Categories: Market Research

Rolled And Drawn Steel Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Rolled And Drawn Steel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Rolled And Drawn Steel Market:

https://www.thebusinessresearchcompany.com/report/rolled-and-drawn-steel-global-market-report

According to The Business Research Company’s Rolled And Drawn Steel Global Market Report 2024, The rolled and drawn steel market size has grown strongly in recent years. It will grow from $252.51 billion in 2023 to $271.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to industrialization and infrastructure development, automotive industry growth, global economic expansion, urbanization trends, energy sector developments.

The rolled and drawn steel market size is expected to see strong growth in the next few years. It will grow to $346.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to renewable energy infrastructure, electric vehicles (EV) expansion, focus on sustainable construction, smart cities and IoT integration, stricter environmental regulations. Major trends in the forecast period include infrastructure investments, technological innovations in steel processing, technological advancements in steel production, industry 4.0 integration, digitalization of supply chains.

The growing global automotive industry is expected to propel the growth of the rolled and drawn steel market in the coming future. The growing automotive industry is increasing the demand for automotive parts to maintain the interior and exterior look of the vehicle, improve longevity and the original quality of the vehicles, which in turn increases the demand for rolled and drawn steel. For instance, Forbes, an American business magazine, estimated that global auto sales will increase by 4% in 2023 to 89.7 million. Also, according to the India Brand Equity Foundation (IBEF), a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, the automotive industry in India is expected to reach 282.8 billion by 2026. This growth in the automotive industry will drive the rolled and drawn steel market.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=9758&type=smp

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

Major companies in the rolled and drawn steel market are focused on developing steel that is coated, such as antibacterial coating, for enhanced hygiene and to maximize their profits in the market. An antibacterial coating is a protective layer applied to surfaces to inhibit the growth of harmful microorganisms and promote hygiene. For instance, in May 2023, Novolipetsk Steel (NLMK), a Russia-based steel-making company, launched premium rolled steel featuring an antibacterial coating, with initial trials conducted by the company’s partners. The coating safeguards the metal from harmful microorganisms, making it suitable for interior surfaces in sectors including food and healthcare industries.

The rolled and drawn steel market report table of contents includes: