Western U.S. Flat Steel Market Size, Share & Trends Analysis Report By Product (Hot Rolled Coil, Coated Steel), By Application (Buildings & Construction, Energy), And Segment Forecasts, 2023 - 2030

Western U.S. Flat Steel Market Size, Share & Trends Analysis Report By Product (Hot Rolled Coil, Coated Steel), By Application (Buildings & Construction, Energy), And Segment Forecasts, 2023 - 2030

Western U.S. Flat Steel Market Growth & Trends

The Western U.S. flat steel market size is expected to reach USD 42.31 billion by 2030, expanding at a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. The growth of the industry is attributed to the rising infrastructural developments in the Western U.S. states, which in turn are boosting the demand for flat steel products in construction-related applications.

Flat steel is obtained after rolling steel slabs. Based on product, the market is segmented into HRC, CRC, coated steel, and others and in terms of volume, HRC dominates the market. Its low cost and high strength nature make it useful in applications such as structures, closed sections, pipes, and enclosures in construction, automotive, railways, machinery, shipbuilding, and other end-use industries.

Based on application, the market is segmented into building & construction, automotive & transportation, machinery & equipment, energy, and others. The automotive & transportation segment is anticipated to witness rapid growth owing to the recent developments in transportation facility projects along with rising investments in the automotive sector in the Western U.S. region.

For instance, in February 2022, Ford Motor Company announced its plan to invest USD 20.0 billion in developing EVs. The company has planned to invest USD 50.0 billion in the EV business by 2027 to compete with the market players and aims to manufacture 20.0 million EVs annually by 2026.

The market is competitive in nature due to the presence of various small and established players. Furthermore, the shifting focus of steel companies toward a sustainable future has led them to adopt new technologies to optimize their production processes with improved efficiency and capacity enhancements. For instance, in January 2022, the United States Steel Corporation announced the allocation of USD 3.00 billion for its new advanced mill equipped with next-generation sustainable technology. It is located in Arkansas, Osceola near the Big River Steel plant of the company.

Western U.S. Flat Steel Market Report Highlights

• Based on product, CRC held a revenue share of more than 36.0% in 2022. The share is attributed to growing consumer preference for superior quality, strength, and smooth finish in end-use products. The demand for precision steel from automotive is increasing, which is benefitting segment growth
• Based on application, the building & construction is anticipated to register a CAGR of 6.0%, in terms of revenue, during the forecast period. The growth is attributed to the increasing contribution of the construction industry to GDP in Western states of the U.S.
• The Western U.S. flat steel industry is fragmented with the presence of various prominent players in the market such as California Steel Industries, Steel Dynamics, U.S. Steel Corp, Commercial Metals Company, and Steelco USA
• The market is integrated across certain stages of the value chain. For instance, Clevelands-Cliffs Inc. is engaged in the production of ferrous scrap, which is further utilized in the manufacturing of finished steel products
• Ferrous scrap is one of the key raw materials for the market, which has witnessed price-hike in recent years owing to its growing demand in green steel and EAF route.