June 22, 2024

Flat Steel Market Size To Cross USD 881.20 Billion By 2033

The global flat steel market size reached USD 547.18 billion in 2023 and is projected to grow around USD 881.20 billion by 2033, growing at a CAGR of 4.75% from 2024 to 2033.

Flat Steel Market Size 2024 To 2033

Key Takeaways

  • Asia Pacific contributed more than 60.2% of revenue share in 2023.
  • By type, the hot rolled coil (HRC) segment held the largest segment of the flat steel market in 2023.
  • By type, the cold rolled coil (CRC) segment is expected to grow at a significant rate during the forecast period.
  • By application, the construction segment is expected to hold the dominating share of the market during the forecast period.
  • By application, the energy segment is expected to grow at a notable rate.

The flat steel market has witnessed substantial growth in recent years, reflecting the global demand for versatile steel products used in various industries. Flat steel, characterized by its broad and flat shape, includes products like sheets, strips, and plates, playing a pivotal role in construction, automotive, and manufacturing sectors. The market’s dynamism is driven by the increasing urbanization, infrastructure development, and the rising demand for durable materials across the globe.

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Growth Factors

Several factors contribute to the robust growth of the flat steel market. The burgeoning construction and infrastructure activities, especially in emerging economies, fuel the demand for flat steel products. Additionally, the automotive industry’s continuous expansion, driven by the rising need for lightweight and fuel-efficient vehicles, propels the market forward. Technological advancements in steel manufacturing processes also play a vital role in meeting the evolving requirements of various end-use industries.

Flat Steel Market Scope

Report Coverage Details
Market Size in 2023 USD 547.18 Billion
Market Size by 2033 USD 881.20 Billion
Growth Rate from 2024 to 2033 CAGR of 4.75%
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Type, and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: Cloud Infrastructure Services Market Size To Attain USD 598.83 Bn By 2033

Flat Steel Market Dynamics

Divers:

The flat steel market is diversified in terms of applications, with key segments encompassing construction, automotive, appliances, and industrial machinery. This diversification helps mitigate risks associated with fluctuations in specific sectors. Moreover, the versatility of flat steel products, catering to both residential and commercial construction, ensures a stable demand base even during economic uncertainties.

Opportunities:

Opportunities abound in the flat steel market, particularly with the increasing focus on sustainable practices. Growing environmental awareness is paving the way for innovations in eco-friendly steel production processes and recyclable materials. Furthermore, the escalating demand for electric vehicles creates new avenues for flat steel applications, given its importance in manufacturing lightweight and energy-efficient automotive components.

Challenges:

Despite the positive outlook, the flat steel market faces challenges, including raw material price volatility and stringent environmental regulations. Fluctuations in iron ore and coal prices can impact production costs, influencing the overall market dynamics. Additionally, meeting strict emissions standards and sustainable practices poses a challenge for manufacturers, necessitating continuous investments in research and development.

Region Snapshot

The flat steel market exhibits regional variations driven by economic development, industrialization, and infrastructure projects. Asia-Pacific dominates the market share, led by China’s massive construction and manufacturing activities. North America and Europe follow closely, with a strong emphasis on automotive and construction sectors. Emerging economies in Latin America and Africa present untapped opportunities, while the Middle East showcases growth potential through infrastructure investments. The global nature of the flat steel market emphasizes the importance of understanding regional dynamics for strategic business planning.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

Recent Development

  • In June 2023, Tata Steel Limited inked a memorandum of understanding with Germany’s SMS group, marking a collaborative effort in advancing decarbonized steel manufacturing. The partnership entails further technical discussions and a Joint Industrial Demonstration of SMS group’s EASyMelt technology, illustrating a shared commitment to sustainable steel production.
  • In February 2023, Nippon Steel strategically aligned with Teck Resources Limited, securing royalty interests and equity in Elk Valley Resources Ltd. This move aims to fortify Nippon Steel’s carbon-neutral objectives by ensuring a stable supply of high-quality steelmaking coal, contributing to a sustainable and lucrative consolidated portfolio.
  • ArcelorMittal’s successful acquisition of Companhia Siderúrgica do Pecém (‘CSP’) in Brazil for an estimated USD 2.2 billion in enterprise value, announced in March 2023, signifies a significant stride. The deal not only unlocks financial and operational synergies but also positions ArcelorMittal for future growth opportunities, potentially expanding primary steelmaking capacity.
  • March 2023 witnessed JFE Steel’s innovation as it enhanced the fatigue resistance of its AFD (anti-fatigue-damage) steel, introducing a thin-walled variant. This development opens up diverse applications, particularly in structural components like bridges, promising durability and reduced maintenance costs for long-term steel constructions.
  • In May 2023, JFE Steel Corporation and JSW Steel Limited laid the groundwork for a joint venture to manufacture grain-oriented electrical steel sheets (GOES) in India. With a focus on supporting India’s growing economy through supplying GOES for green energy network projects, this collaboration aligns with sustainable initiatives.
  • In January 2022, the collaboration between POSCO and the Adani Group embarked on exploring commercial synergies, including the prospect of establishing an environmentally friendly integrated steel mill in Mundra, Gujarat, alongside other business endeavors.
  • In July 2022, the strategic partnership between BP p.l.c. and ThyssenKrupp Steel took shape to facilitate the decarbonization of steel production. Their collaboration involves the supply of renewable power and low-carbon hydrogen, with a commitment to advocating policies in Europe conducive to the advancement of low-carbon hydrogen and green steel.

Flat Steel Market Companies

  • ArcelorMittal
  • Nippon Steel Corporation
  • POSCO
  • Tata Steel Limited
  • Baosteel Group Corporation
  • ThyssenKrupp AG
  • JFE Steel Corporation
  • Voestalpine AG
  • United States Steel Corporation
  • SSAB AB
  • JSW Steel Limited
  • Severstal
  • Essar Steel
  • Hyundai Steel Company
  • Ansteel Group Corporation

Segments Covered in the Report

By Type

  • Hot Rolled Coil (HRC)
  • Cold Rolled Coil (CRC)
  • Sheets
  • Others

By Application

  • Construction
  • Automotive & Transportation
  • Mechanical Equipment
  • Energy
  • Packaging
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Flat Steel Market 

5.1. COVID-19 Landscape: Flat Steel Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Flat Steel Market, By Type

8.1. Flat Steel Market Revenue and Volume, by Type, 2023-2032

8.1.1. Hot Rolled Coil (HRC)

8.1.1.1. Market Revenue and Volume Forecast (2020-2032)

8.1.2. Cold Rolled Coil (CRC)

8.1.2.1. Market Revenue and Volume Forecast (2020-2032)

8.1.3. Sheets

8.1.3.1. Market Revenue and Volume Forecast (2020-2032)

8.1.4. Others

8.1.4.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 9. Global Flat Steel Market, By Application

9.1. Flat Steel Market Revenue and Volume, by Application, 2023-2032

9.1.1. Construction

9.1.1.1. Market Revenue and Volume Forecast (2020-2032)

9.1.2. Automotive & Transportation

9.1.2.1. Market Revenue and Volume Forecast (2020-2032)

9.1.3. Mechanical Equipment

9.1.3.1. Market Revenue and Volume Forecast (2020-2032)

9.1.4. Energy

9.1.4.1. Market Revenue and Volume Forecast (2020-2032)

9.1.5. Packaging

9.1.5.1. Market Revenue and Volume Forecast (2020-2032)

9.1.6. Others

9.1.6.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 10. Global Flat Steel Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.1.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.1.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.1.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.2.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.3.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.4.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.5.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Volume Forecast, by Type (2020-2032)

10.5.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

Chapter 11. Company Profiles

11.1. ArcelorMittal

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Nippon Steel Corporation

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. POSCO

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Tata Steel Limited

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Baosteel Group Corporation

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. ThyssenKrupp AG

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. JFE Steel Corporation

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Voestalpine AG

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. United States Steel Corporation

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. SSAB AB

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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