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Rolled And Drawn Steel Market 2024 - Top Manufactures, Growth Rate, Revenue And Forecast To 2033
Rolled And Drawn Steel Market
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According to The Business Research Company's, The rolled and drawn steel market size has grown strongly in recent years. It will grow from $252.51 billion in 2023 to $271.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to industrialization and infrastructure development, automotive industry growth, global economic expansion, urbanization trends, energy sector developments.
The rolled and drawn steel market size is expected to see strong growth in the next few years. It will grow to $346.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to renewable energy infrastructure, electric vehicles (EV) expansion, focus on sustainable construction, smart cities and IoT integration, stricter environmental regulations. Major trends in the forecast period include infrastructure investments, technological innovations in steel processing, technological advancements in steel production, industry 4.0 integration, digitalization of supply chains.
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Market Drivers and Trends:
The growing global automotive industry is expected to propel the growth of the rolled and drawn steel market in the coming future. The growing automotive industry is increasing the demand for automotive parts to maintain the interior and exterior look of the vehicle, improve longevity and the original quality of the vehicles, which in turn increases the demand for rolled and drawn steel. For instance, Forbes, an American business magazine, estimated that global auto sales will increase by 4% in 2023 to 89.7 million. Also, according to the India Brand Equity Foundation (IBEF), a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, the automotive industry in India is expected to reach 282.8 billion by 2026. This growth in the automotive industry will drive the rolled and drawn steel market.
Product innovation is the key trend gaining popularity in the rolled and drawn steel market. Major companies operating in the rolled and drawn steel market are focused on developing innovative products to strengthen their position in the market. For instance, in May 2021, ArcelorMittal, a Luxembourg-based multinational steel manufacturing and mining corporation, launched Granite HDXtreme, a pre-painted steel created for usage in harsh environments. Granite HDXtreme is environmentally friendly since it is 100% biodegradable, devoid of chromates and heavy metals, and it has a lower carbon footprint than other materials like aluminum. Its strength originates from its 75-m three-layer coating technique. Each layer serves a distinct yet crucial purpose. The primer layer is crucial for preventing corrosion. A basecoat is applied on top of that to create the final color and assure the steel's endurance. The coating is completed with a layer of varnish, which gives it texture, boosts its toughness and longevity, and improves its capacity to withstand UV (ultraviolet) rays.
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Major Key Players of the Market:
KG Dongbu Steel Co Ltd., China Baowu Steel Group Corp Ltd., ArcelorMittal S.A., Pohang Iron and Steel Company, Nippon Steel Corporation, Baosteel Group Co, Jiangsu Shagang Group Co Ltd., ThyssenKrupp AG, Shougang Group Co Ltd., Nucor Corporation, Anyang Iron and Steel Group Co Ltd., JFE Holdings Inc., Jianlong Group, Tata Steel Limited, Ansteel Group, Hesteel Group Company Limited, JSW Steel Limited, Hyundai Steel Co Ltd., Maanshan Iron and Steel Company Limited, United States Steel Corporation, NLMK Group, Gerdau S.A., China Steel Corporation, BlueScope Steel Limited, Benxi Steel Group Corp Ltd., Steel Authority of India Limited, Hunan Valin Steel Co Ltd., Yieh Phui Enterprise, Rautaruukki Oyj, Barclay & Mathieson Ltd., Sabre Steel Inc., MST Steel Corp
Rolled And Drawn Steel Market 2024 Key Insights:
• The rolled and drawn steel market size is expected to see strong growth in the next few years. It will grow to $346.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Global Automotive Industry Growth Fuels Expansion In The Rolled And Drawn Steel Market
• Product Innovation In The Rolled And Drawn Steel Market
• Asia-Pacific was the largest region in the rolled and drawn steel market in 2023
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