Flat Steel Market Size, Share & Trends Analysis Report By Product (Sheets & Coils, Plates), By End-use (Buildings & Construction, Railways & Highways, Automotive & Aerospace), By Region, And Segment Forecasts, 2023 - 2030

Flat Steel Market Size, Share & Trends Analysis Report By Product (Sheets & Coils, Plates), By End-use (Buildings & Construction, Railways & Highways, Automotive & Aerospace), By Region, And Segment Forecasts, 2023 - 2030

Flat Steel Market Growth & Trends

The global flat steel market size is expected to reach USD 997.35 billion by 2030, registering a CAGR of 2.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Plates, and sheets & coils are of vital importance in the world with their rising emphasis in the building & construction industry.

Based on product, the market is segmented into plates, and sheets & coils, of which plates are extensively used in the infrastructure sector for constructing buildings. Sheets & coils are manufactured by hot or cold rolling of steel slabs to produce thin, flat sheets and coils. With their high tensile strength, durability, and formability, sheets & coils are versatile materials used across diverse industries for their exceptional structural and functional properties.

Based on region, Asia Pacific stands out as a prominent market, with China serving as a key driver being both the largest producer and consumer of flat products in the region. Noteworthy markets in the Asia Pacific comprise Japan, South Korea, India, and Southeast Asian nations such as Indonesia, Vietnam, and Thailand. However, the region has encountered many challenges, including a surplus of raw materials worldwide, intense competition from other steel-producing economies, the economic repercussions of the COVID-19 pandemic, and the Russia-Ukraine war on regional economies.

The industry is expected to experience positive growth through the implementation of diverse strategies, including the introduction of new products and expansions in production capacities by key players. A recent instance is ArcelorMittal's introduction of a state-of-the-art blast oxygen furnace LD converter, having a substantial capacity of 125 tons, in Bosnia in February 2023. Supplied by Primetals Technologies, this strategic investment aims to enhance the efficiency of steel production and processing, focusing on the manufacturing of ingots, blooms, billets, and bars.

Flat Steel Market Report Highlights

• Based on product, the plates held a revenue share of more than 66.0% in 2022. Plates are an integral component of several industries. Growing awareness regarding sustainability and a move towards a greener future has promoted the growth of steel in applications owing to its 100% recyclable properties. The demand for plates is expected to propel in developed and developing nations owing to the growing construction, automotive, aerospace, defense, marine, and industrial sectors
• Based on end-use, the railways & highways accounted for a substantial revenue share of the market in 2022. In the railway sector, flat steel is extensively used for the manufacturing of tracks, bridges, and various structural components. Whereas, in the highway construction domain, it finds application in the fabrication of guardrails, road barriers, and structural components of bridges. The trends indicate a growing emphasis on high-performance materials for enhanced durability and longevity
• Based on region, Europe accounted for a revenue share of over 18.0% in 2022. The share is attributable to a growing shift towards sustainable and high-performance materials for construction and manufacturing applications. There is a notable focus on innovative manufacturing processes to meet stringent quality standards. Therefore, the automotive sector in Europe is increasingly adopting high-strength flat products for lightweight purposes, aligning with the industry's commitment to fuel efficiency and emission reduction
• The industry is characterized by intense competition. Key market players are entering into long-term supply contracts with end-users. ArcelorMittal; NUCOR; Baosteel Group; Outokumpu; POSCO; and United States Steel Corporation are among the leading players in the market

Please note The report will be delivered in 4-8 business days upon order notification.