Hot Rolled Coil Market is Projected to Grow at a CAGR of 4.91% by 2035
According to ChemAnalyst report, “Hot Rolled Coil Market Analysis: Plant Capacity, Production, Operating Efficiency, Process, Demand & Supply, Type, End-User Industries, Distribution Channel, Regional Demand, 2015-2035”. The Hot Rolled Coil market witnessed a demand of around 267.6 million tons globally in 2021 and is anticipated to grow at a significant rate with a healthy CAGR of 4.91% until 2035 owing to its surging demand in the Construction and Automotive sector.
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Steel is an alloy of iron with few amounts of carbon that has high strength and is fracture resistant if compared to other alloys formed of iron. The carbon content present in steel ranges from 0.002% to 2.14% by weight. Hot Rolled Coil are produced from liquid/crude steel. The process to produce HR Coil is Melting and Reforming, also known as Hot-Rolling. HR Coil is made by uninterrupted rolling of steel at a high-temperature range, generally at 538 °C – 650 °C. The process is done by passing the metal sheet through rollers at high temperature, or above the recrystallization temperature of the metal. This hot rolled steel is also passed through a solution having a pH of less than 7. The metal sheets are passed through rollers several times to achieve the required thickness of the coil, after which pickling is done. Pickling is the process to remove the impurities and inorganic contaminants from Hot-Rolled Coil as impurities may alter the strength and properties of steel.
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HR Coil is used in a wide range of applications including rebars, TMT, wires, sheets, rods, plates, etc. The main end-use industries of HR Coil are Construction, Automotive, Machinery, and other sectors. Growing demand for TMT, wire, rods, rebars in construction sector is expected to boost the HR Coil market in the forecasted years. Moreover, upcoming construction plans, growing industrial sectors and government favorable policies will boost the demand of HR Coil.
Based on its thickness, its market is segmented into three types such as <3mm, 3mm-10mm and >10 mm. The demand for the coil of thickness 3mm-10mm is around 49% of the total market share as of 2021 and is expected to grow at a healthy pace. A tremendous increase in demand of HR Coil is supported by growing demand from construction and automotive sector. HR Coil having thickness more than 10mm holds around 28% of the total market share followed by HR Coil of thickness less than 3mm as of 2021. Although, some alteration in the composition of HR Coil of thickness 3mm-10mm results in desired strength along with an optimum weight of the material resulting in a decline of demand of HR Coil of thickness >10mm.
The sudden outbreak of the COVID-19 virus in the first half of 2020, across the globe led to the imposition of nationwide lockdown by the major economies. It resulted in trade restrictions and disruptions in the operations of several manufacturing plants as well as disturbance in value and demand chain. The Hot Rolled Coil market was also affected in the first wave of COVID-19 because its major end use industries such as Construction and Automobile were drastically affected in the first wave of COVID -19. Moreover, after the exemption of lockdown restrictions and resumption in the operations of all the industries in the second half of 2020, an improvement was witnessed in the Hot Rolled Coil market.
Region wise, Asia Pacific holds the largest share in the Hot Rolled Coil market followed by Middle East & Africa. The Asia Pacific region is likely to dominate the market for the forecast period supported by growing infrastructure, rising demand from automotive industry coupled with government favorable policies. China and India are the leading exporters of Steel and Steel products and being the leading economies in the Asia Pacific, these countries hold around 40%-45% of the total capacity of the Asia Pacific region.
According to ChemAnalyst report, “Hot Rolled Coil Market Analysis: Plant Capacity, Production, Operating Efficiency, Process, Demand & Supply, Type, End-User Industries, Distribution Channel, Regional Demand, 2015-2035”, Major players for Hot Rolled Coil globally are China Baowu Group, Arcelormittal Steel Limited, HBIS Groups, Shagang Group, POSCO, Ansteel Groups, Cleaveland Cliff Groups, TATA Steel Ltd., Nippon Steel Corp., Ternium Groups, Steel Authority of India Ltd., JSW Steel Ltd., US Steel Corp., and Others.
“Hot Rolled Coil is a basic raw material for Construction and Automotive industries. Moreover, HR Coil is also used in Machinery sector making it a vital raw material for all most all other sectors. Any setback to these industries will directly impact the demand of HR Coil. Owing to all these End Use sectors of Hot Rolled Coil, a surge in its demand is anticipated to drive its market growth through the forecast period and offer several opportunities for manufacturers to expand their capacities to fill demand and supply gap in future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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