0.2mm to 0.3mm Thickness Cold Rolled Steel Market Outlook
The global 0.2mm to 0.3mm thickness cold rolled steel market size was estimated at USD 6,611.8 Million in 2021 and is anticipated to reach USD 8,734.4 Million by 2030, expanding at a CAGR of 3.1% during the forecast period.
Cold-rolled steel is a ductile material used in various applications in automobiles, household appliances, furniture lockers, and daily used items. Additionally, cold-rolled steel is used across various industries including engineering, fixture, construction, agriculture, industrial, packing, and furniture. The sheet is designed to offer easy formability as well as smooth and clean surfaces.
The cold rolled steel is normally galvanized with tin with a thickness of 0.2mm, which has applications in the manufacture of metal cans and food cans. The coating of tin or any other metal is used to prevent corrosion and provide better ductility.
This type of rolled steel is 20 times stronger than hot-rolled steel. This property makes cold-rolled steel feasible to use in sectors such as construction, automotive, mining, and marine engineering. It’s smoother and has fewer surface imperfections than hot-rolled steel.
0.2mm to 0.3mm Thickness Cold Rolled Steel Market Macro-economic Factors
Technology Advancements
The demand for cold-rolled steel is continuously growing. Cold-rolled steel is used in a wide variety of items including household appliances such as refrigerators, washers and dryers, auto parts, and various construction-related equipment.
The production of cold rolled strip steel requires powerful and advanced technology from the steel industry to produce high-quality, geometrically accurate products. Strip shape is an important factor used to determine the quality of cold-rolled steel strips. Therefore, basic oxygen furnace (BOF) and present-day electric arc furnace (EAF) technology are introduced for shaping the cold rolled strips. Hence, various technological advancements are being made by manufacturers that are impacting the market.
Export & Import
Countries such as Germany (USD 5.2 Bn), Italy (USD 3 Bn), and China (USD 2.9 Bn) were the largest cold-rolled steel products importing countries in 2021. Combined, they held a 22% share of global imports according to World Steel Association. However, governments of many countries implemented policies that affected the import and export of products.
For instance, the US International Trade Commission, under the Tariff Act of 1930, withdrew countervailing duty orders on imports of cold-rolled flat steel products from Brazil, China, and India, and withdrew anti-dumping duty orders on imports of cold-rolled flat steel products from Japan and South Korea.
Additionally, the European Commission has imposed anti-dumping duties on cold-rolled flat steel imports from China and the Russian Federation through its Commission Implementing Regulations.
GDP
GDP across all countries declined due to the outbreak of COVID-19. COVID-19 impeded the growth of all economies across the globe. The pandemic has severely disrupted the supply chains of companies producing cold-rolled steel, resulting in a significant decline in sales. In the early stages of the pandemic, cold-rolled steel producers faced difficulties due to the increased risk of supplying cold-rolled steel to application industries.
However, in 2021, rising GDP in various countries and growth in end-use industries such as automobiles and machinery are driving the market, as cold-rolled steel sheets are widely used in automotive and equipment manufacturing industries.
Government Regulation
Political factors and regulatory frameworks indirectly affect the market. Various governments and agencies are imposing regulations on the dumping of cold rolled steel. Furthermore, various regulations have been imposed by various government on steel companies to improve the quality of their product.
For instance, the India Ministry of Steel has issued the Steel and Steel Products Quality Control Orders through which it has directed compulsory the Bureau of Indian Standards (BIS) certification for 145 Iron and Steel Products. BIS has issued licenses to 2402 domestic steel product manufacturers allowing them to use the BIS Standard Mark (IS Mark) on their products after their factory inspection and testing for conformity to the applicable Indian Standard.
The Ministry of Steel has issued Quality Control Order on 145 Steel & Steel Products for mandatory IS certification to ensure that the sub-standard/defective steel is not produced, sold/traded, imported, or stocked in the country; therefore, manufacturers are adopting various solutions to maintain the standard of their products.
0.2mm to 0.3mm Thickness Cold Rolled Steel Market Dynamics
Major Drivers
Increasing Infrastructural Developments
The World Bank estimated that the global urban population is expected to increase from 55% (2018) to 68% (2050). This implies that around 2.5 billion people are likely to be living in cities by 2050. The coming 30 years are expected to likely to surge the need for cities, infrastructure, and accommodation.
50% of steel is used in the construction sector, followed by mechanical machinery. Existing cities are likely to adapt to the high pressures on the city infrastructure. Steel, as a strong, durable, and flexible material is likely to play a key role in solving these challenges.
The increasing pace of infrastructural development is boosting the requirements for steel sheets and other forms derived from various processes. Cold rolled steel is stronger than hot-rolled steel components. Moreover, the demand for pipes having thickness of 0.2mm to 0.3mm is high, especially from metal products such as pipes & fittings, hand tools, lockers, metal cupboards, and cans. This is projected to drive the market in the coming years.
Rising Demand from Automotive Sector
According to the international organization of automobile manufacturers, 95.6 million vehicles were produced in 2018. 900 kilograms of hot and cold rolled steel is used to manufacture each car. Steel is a critical material for the automotive industry owing to its high modulus of elasticity. Steel is a preferred material due to its low costs.
Automotive steel is lightweight and fuel-efficient. It is suitable for environmental wear & tear with a versatile and durable capacity that enables creative designs, flexible remanufacturing, and inexpensive repairs for automotive usage. The production of automobile structures mostly employs cold rolled coil. Earlier, soft non-alloy materials were favored due to their superior formability and design flexibility.
The primary raw material used in the automotive sector is cold-rolled steel coil, which is mostly utilized for the body and framework of cars. Rising demand for automobiles from developing countries due to the growing consumer purchasing power and increased spending on luxury cars is fueling the demand for cold rolled steel with minimum thickness.
Existing Restraints
In the case of hot rolling process, the heat generated removes the solid impurities and evaporates the liquid impurities. The cold rolling process does not have this advantage. Parts of the cold rolling mills need to be cleaned, maintained and replaced regularly to preserve product quality. It takes more energy to roll a sheet of metal in cold rolling than it does in hot rolling.
Once the steel sheet is rolled in the cold rolling mill, the final product has to be sustained, as the product is thin as compared to its weight. It cannot hold up to a workload as a hot rolled sheet of metal because its physical structure is not as strong. Moreover, the cold rolled steel sheets have low fire resistance.
The overall price of the final product increases with its after-process maintenance and the labor cost involved in cleaning the machinery. Thus, restraining the market.
Emerging Opportunities
Expansion of the Electric Vehicle Market
The International Council on Clean Transportation study recorded that Global EV sales reached a record high of 6.9 million in 2021, a 107% increase from that in 2020. The growth of electric vehicles is attributed to policies related to reducing carbon dioxide emissions. The growth in EV sales is correlated to the increasing market opportunities for EV materials such as electric steel. The motors used in these vehicles determine the horsepower and overall performance of the EVs.
Electrical steel, also known as silicon steel, goes through various demanding production processes such as annealing, hot and cold rolling, and insulation coating. The two kinds of steel of electrical steel grain-oriented and non-oriented. In the automotive sector, strip thicknesses of 0.20 mm (0.008 in) to 0.30 mm (0.012 in) (NO 20 – NO 30 grades) have become the standard for technical and business reasons. Thus, the surge in the electric vehicle industry is expected to boost the thin cold rolled steel market.
High use of cold rolled steel in the solar panel industry
The cold-rolled steel is preferred as a construction material in solar panels. Rising environmental awareness regarding green energy is encouraging solar panel industry players to seek cost-effective and efficient materials that are better than conventional materials.
The high adaptability of the cold rolled steel material allows it to be engineered and designed for all types of terrain, slopes, and weather conditions. Properties such as light weight, durability, ductility, flexibility in thickness, design, and custom lengths, makes it an excellent alternative to aluminum or hot rolled steel. It is a fast and cost-effective solution for sturdy, dense support structures for solar modules.
The use of cold rolled steel in mounting solar panels can help justify solar panel warranties for the manufacturers. Thus, shift from aluminum sheets in solar panels to cold rolled steel with thin steel is expected to boost the market during the forecasted period.
Scope of 0.2mm to 0.3mm Thickness Cold Rolled Steel Market Report
The report on the global 0.2mm to 0.3mm thickness cold rolled steel market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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0.2mm to 0.3mm Thickness Cold Rolled Steel Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2015–2020
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Forecast Period
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2022–2030
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Segmentation
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Type (Car body steel, Electrical Steel, Ultra-Low Carbon Steel, Others.), Distribution (Distributor, Direct sales), End User (Automotive, Energy, Others)
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Regional Scope
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North America, Europe, Asia Pacific, Latin America and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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POSCO, JFE Steel Corporation, thyssenkrupp Steel, Europe voestalpine AG (voestalpine Stahl GmbH, National Steel and Agro Industries Limited (NSAIL), TAKASAGO TEKKO K.K, JMT Steel, Nippon Steel Corp., Wanzhi Steel Materials Co., Ltd., HBIS GROUP, C.D. Wälzholz GmbH & Co. KG and others
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0.2mm to 0.3mm Thickness Cold Rolled Steel Market Segment Insights
Type Segment Analysis
Based on type, the global 0.2mm to 0.3mm thickness cold rolled steel market is segmented into car body steel, electrical steel, ultra-low carbon steel, and others. The car body steel segment is dominating the market, as cold rolled steel is extensively used to manufacture automotives.
The car body steel is expected to expand at a CAGR of XX% by the end of 2030, owing to rising government regulations to reduce carbon dioxide emissions by weight reduction and improving car body strength. Cold-rolled steel sheets offer excellent formability, reduce vehicle weight, and offer high strength. Growing awareness towards environmental protection led to high demand for cold rolled steel for automotive applications.
Rising demand for transformers owing to infrastructural development is supporting the electrical steel segment. Specifically, non-grain-oriented electrical steel is mainly used in rotating equipment, for example, electric motors, generators and over-frequency and high-frequency converters.
End-user Segment Analysis
On the basis of the end-user the market is fragmented into automotive, energy, and others. The automotive segment was valued at USD XX million in 2021.
The growth of the automotive industry due to rising disposable income has propelled the demand for cold-rolled steel having a thickness of 0.2mm to 0.3mm, which is commonly used for automotive interior parts and general drawing. The cold-rolled steel coil is the core material of the automobile industry. Mainly used for the shell and structure of vehicles.
The energy segment held a market share of XX% in 2021. Electrical steel is a key material for the energy and mobility transition. High-tech panels help in the efficient generation of green power and low-loss energy transport. Electromagnetic steel sheets are an essential part of electric motors. Furthermore, non-oriented electrical steel sheets have a wide range of requirements and applications in wind power plants, hydropower plants, and thermal power plants.
The others segment includes construction, households appliance, and metal furniture. The construction industry uses cold-rolled steel to manufacture corrosion-resistant roof panels for industrial and civil buildings. The light industry uses the sheets to make casings for household appliances, civil chimneys, and kitchen utensils, among others.
Regional Analysis
On the basis of regions, the global 0.2mm to 0.3mm thickness cold rolled steel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in Asia Pacific is projected to expand at a CAGR of 3.02% during the forecast period, owing to the increasing demand for 0.2mm to 0.3mm thickness cold rolled steel due to increased integration within automobiles and a wide range of electronic components.
Asia Pacific is expected to increase its output of AC motors, hermetic motors, and a wide range of transformers. Additionally, the region is expected to step-up its focus on maintaining existing infrastructure. These factors are expected to increase the footprint of the market on a global level during the forecast period.
North America accounted for 19.3% share of the market in 2021, due to increasing focus on automobile production, especially electric vehicles. The regions has seen increased investments from government and private organizations about setting up manufacturing plants.
Additionally, the United States is expected to focus on building power & distribution transformers along with reactors & agentic transformers, widening the scope of the market within the region.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the Global 0.2mm to 0.3mm Thickness Cold Rolled Steel Market
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Historical, Current and Projected Market Size in terms of Value
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
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Neutral Perspective on Global 0.2mm to 0.3mm Thickness Cold Rolled Steel Market Performance
Segments
Types
- Car Body Steel
- Electrical Steel
- Others
Distribution
End User
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
Competitive Landscape
Manufacturers operating in the global 0.2mm to 0.3mm Thickness Cold Rolled Steel Market include POSCO, JFE Steel Corporation, thyssenkrupp Steel, Europe voestalpine AG (voestalpine Stahl GmbH, National Steel and Agro Industries Limited (NSAIL), TAKASAGO TEKKO K.K, JMT Steel, Nippon Steel Corp., Wanzhi Steel Materials Co., Ltd., HBIS GROUP, C.D. Wälzholz GmbH & Co. KG and others.
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