Global Cold-Rolled Steel Products Market to Experience Decline with CAGR of -58.3% over the Next Six Years - News and Statistics - IndexBox

Feb 19, 2025

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The cold-rolled steel products market is anticipated to experience a decrease in consumption over the next six years, with a projected CAGR of -58.3% for the period from 2024 to 2030. Market volume is forecasted to decrease to 800K tons by the end of 2030. In terms of value, the market is expected to contract with a CAGR of -58.1%, bringing the market value to $1.1B by the end of 2030.

The cold-rolled steel products market is expected to start a downward consumption trend over the next six-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -58.3% for the six-year period from 2024 to 2030, which is projected to depress the market volume to 800K tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of -58.1% for the period from 2024 to 2030, which is projected to bring the market value to $1.1B (in nominal wholesale prices) by the end of 2030.

In 2024, approx. 153M tons of flat-rolled products of iron or steel (not further worked than cold-rolled) were consumed worldwide; almost unchanged from the previous year's figure. The total consumption volume increased at an average annual rate of +1.6% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 7.5%. Global consumption peaked at 156M tons in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The global cold-rolled steel products market revenue fell to $208.7B in 2024, reducing by -6.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a notable expansion from 2013 to 2024: its value increased at an average annual rate of +3.1% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -26.9% against 2022 indices. Global consumption peaked at $285.5B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

The countries with the highest volumes of consumption in 2024 were South Korea (34M tons), China (29M tons) and the United States (12M tons), with a combined 49% share of global consumption. Japan, Russia, Brazil, Indonesia, Mexico, Italy and Canada lagged somewhat behind, together accounting for a further 23%.

From 2013 to 2024, the biggest increases were recorded for Mexico (with a CAGR of +7.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest cold-rolled steel products markets worldwide were South Korea ($44.9B), China ($37.9B) and the United States ($16.1B), together accounting for 47% of the global market. Japan, Russia, Brazil, Italy, Indonesia, Mexico and Canada lagged somewhat behind, together comprising a further 23%.

Mexico, with a CAGR of +9.1%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2024, the highest levels of cold-rolled steel products per capita consumption was registered in South Korea (650 kg per person), followed by Japan (68 kg per person), Canada (68 kg per person) and Italy (55 kg per person), while the world average per capita consumption of cold-rolled steel products was estimated at 19 kg per person.

From 2013 to 2024, the average annual growth rate of the cold-rolled steel products per capita consumption in South Korea stood at +6.9%. In the other countries, the average annual rates were as follows: Japan (+0.4% per year) and Canada (+1.9% per year).

Global cold-rolled steel products production was estimated at 153M tons in 2024, leveling off at the year before. The total output volume increased at an average annual rate of +1.6% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the production volume increased by 7.6%. Over the period under review, global production hit record highs at 155M tons in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

In value terms, cold-rolled steel products production reduced to $182.5B in 2024 estimated in export price. Over the period under review, the total production indicated a tangible increase from 2013 to 2024: its value increased at an average annual rate of +2.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -23.0% against 2022 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by 48%. Global production peaked at $237.2B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2024 were South Korea (37M tons), China (35M tons) and the United States (11M tons), with a combined 54% share of global production.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by South Korea (with a CAGR of +5.9%), while production for the other global leaders experienced more modest paces of growth.

For the third year in a row, the global market recorded decline in overseas purchases of flat-rolled products of iron or steel (not further worked than cold-rolled), which decreased by -5.7% to 32M tons in 2024. Overall, imports saw a mild downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 22%. Global imports peaked at 40M tons in 2017; however, from 2018 to 2024, imports failed to regain momentum.

In value terms, cold-rolled steel products imports shrank to $44.3B in 2024. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 61% against the previous year. Global imports peaked at $64.3B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

In 2024, Mexico (2M tons), the United States (1.8M tons), China (1.7M tons), Germany (1.6M tons), Turkey (1.5M tons), Belgium (1.4M tons), Italy (1.4M tons), India (1.2M tons) and Japan (1.2M tons) represented the largest importer of flat-rolled products of iron or steel (not further worked than cold-rolled) in the world, creating 43% of total import. Spain (1.2M tons) followed a long way behind the leaders.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Mexico (with a CAGR of +6.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest cold-rolled steel products importing markets worldwide were Germany ($3.2B), Mexico ($2.8B) and the United States ($2.6B), together comprising 19% of global imports.

In terms of the main importing countries, Mexico, with a CAGR of +7.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (8.2M tons) and iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (7M tons) were the major types of flat-rolled products of iron or steel (not further worked than cold-rolled) in 2024, finishing at approx. 26% and 22% of total imports, respectively. Alloy steel, flat-rolled, width 600mm or more, cold-rolled (3.3M tons) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (9.8%), stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (6.9%) and iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm (6.7%). Stainless steel, flat-rolled, width less than 600mm, cold-rolled (956K tons) followed a long way behind the leaders.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm (with a CAGR of +5.0%), while imports for the other products experienced more modest paces of growth.

In value terms, the largest types of imported flat-rolled products of iron or steel (not further worked than cold-rolled) were stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($7.9B), iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm ($6.6B) and iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($6B), with a combined 47% share of global imports. Stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm, stainless steel, flat-rolled, width less than 600mm, cold-rolled, alloy steel, flat-rolled, width 600mm or more, cold-rolled, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more but less than 4.75mm, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, iron or non-alloy steel, flat-rolled, cold-rolled, of a width less than 600mm, containing by weight less than 0.25% of carbon, alloy steel, flat-rolled, width less than 600mm, n.e.s. in heading no. 7226, cold-rolled, iron or non-alloy steel, flat-rolled, hot-rolled, width less than 600mm, other than of item no. 7211.21 and 7211.22, stainless steel, flat-rolled, width 600mm or more, cold-rolled or cold-reduced, of a thickness of 4.75mm or more, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more and iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm lagged somewhat behind, together comprising a further 53%.

Alloy steel, flat-rolled, width 600mm or more, cold-rolled, with a CAGR of +5.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

In 2024, the average cold-rolled steel products import price amounted to $1,407 per ton, shrinking by -3.7% against the previous year. Overall, import price indicated a mild expansion from 2013 to 2024: its price increased at an average annual rate of +1.6% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, cold-rolled steel products import price decreased by -20.1% against 2022 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 32% against the previous year. Global import price peaked at $1,760 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was stainless steel, flat-rolled, width less than 600mm, cold-rolled ($4,032 per ton), while the price for iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm ($808 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm (+4.0%), while the other products experienced more modest paces of growth.

In 2024, the average cold-rolled steel products import price amounted to $1,407 per ton, dropping by -3.7% against the previous year. In general, import price indicated a modest expansion from 2013 to 2024: its price increased at an average annual rate of +1.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, cold-rolled steel products import price decreased by -20.1% against 2022 indices. The most prominent rate of growth was recorded in 2021 an increase of 32%. Global import price peaked at $1,760 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($2,027 per ton), while Belgium ($1,082 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by India (+4.0%), while the other global leaders experienced more modest paces of growth.

For the third consecutive year, the global market recorded decline in overseas shipments of flat-rolled products of iron or steel (not further worked than cold-rolled), which decreased by -3.7% to 32M tons in 2024. Overall, exports showed a mild curtailment. The growth pace was the most rapid in 2021 when exports increased by 34%. As a result, the exports reached the peak of 43M tons. From 2022 to 2024, the growth of the global exports remained at a somewhat lower figure.

In value terms, cold-rolled steel products exports fell to $43.1B in 2024. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 77% against the previous year. The global exports peaked at $64.4B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

In 2024, China (7.5M tons), distantly followed by South Korea (4.3M tons), Japan (3.2M tons), Taiwan (Chinese) (1.8M tons) and Belgium (1.6M tons) were the largest exporters of flat-rolled products of iron or steel (not further worked than cold-rolled), together generating 57% of total exports. Germany (1.3M tons), the United States (1.2M tons), the Netherlands (1.1M tons), Turkey (0.9M tons) and Indonesia (0.8M tons) followed a long way behind the leaders.

From 2013 to 2024, the biggest increases were recorded for Indonesia (with a CAGR of +29.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($6.9B), South Korea ($4.4B) and Japan ($3.4B) constituted the countries with the highest levels of exports in 2024, with a combined 34% share of global exports. Taiwan (Chinese), Belgium, Germany, the United States, the Netherlands, Indonesia and Turkey lagged somewhat behind, together accounting for a further 33%.

Among the main exporting countries, Indonesia, with a CAGR of +27.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (7.8M tons) and iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (6.5M tons) represented the major types of flat-rolled products of iron or steel (not further worked than cold-rolled) in 2024, resulting at near 25% and 21% of total exports, respectively. Alloy steel, flat-rolled, width 600mm or more, cold-rolled (3.9M tons) ranks next in terms of the total exports with a 12% share, followed by stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (9.6%), iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm (7.3%) and stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (7%). Stainless steel, flat-rolled, width less than 600mm, cold-rolled (1M tons) took a little share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main exported products, was attained by alloy steel, flat-rolled, width 600mm or more, cold-rolled (with a CAGR of +4.3%), while the other products experienced more modest paces of growth.

In value terms, the largest types of exported flat-rolled products of iron or steel (not further worked than cold-rolled) were stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($7.6B), iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm ($6.1B) and iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($5.2B), together comprising 45% of global exports. Stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm, stainless steel, flat-rolled, width less than 600mm, cold-rolled, alloy steel, flat-rolled, width 600mm or more, cold-rolled, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more but less than 4.75mm, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, alloy steel, flat-rolled, width less than 600mm, n.e.s. in heading no. 7226, cold-rolled, iron or non-alloy steel, flat-rolled, cold-rolled, of a width less than 600mm, containing by weight less than 0.25% of carbon, iron or non-alloy steel, flat-rolled, hot-rolled, width less than 600mm, other than of item no. 7211.21 and 7211.22, stainless steel, flat-rolled, width 600mm or more, cold-rolled or cold-reduced, of a thickness of 4.75mm or more, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more and iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm lagged somewhat behind, together accounting for a further 55%.

In terms of the main exported products, alloy steel, flat-rolled, width 600mm or more, cold-rolled, with a CAGR of +5.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

The average cold-rolled steel products export price stood at $1,333 per ton in 2024, waning by -8.7% against the previous year. Over the period under review, export price indicated a slight increase from 2013 to 2024: its price increased at an average annual rate of +1.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, cold-rolled steel products export price decreased by -24.5% against 2022 indices. The growth pace was the most rapid in 2021 an increase of 32% against the previous year. Over the period under review, the average export prices reached the maximum at $1,766 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exported products. In 2024, the product with the highest price was stainless steel, flat-rolled, width less than 600mm, cold-rolled ($3,902 per ton), while the average price for exports of iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more ($745 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by stainless steel, flat-rolled, width 600mm or more, cold-rolled or cold-reduced, of a thickness of 4.75mm or more (+3.2%), while the other products experienced more modest paces of growth.

The average cold-rolled steel products export price stood at $1,333 per ton in 2024, falling by -8.7% against the previous year. Over the period under review, export price indicated mild growth from 2013 to 2024: its price increased at an average annual rate of +1.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, cold-rolled steel products export price decreased by -24.5% against 2022 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 32%. Over the period under review, the average export prices hit record highs at $1,766 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Germany ($1,896 per ton), while China ($924 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Belgium (+4.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global cold-rolled steel products market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

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