Cold Rolled Steel Segment to Dominate India Hot Rolled & Cold Rolled Steel Market through FY2027
Surge in demand for automotive industry
and high disposable income is expected to drive the India hot rolled & cold
rolled steel market in the forecast period.
According to TechSci Research report, “India
Hot Rolled & Cold Rolled Steel Market By Product (Hot Rolled Steel,
Cold Rolled Steel), By Form (Steel Plate, Steel Coil, Flat, Others), By
Application (Automotive, Construction, Steel Pipe, Shipping, Machinery &
Equipment, Industrial, Others), By Company, By Region, Forecast &
Opportunities, FY2027F”, the India hot rolled & cold rolled steel
market is expected to witness steady growth for the next five years. Hot rolled
steel is used for compressive forming methods such as metal extrusion, rolling,
and forging as it requires less energy and force. Hot rolling process of steel
is done in temperature above the material crystallization temperature that is
temperature above 1000°C. The starting material is generally steel slabs or
steel billets and then it is fed to rolling machinery and continuous rolling of
the steel gives the desired shape in form of sheets. Hot rolled steel is formed
easily without any extra delay due to high temperature and is produced in large
quantities than the cold rolled steel. The price of hot rolled steel is lower
than the cold rolled steel. The hot rolled steel is then cooled at room
temperature which results in higher ductility and toughness. Hot rolled steel
shrinks during the cooling process which leaves the internal stress in metals
resulting in distortions and non-uniform growth. Hot rolled steel is widely
used in truck frames, pipes and tubes, railroad tracks and car parts, doors, and
shelving, among others. Cold rolling of steel occurs below the temperature of
crystallization. As, the process of recrystallization temperature, strain
hardening occurs which ensures that cold rolled steel has higher yield
strength. Cold rolled steel finds applications in various end user industries
such as home appliances, water heaters, metal containers, fan blades, frying
pans, computer cabinets, among others. Rising population in the country is
giving rise to need for construction of more residential and commercial spaces
thereby fueling the development of construction industry for the next five
years. Construction and infrastructure development requires the hot rolled and
cold rolled steel thereby driving the growth of the market for the next five
years.
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India hot rolled & cold rolled steel market is segmented
into product, form, application, regional distribution, and company. Based on form,
hot rolled and cold rolled steel market is further divided into steel plate,
steel coil, flat and others. The steel coil segment is expected to account for
major market share in the forecast period. Steel coil is a sheet metal supplied
in coil form. Depending on the production method, steel coil is classified into
hot rolled, cold rolled, galvanized, or polymer coated. Rise in construction
activities and machine-building sectors is positively contributing to the
growth of the hot rolled and cold rolled steel market. Hot rolled steel coil is
used to make shapes and profiles for construction and machine-building as well
as for special purpose coils. Cold rolled steel coil is majorly used for
construction, domestic appliances, and automotive industry. Galvanized coil is
used for making goods with decorative coating and is in high demand from
automotive and construction industry. Polymer coated coiled steel is in high
demand from automotive, construction and for manufacturing of consumer goods.
JSW Steel Ltd, Steel Authority of India Ltd., Essar Steel
India Ltd., Jindal Steel & Power Ltd., Rashtriya Ispat Nigam Ltd. (RINL), Electrosteel
Steel Ltd., Jindal Stainless Limited (JSL), Tata Steel Limited are the leading
players operating in India hot rolled & cold rolled steel market. Manufacturers
are increasingly focusing on research and development process to fuel higher
growth in the market. To meet evolving customer demand with respect to better
efficiency and durability, several hot rolled & cold rolled steel manufacturers
are coming up with their technologically advanced offerings.
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“Demand
for energy-efficient automobiles due to high carbon emissions from the
conventional vehicles is contributing to the increased sales of electric
vehicles and hybrid electric vehicles. Electric vehicles are cost-effective
compared to traditional vehicles which require hot rolled steel for vehicle
production process thereby fueling the growth of the hot rolled & cold
rolled market growth until 2026” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India Hot Rolled
& Cold Rolled Steel Market By Product (Hot Rolled Steel, Cold Rolled Steel),
By Form (Steel Plate, Steel Coil, Flat, Others), By Application (Automotive,
Construction, Steel Pipe, Shipping, Machinery & Equipment, Industrial,
Others), By Company, By Region, Forecast & Opportunities, FY2027F” has evaluated the
future growth potential of India hot rolled & cold rolled steel market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of India hot rolled
& cold rolled steel market.
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