Global Flat Steel Market is valued at approximately USD 816.15 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 2.50% during the forecast period 2023-2030. Flat steel refers to a category of steel products that are characterized by their flat, rectangular shape and relatively thin cross-section. This type of steel is produced through processes such as hot rolling or cold rolling, where the steel is shaped into flat sheets or strips. Flat steel products have a wide range of applications across various industries due to their versatility and structural properties. The Flat Steel Market is expanding because of factors such as the rapid inclusion of steel in the automotive industry, rising demand from the construction industry, and rising manufacturing and machinery production.
The ascending trajectory of the automotive industry is a compelling driver behind the robust growth of the Flat Steel Market. As the automotive sector undergoes rapid expansion globally, the demand for flat steel, a fundamental material in the manufacturing of vehicles, experiences a substantial surge. Flat steel, particularly in the form of sheets and plates, finds extensive use in constructing vehicle bodies, chassis, and various components due to its strength, formability, and durability. The International Energy Agency report, that there are more than 16.5 million electric vehicles in use worldwide in 2021, an increase of 61% is 10.2 million units in the year 2020. Moreover, according to the European Automobile Manufacturers Association, In the year 2022, around 85.4 million motor vehicles were produced worldwide which indicated an increase of 5.7% compared to the year 2021. Thus, the rising automotive industry is driving the market growth. In addition, rising investment in the energy sector, and the rising shipbuilding industry are creating new opportunities for market growth. However, fluctuation in steel prices stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Flat Steel Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to factors such as increased demand in industries such as automotive, rapid urbanization, rising government investment in construction and manufacturing projects in the region. Moreover, Europe is the fastest growing region in the market owing to factors such as rising investment in automotive industries and rising number of industrial activities in the region.
Major market player included in this report are:
Nippon Steel Corporation
Thyssenkrupp AG
Baosteel Group Corporation
United States Steel Corporation
JSW Steel
Tata Steel Limited
Hyundai Steel Company
JFE Steel Corporation
ArcelorMittal
Voestalpine Group
Recent Developments in the Market:
In July 2022, Volvo announced to invest EUR 1.20 billion (USD 1.22 billion) for the establishment of a new manufacturing facility in Slovakia. The commencement of production at this plant is anticipated by the year 2026. These, would result in rising companies market share.
Global Flat Steel Market Report Scope:
Historical Data: 2020 - 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Product, End-Use, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Product:
Sheets & Coils
Plates
By End Use:
Building & Construction
Automotive & Aerospace
Railways & Highway
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
