Hotrolled Steel Coil Market

Type Segment Insights and Overview The type segment of the Hotrolled Steel Coil Market is further segmented into cold rolled, hot rolled, and galvanized types. In 2023, the hot rolled type segment dominated the Hotrolled Steel Coil Market with a revenue share of 55.2%. The cold rolled type segment is expected to grow at a CAGR of 2.9% over the forecast period, accounting for a share of 25.7% by 2032. This can be attributed to its superior strength and dimensional accuracy.

Hot rolled steel coils are processed by rolling steel slabs at high temperatures, and they produce a thicker and less accurate finish.These types of steel coils are mostly used in construction, shipbuilding, and the automotive industries. Cold rolled steel coils are further rolled at room temperature and deliver a thinner and more accurate finish. This type of steel coil is preferred in applications requiring higher strength, such as appliances, furniture, and automotive parts. Galvanized steel coils, however, are coated with a layer of zinc to protect it from corrosion.

The application segment is crucial in determining the Hotrolled Steel Coil Market. Among the important application segments, Automotive, Construction, Energy and Industrial Machinery are the top segments. For vehicles, frames, body parts and critical components are manufactured from hotrolled steel coils. Due to the exponential increase in the number of vehicles on the road, the demand for lightweight vehicles and fuel-efficient vehicles, hotrolled steel coils requirement will also grow.

Structural components and other interior parts are all made of hotrolled steel coils because of their longer life and increased durability.Hotrolled steel coils are used in the construction of pipeline storage tanks for oil, gas and other energy exploratory material. Hotrolled steel coils are used in innumerable gears, heavy vehicles, and parts of gear like hoists, jacks, and so on. With increased industrialization and globalization, the need for automation is rising; in turn, the hotrolled steel requirement will also proportionately increase.

The Hotrolled Steel Coil Market is segmented by End User into Manufacturing, Transportation, and Consumer Goods. The Manufacturing segment is expected to account for the largest share of the market in 2023, as hotrolled steel coils are used in a wide range of manufacturing applications, including automotive, construction, and machinery. The Transportation segment is expected to have the second-largest share of the market in 2023, driven by the growing demand for hotrolled steel coils in the automotive industry.

The Consumer Goods segment is also expected to see significant growth in the coming years, as hotrolled steel coils are increasingly used in the production of consumer goods such as appliances and furniture.

The Thickness segment is a crucial aspect of the Hotrolled Steel Coil Market, influencing market growth and industry dynamics. In 2023, the 'Less than 3mm' thickness category held a significant market share, driven by the high demand for thin and lightweight steel coils in various industries, including automotive, construction, and packaging.

The '3mm-6mm' thickness segment is projected to exhibit steady growth over the forecast period, owing to its versatility and applicability in a wide range of structural and non-structural applications.The 'Greater than 6mm' thickness category is expected to witness a moderate growth rate, primarily driven by its usage in heavy-duty construction and shipbuilding industries. Overall, the Thickness segment offers valuable insights into the evolving needs and preferences of end-use industries, shaping the Hotrolled Steel Coil Market's growth trajectory.

The Hotrolled Steel Coil Market segmentation by Width comprises Less than 1250mm, 1250mm-1500mm, and Greater than 1500mm. Among these, the 1250mm-1500mm segment held the largest market share in 2023. This can be attributed to the extensive utilization of coils within this width range in numerous industries, including automotive, construction, and shipbuilding.

The Less than 1250mm segment is projected to exhibit significant growth during the forecast period due to rising demand from various end-use industries, such as consumer electronics and packaging.The Greater than 1500mm segment is anticipated to witness steady growth, primarily driven by increasing applications in large-scale infrastructure projects and industrial machinery. Overall, the Hotrolled Steel Coil Market is expected to expand at a stable CAGR during the forecast period, with each segment contributing to the overall market growth.