Flat Steel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Flat Steel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Flat Steel Market

The Flat Steel market size was valued at USD 433.83 billion in 2023, and the market is now projected to grow from USD 526.57 billion in 2024 to USD 803.61 billion by 2032, exhibiting a CAGR of 4.6% during the forecast period of 2024-2032.

The Supply Chain was disrupted by The COVID-19 pandemic. The lockdown measures, containment rules and minimum consumption activities led to shortage of raw materials, machinery closures, and severe unavailability of skilled and trained labours. Production process got stopped as factories were shut down and many big companies such as Tesla, TATA industries and Maruti Suzuki reported the decline in production activity due to shutdown of operations during pandemic. All these closures have impacted the Flat Steel Market Growth, as the adoption for these steel have stopped completely, and product demand was decline.

Nuclearisation of the population with growing urbanisation is speeding up and driving the construction industry’s growth. With this expansion the Flat Steel Market Share are rising, as industries are adopting flat steel in construction frames and structural support for staircases, roofing, welded structures, and shed applications. Factors such as increasing prosperity of the middle class, trend of owning multiple houses with renovation requirements is the reason for growth of construction industry, thereby driving the steel market. Skyscrapers, infrastructure, and steel bridges, consumer many steel plates during construction projects and infrastructure sector for highways, roads, and rail projects also need large amount of steel plates eventually setting the market towards growth during review period.

To improve profit margins, automotive industry are redesigning with working on many factors, where steel is replaced with composite materials and aluminium. Some substantial parts of vehicle bodies, such as guards and vehicle frames, are produced from steel. With working on these factors, automotive industry has become a primary consumer of flat steel products where it is using more than 10% of all steel manufactured globally. For dent resistance and high formability the market is looking for cold rolled steel, specially for the interior parts and exterior body application in the vehicles. Strong sales is generated from the increasing requirement of impact resistance and good surface finishing. These factors are leading higher demand for flat steel, and providing plenty opportunities for the market.

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The Flat Steel market and Chemicals & Advanced Materials industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the material management industry. These segmentations are methodically segregated By Type Analysis and By Application Analysis. The types analysis include, Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), Sheets, & Others. However, the application analysis includes Construction, Automotive & Transportation, Mechanical Equipment, Energy, Packaging, & Others.

The Asia Pacific is leading the flat steel market and staying in this dominant position with USD 220.61 billion in 2023. The region is witnessing rapid industrialisation and rising technological innovation in steel and these factors are increasing the development of the construction industry. With growing focus towards research and development activities, market is filled with product demand specially in China.

The top players in the market play a crucial role in the chemical and advanced material industry assuring industrial prospectus growth and setting market standards. These players include, ArcelorMittal (Luxembourg), NIPPON STEEL CORPORATION (Japan), Ezz Steel (Egypt), Tata Steel (India), HBIS Group (China), Voestalpine Group (Austria), ThyssenKrupp Steel Europe (Germany), Metals USA (U.S.), POSCO (South Korea), Yieh Corp. (Taiwan) these market players provide a level-playing competitive landscape.

June 2022 Nippon Steel Corporation announced the offering of a 30-year service life warranty program for ZEXEED, the company's high corrosion-resistant coated steel in relation to perforation caused by corrosion in products that satisfy certain requirements. This development will help the company serve its customers efficiently.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 4.6% between 2024 and 2032

Unit Value (USD Billion), Volume (Million Ton)

Segmentation 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 (By Type, By Application, By Country)

◦ U.S. (By Application)

◦ Canada (By Application)

Europe (By Type, By Application, By Country)

◦ Germany (By Application)

◦ U.K. (By Application)

◦ France (By Application)

◦ Italy (By Application)

◦ Rest of Europe (By Application)

Asia Pacific (By Type, By Application, By Country)

◦ China (By Application)

◦ Japan (By Application)

◦ India (By Application)

◦ South Korea (By Application)

◦ Rest of Asia Pacific (By Application)

Latin America (By Type, By Application, By Country)

◦ Brazil (By Application)

◦ Mexico (By Application)

◦ Rest of Latin America (By Application)

Middle East & Africa (By Type, By Application, By Country)

◦ South Arabia (By Application)

◦ South Africa (By Application)

◦ Rest of Middle East & Africa (By Application)


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