly alternatives, challenging the market to adopt cleaner production methods. Compliance with stringent environmental standards necessitates significant investments in technology and processes to reduce carbon emissions, adding a layer of complexity to industry operations. This factor may hinder the growth of the cold rolled steel coil market during the forecast period. 

On the contrary, the global cold-rolled steel coil market is highly influenced by international trade dynamics. For instance, as globalization continues, the cold rolled steel coil market may get benefits from cross-border collaborations, and opening avenues for manufacturers to expand their customer base. Furthermore, free trade agreements and increasing infrastructure development projects on a global scale may contribute to the growth of the cold-rolled steel coil market; thus, creating remunerative opportunities in future. 

The global cold rolled steel coil market is segmented on the basis of hardness, end-user industry, and region. By hardness, the market is segregated into full hard, half-hard, quarter hard, and others. The half-hard segment accounted for the largest share during the forecast period. The automotive industry is a significant consumer of steel, using it in various components and parts. If there is growth or changes in the automotive sector, it can impact the demand for different types of steel, including half-hard steel.  

By end-user industry, the market is divided into building and construction, automotive, oil & gas, aerospace, and others. The automotive end-user industry segment dominated the global market, in terms of revenue in 2022. Cold rolling allows for tighter tolerances in thickness and dimensions, providing consistency and precision. This is crucial in the automotive industry, where parts need to meet strict specifications for performance, safety, and assembly.  

Region wise, the cold rolled steel coil market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific cold rolled steel coil market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major market share in 2022. Cold-rolled steel is a crucial material in the automotive sector for manufacturing components with precise tolerances and high-quality surface finishes. As the automotive industry in Asia-Pacific expands, the demand for cold-rolled steel coils may increase.   

Key players operating in the global cold rolled steel coil market include ArcelorMittal, Nippon Steel Corporation, POSCO, Baosteel Group Co., JFE Steel Corporation, Tata Steel, United States Steel Corporation, AK STEEL HOLDING CORPORATION, China Steel Corporation, and Essar Steel. 

Key Findings Of The Study: 

• By hardness, the half-hard segment is estimated to display the highest growth rate, in terms of revenue, from 2023 to 2032.  
• By end-user industry, the automotive segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 3.6% from 2023 to 2032.  
• By region, Asia-Pacific garnered the highest share in 2022, in terms of revenue.