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.