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Global Automotive Industry Growth Fuels Expansion In The Rolled And Drawn Steel Market: Strengthening the Growth Trajectory of the Rolled And Drawn Steel Market
Rolled And Drawn Steel Market
Rolled And Drawn Steel Market Size Growth Forecast: What to Expect by 2025?
Recent years have seen significant growth in the rolled and drawn steel market size. It is projected to expand from $273.88 billion in 2024 to $293.96 billion in 2025, resulting in a compound annual growth rate (CAGR) of 7.3%. The historical growth of this market can be credited to factors such as industrialization and infrastructural development, growth in the automotive industry, global economic proliferation, urbanization patterns, as well as advancements in the energy sector.
How Will the Rolled And Drawn Steel Market Size Evolve and Grow by 2029?
Anticipations of robust expansion are in the pipeline for the rolled and drawn steel market in the coming years. An estimated increase to a value of $365.53 billion by 2029 is expected, representing a compound annual growth rate (CAGR) of 5.6%. The growth during this period can be credited to factors such as the advancement in renewable energy infrastructure, the surge in electric vehicles (EV), the emphasis on sustainable construction, smart city initiatives, and the integration of IoT, coupled with stringent environmental laws. The forecast period would be marked by major trends including infrastructure investment, innovation in steel processing technology, advancement in steel production methods, integration of industry 4.0, and digitization of supply chains.
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What Drivers Are Propelling the Growth of Rolled And Drawn Steel Market Forward?
The expansion of the global automotive industry is projected to bolster the rolled and drawn steel market in the forthcoming future. The burgeoning automotive industry is fuelling the need for automotive parts to sustain the vehicle's interior and exterior aesthetics, enhance durability and preserve the vehicles' original quality, which reciprocally amplifies the demand for rolled and drawn steel. For instance, Marklines Co., a Japan-based advertising agency company, reported in December 2023 that the total car sales in the United States for that year amounted to 15,608,386 units. This figure represents a 12.3% jump from the 13,905,195 units recorded in 2022. Consequently, the automotive industry's growth will stimulate the rolled and drawn steel market.
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Which Emerging Trends Are Transforming the Rolled And Drawn Steel Market in 2025?
The leading trend in the rolled and drawn steel industry is product innovation. Major firms in this space are putting a lot of emphasis on the creation of novel products to bolster their market standing. For example, United States Steel Corporation, a US company, unveiled their ZMAG coated steel in September 2022. The product, owing to its zinc-aluminum-magnesium coating, is exceptionally resilient to environmental factors, making it especially suitable for use in the solar, automotive, and construction industries. Interestingly, the ZMAG coated steel is made from verdeX steel that incorporates up to 90% recycled steel material.
What Are the Key Segments in the Rolled And Drawn Steel Market?
The rolled and drawn steel market covered in this report is segmented -
1) By Type: Color Coated Coil, Continuous Hot Dip Galvanized Steel Coil, Carbon Structural Steel Cold Rolled Coils, Deep Drawing Cold Rolled Coils
2) By Manufacturing Process: Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF)
3) By Application: Automotive, Construction, Home Appliance, Machinery, Other Applications
Subsegments:
1) By Color Coated Coil: Pre-Painted Galvanized Steel, Pre-Painted Aluminum
2) By Continuous Hot Dip Galvanized Steel Coil: Electro-Galvanized Steel, Hot-Dip Galvanized Steel
3) By Carbon Structural Steel Cold Rolled Coils: Cold Rolled Carbon Steel Sheets, Cold Rolled Carbon Steel Strips
4) By Deep Drawing Cold Rolled Coils: Deep Drawing Quality Sheets, Deep Drawing Quality Strips
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Who Are the Key Players Shaping the Rolled And Drawn Steel Market's Competitive Landscape?
Major companies operating in the rolled and drawn steel market include 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, MST Steel Corp
What Geographic Markets Are Powering Growth in the Rolled And Drawn Steel Market?
Asia-Pacific was the largest region in the rolled and drawn steel market in 2024. The regions covered in the rolled and drawn steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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