USD 526.89 billion
Flat Steel Market Size, Share, Growth Analysis, By Type(hot-rolled steel, cold-rolled steel, and coated steel), By Application(construction, automotive, transportation, energy), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15O2012 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
65
|Figures:
75
Flat Steel Market Insights
Global Flat Steel Market size was valued at USD 526.89 billion in 2022 and is poised to grow from USD 557.98 billion in 2023 to USD 882.64 billion by 2031, growing at a CAGR of 5.90% during the forecast period (2024-2031).
The global flat steel market is witnessing significant growth due to the increasing demand from various end-use industries. Flat steel, which includes products like sheets, strips, and plates, finds extensive applications in construction, automotive, transportation, and packaging sectors.
The construction industry, in particular, is a major driver of market growth, with rising infrastructure development activities across the globe. Additionally, the automotive industry's demand for lightweight and high-strength materials further boosts the market. Moreover, the growing focus on renewable energy and infrastructure projects in emerging economies contributes to market expansion.
However, the market also faces challenges such as fluctuating raw material prices and environmental concerns related to steel production. Nevertheless, technological advancements and innovations in the manufacturing processes are expected to drive the market growth in the coming years.
US Flat Steel Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
hot-rolled steel
Fastest Growth
hot-rolled steel
Growth Rate
5.90% CAGR
Global Flat Steel Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Flat Steel Market Segmental Analysis
The global flat steel market is segmented by type, application, and region. Based on type, the market can be segmented into hot-rolled steel, cold-rolled steel, and coated steel. Based on application, the market is segmented into construction, automotive, transportation, energy, and packaging. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The dominant sub-segment in the type category of the flat steel market is hot-rolled steel. It accounts for a significant share due to its wide range of applications across various industries, particularly in the construction and infrastructure sectors.
The fastest-growing sub-segment in the type category is coated steel. The increasing demand for corrosion-resistant and aesthetically appealing flat steel products has driven the growth of coated steel. The construction industry, in particular, has witnessed a rising demand for coated steel due to its durability and ability to withstand harsh environmental conditions.
Analysis by Application
The dominant sub-segment in the application category is the Construction industry. Flat steel is extensively used in construction projects for various applications, including building structures, roofing, cladding, and infrastructure development. The construction sector accounts for a significant share of the flat steel market, driven by urbanization, infrastructure investments, and housing projects across the globe.
The fastest-growing sub-segment in the application category is the Automotive industry. Flat steel finds widespread use in the automotive sector for manufacturing vehicle bodies, chassis, and other structural components. The demand for lightweight and high-strength materials in the automotive industry, to improve fuel efficiency and safety, has fueled the growth of flat steel in this sub-segment. Additionally, the growing adoption of electric vehicles and the need for battery enclosures further contribute to the increasing demand for flat steel in the automotive sector.
Global Flat Steel Market By Type
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Flat Steel Market Regional Insights
One dominant region in the global flat steel market is Asia-Pacific. The region has a strong presence of major steel manufacturers and is known for its significant production capacity. Countries such as China, India, Japan, and South Korea are major contributors to the production and consumption of flat steel in the region. Asia-Pacific is driven by rapid urbanization, infrastructure development, and industrialization, which create a high demand for flat steel in construction, automotive, and manufacturing sectors.
One of the fastest growing regions in the global flat steel market is the Middle East and Africa (MEA). The region is experiencing a surge in construction activities, driven by infrastructure development projects, urbanization, and investment in commercial and residential buildings. Additionally, the growth of the automotive industry and the increasing demand for consumer goods contribute to the rising demand for flat steel in the MEA region. The presence of natural resources such as oil and gas also supports the growth of the flat steel market in the Middle East. Government initiatives to diversify economies and strengthen manufacturing sectors further drive the growth of the flat steel market in the region.
Global Flat Steel Market By Region
- Largest
- Fastest
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Flat Steel Market Dynamics
Drivers
Growing Construction And Infrastructure Development Activities
- Driver: One key driver of the global flat steel market is the growing construction and infrastructure development activities worldwide. Flat steel, including hot-rolled coils and sheets, is extensively used in the construction industry for structural applications, roofing, and cladding. The increasing urbanization, population growth, and government initiatives to improve infrastructure fuel the demand for flat steel. Additionally, the automotive industry's growth and the rising need for lightweight and fuel-efficient vehicles drive the demand for flat steel in automotive manufacturing.
Restraints
Volatility In Raw Material Prices
- One restraint of the global flat steel market is the volatility in raw material prices. The production of flat steel involves the use of iron ore, coal, and other raw materials, the prices of which can fluctuate significantly due to global supply-demand dynamics and geopolitical factors. Fluctuating raw material prices impact the overall production cost of flat steel, making it challenging for manufacturers to maintain stable pricing and profitability. Moreover, the cost sensitivity of end-users, particularly in price-sensitive industries, can lead to demand fluctuations based on the affordability of flat steel products.
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Flat Steel Market Competitive Landscape
The global Flat Steel market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Flat Steels. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Top Player’s Company Profiles
- ArcelorMittal (Luxembourg)
- POSCO (South Korea)
- Nippon Steel Corporation (Japan)
- China Baowu Steel Group Corporation Limited (China)
- HBIS Group (China)
- JFE Holdings, Inc. (Japan)
- Shougang Group (China)
- Ansteel Group Corporation Limited (China)
- Tata Steel Limited (India)
- Steel Authority of India Limited (India)
- Thyssenkrupp AG (Germany)
- Nucor Corporation (United States)
- SSAB AB (Sweden)
- JSW Steel Limited (India)
- United States Steel Corporation (United States)
- Hyundai Steel Company (South Korea)
- Maanshan Iron & Steel Company Limited (China)
- Severstal JSC (Russia)
- Gerdau S.A. (Brazil)
- Wuhan Iron and Steel Corporation (China)
Recent Developments
- In February 2023, A steel consortium announced the successful implementation of advanced coating technologies that enhance the corrosion resistance and lifespan of flat steel products, extending their application in marine and coastal environments.
- In June 2023, A research institution unveiled a novel flat steel alloy composition that exhibits superior heat resistance and thermal conductivity, revolutionizing the performance of steel in high-temperature applications such as energy generation and manufacturing processes.
Flat Steel Key Market Trends
- One key market trend in the global flat steel market is the increasing demand for high-strength and lightweight flat steel products. This trend is driven by several factors, including the need for more fuel-efficient vehicles, the growth of the construction industry, and the rising demand for sustainable and eco-friendly materials. In the automotive sector, there is a growing emphasis on reducing the weight of vehicles to improve fuel efficiency and reduce emissions. High-strength flat steel products, such as advanced high-strength steels (AHSS), are increasingly being used in the manufacturing of automotive components and structures. These steels offer superior strength, durability, and formability while being lighter in weight, contributing to the overall weight reduction of vehicles. In the construction industry, there is a rising demand for flat steel products for infrastructure development and building construction. Flat steel, including hot-rolled and cold-rolled sheets, plates, and coils, is used in the construction of bridges, buildings, and other structures. The increasing urbanization and infrastructure projects in emerging economies further drive the demand for flat steel.
Flat Steel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global flat steel market is experiencing steady growth due to various factors such as increasing infrastructure development, industrialization, and urbanization. Flat steel is widely used in construction, automotive, machinery, and other sectors. The market is driven by the growing demand for flat steel in the construction industry for applications such as roofing, flooring, and structural components. Additionally, the automotive industry's continuous expansion and the increasing demand for lightweight and fuel-efficient vehicles are fueling the demand for flat steel. However, the market faces challenges such as fluctuating raw material prices and environmental concerns associated with steel production. Nevertheless, with the rising demand for flat steel across various industries, the global market is expected to witness sustained growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 526.89 billion |
| Market size value in 2031 | USD 882.64 billion |
| Growth Rate | 5.90% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Flat Steel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Flat Steel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Flat Steel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Flat Steel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Flat Steel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Flat Steel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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