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Flat Steel Market Projected to Surpass USD 861.07 Billion by 2031 Due to Surging Demand Across Industries

SNS Insider reports that the Flat Steel Market enjoyed a valuation of USD 548.39 billion in 2023. This market is poised to reach a staggering USD 861.07 billion by 2031, demonstrating a robust Compound Annual Growth Rate (CAGR) of 5.8% throughout the forecast period (2024-2031).

The flat steel market is witnessing exceptional expansion due to its widespread applications and desirable properties.  

Applications across crucial sectors like construction, automotive, and mechanical equipment are bolstering demand. Flat steel’s versatility, strength, and cost-effectiveness make it indispensable in these industries. The construction industry plays a pivotal role in the flat steel market’s ascent. The nuclearization of populations and rapid urbanization are driving construction activities at an unprecedented pace. Flat steel finds extensive use in construction frames, structural support, staircases, roofing, welded structures, and sheds.  Additionally, rising affluence, multiple home ownership trends, and renovation projects are further fueling the construction boom, directly boosting flat steel demand. Projects like skyscrapers, infrastructure, and steel bridges require vast amounts of steel plates.

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Some of the Key Players Included are:

  • Arcelor Mittal
  • Tata steel
  • HBIS Group
  • Nippon Steel Co
  • Ezz steel
  • Voestalpine Group
  • Thyssen Krupp steel Europe
  • Yiep corp.
  • Metals USA
  • and other

Market Analysis

The infrastructure sector also significantly contributes to the market’s growth, with escalating demand for highways, roads, and rail projects. Flat steel’s high tensile strength makes it ideal for structural components like beams, columns, and braces, providing crucial stability. It’s also used extensively for roofing and cladding, ensuring weather resistance, longevity, and visual appeal.

The automotive industry is a major flat steel consumer, seeking to improve profit margins while maintaining strength and durability.  Guards and vehicle frames are frequently made from steel, and the growing demand for cold-rolled steel in automotive interior and exterior applications further intensifies flat steel consumption.

Segment Analysis: Hot Rolled Coil (HRC) Dominates

The Hot Rolled Coil (HRC) segment held the highest revenue share in 2023 due to its escalating demand in agriculture, construction, machinery, and pipe-making. Its superior strength, durability, temperature resistance, and formability are highly valued in these sectors.

By product

  • Sheet and strip
  • Hot-rolled coil
  • Cold-rolled coil

By Material

  • Carbon alloy
  • Alloy steel
  • Tool steel
  • Stainless steel

By process

  • Electric arc furnace
  • Basic oxygen furnace

By Application

  • Housing and Infrastructure
  • Automotive
  • Electronics & Transportation
  • Oil and gas
  • Others

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Asia Pacific Leads the flat steel market with highest market share in 2023

Asia Pacific accounted for the largest revenue share of over 59.5% in 2023. This dominance stems from several factors.  A rapidly growing population fuels demand for both housing and infrastructure projects.  The region’s thriving automotive industry, driven by an expanding middle class, generates significant demand for flat steel products.   Additionally, ongoing investments in railway expansion and highway development further accelerate the region’s need for flat steel.

Impact of the Russia-Ukraine War

The Russia-Ukraine war has undeniably disrupted the global flat steel market. Both countries are significant steel producers and exporters. The conflict has caused supply chain bottlenecks, raw material shortages, and surging energy costs. These factors have led to price volatility and uncertainty within the flat steel industry.

Recent Developments

  • September 2023: Egyptunveiled plans to invest USD 1.0 billion in the expansion of a flat steel production facility. This facility is expected to produce 1.8 million tons annually, primarily for export.
  • June 2022: Nippon Steel Corporationintroduced a 30-year service warranty for ZEXEED, its high corrosion-resistant coated steel, boosting customer confidence.
  • April 2021: Nippon Steel Corporationdebuted ZAM-EX, highly corrosion-resistant coated steel sheets for global markets, enhancing its market competitiveness.
  • March 2021: ArcelorMittallaunched XCarb, aiming to reduce CO2 emissions during steel production with a focus on achieving carbon neutrality.

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Key Takeaways from the Flat Steel Market Study

  • Flat steel’s versatility across construction, automotive, and various manufacturing sectors is the cornerstone of its sustained growth.
  • The Asia Pacific region will remain the dominant force in the flat steel market, fueled by population growth, industrialization, and infrastructure development.
  • Technological advancements are crucial for the industry to enhance sustainability, develop lighter-weight steel, and improve overall efficiency.
  • The flat steel market needs proactive strategies to mitigate the impact of economic downturns, supply chain disruptions, and geopolitical tensions.
Flat Steel Market
Flat Steel Market

Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Flat steel Market Segmentation, By Product
  9. Flat steel Market Segmentation, By Material
  10. Flat Steel Market Segmentation, By Process
  11. Flat Steel Market Segmentation, By Application
  12. Regional Analysis
  13. Company Profiles
  14. Competitive Landscape
  15. Use Case and Best Practices
  16. Conclusion

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