Flat Steel Market Forecasts to 2028 – Global Analysis By Product (Slabs, Hot-Rolled Coil, Cold-Rolled Coil, Coated Steel, Carbon steel, Stainless steel, Alloy steel, Tool and Other Products), By Process (Electric Arc Furnace, Basic Oxygen Furnace and Othe

Flat Steel Market Forecasts to 2028 – Global Analysis By Product (Slabs, Hot-Rolled Coil, Cold-Rolled Coil, Coated Steel, Carbon steel, Stainless steel, Alloy steel, Tool and Other Products), By Process (Electric Arc Furnace, Basic Oxygen Furnace and Other Processes), By Type, By End User and By Geography

According tStratistics MRC, the Global Flat Steel Market is accounted for $543.81 billion in 2022 and is expected treach $853.41 billion by 2028 growing at a CAGR of 7.8% during the forecast period. In order tproduce sheets, plates, structural beams, and strips, flat steel is rolled from slabs of steel. These products can be used in an array of industries due ttheir special qualities, primarily in the building, transportation, and electrical appliance sectors. The product has a record for improving final products' reliability, durability, consistency, and quality while lowering waste. It improves the functionality of end-user products and aids in enhancing processing efficiency, product shelf life, and yield.

According tthe World Steel Association, building operations account for about 28% of the world's carbon emissions.

Market Dynamics:

Driver:

Rise in demand for flat steel from the construction industry

The main factors driving the expansion of the construction business include the rising population, urbanization, and nuclearization of the population. For roofing, stairs, sheds, and welded structure applications, this business uses flat steel as a structural support and construction frame. Multiple-home ownership is becoming increasingly popular, the middle class is growing increasingly wealthy, and houses are being renovated or redeveloped, which are driving factors in the construction industry and driving up demand.

Restraint:

Fluctuation in steel prices

In addition tthe raw materials for steel, such as iron, coal, and scrap steel, steel is a commodity that frequently suffers price changes. Due tthe influence of supply and demand rules, these raw material costs are highly volatile. Production costs alsaffect prices and storage capacity. The price of flat steel directly depends on steel, and these price fluctuations have an impact on the cost of steel making. Thus, fluctuations in the price of steel have an impact on the cost of the finished product. Furthermore, over the years, significant geopolitical events, a rise or decline in demand, and steel price increases have restricted market expansion.

Opportunity:

Rapid inclusion of steel in the automotive industry

Steel is being substituted with aluminum and composite materials in the automotive sector due tseveral factors that aim tincrease profit margins. Nevertheless, steel is used tmake the major components of vehicle bodies, such as the vehicle frames and guards. This makes the automotive industry, which consumes up t10% of all steel produced globally, one of the major markets for flat steel products. Moreover, autparts that need superior surface finishing and impact resistance are selling effectively. These elements increase the demand for flat steel, which provides fresh market expansion opportunities.

Threat:

High cost

The price of steel varies constantly, similar tthe price of iron, coal, and scrap steel. Because of the dominance of market forces and laws, raw material prices tend tbe variable. Prices and storage space are alsimpacted by operating costs. Flat steel pricing is entirely reliant on steel, and changes in the price of steel have an impact on the value of steel production. As a result, the final selling prices are impacted by changes in steel pricing. In addition, significant worldwide trends, changes in demand, and rapid price increases for steel have reduced overall growth.

Covid-19 Impact:

The COVID-19 outbreak and government regulations that caused a disruption in the steel industry had a substantial impact on the market. Due tcontainment measures, disruptions in the supply chain, and a suspension of consumption activities brought on by this pandemic, steel production remained halted, leading tmachinery closures, a shortage of raw materials, factory closures, and a severe labor shortage. The suspension of mining operations as a result of the worldwide lockdown has alsimpacted the supply of iron ore and scrap iron. This factor had an impact on the manufacturing businesses and decreased the availability of raw materials, distribution operations, and material transportation.

The hot-rolled coil segment is expected tbe the largest during the forecast period

With rising demand from construction, agricultural equipment, pipe-making, and machinery applications, the hot-rolled coil (HRC) segment is anticipated tsustain its dominance during the projected period. This product has features that are temperature-resistant, formable, robust, and durable. Furthermore, significant technological advancement in HRC along with an increase in its popularity for applications that dnot require a lot of shape change or force would fuel the segment's development.

The building & infrastructure segment is expected thave the highest CAGR during the forecast period

The rising population, urbanization, and the accelerating tendency of nuclearization of the populace are the main forces behind the sector's progress, and the Building & Infrastructure segment is anticipated thave the highest CAGR over the projection period. Mild steel flat bar, particularly black mild steel flat bar, is frequently used in building project frames for structural stability and applications such as roofing, stairs, sheds, and welded framework. Moreover, building and infrastructure are driven by the rise in multi-home ownership, rising middle-class affluence, and home renovations or refurbishments, which support market growth.

Region with largest share:

Over the forecast period, Asia Pacific is anticipated thold the largest share as steel technology development and expanding industrialization are projected tdrive market expansion in the Asia Pacific region. Rising steel output, expanding R&D efforts, and increasing expansion of the construction industry are projected tfuel demand for the product in China, where it currently maintains a substantial share of the market.

Region with highest CAGR:

Due tthe region's growing automotive sector, North America will experience rapid growth during the projection period. The product's improved strength and temperature resistance may open up lucrative potential for CRC in North American engineering and electronics applications. Due tthe widespread usage of oil and gas tubing and government initiatives, North America is the world leader in the flat steel industry. Due tthe expansion of industrial facilities and production capacity by several businesses, the region will alsexperience significant market growth in the years tcome, which will support the expansion of construction activities there.

Key players in the market

Some of the key players in Flat Steel market include NIPPON STEEL CORPORATION , Ezz Steel, ArcelorMittal, Tata Steel, HBIS Group, POSCO, Voestalpine Group, Yieh Corp., Hyundai Steel, Jianlong Group, ChinaSteel, Maanshan Iron & Steel Company Limited, JFE Steel Corporation, ShaabanSteel and Albawardi Steel Industries.

Key Developments:

In March 2021, ArcelorMittal launched XCarb, an initiative treduce CO2 emissions during steel manufacturing while focusing on achieving demonstrable progress toward carbon-neutral steel. In flat product operations, the company invested in a broad range of initiatives treduce carbon emissions from the blast furnace.

In October 2020, ArcelorMittal Europe announced a CO2 technology strategy tproduce the first green steel solutions for customers. With this initiative, the company aims tdeliver its 30% CO2 emissions target by 2030 and achieve net zerby 2050. Also, the company is implementing projects in almost all of its flat product sites tuse gases from different sources for blast furnace injection treduce CO2 emissions.

Products Covered:
• Slabs
• Hot-Rolled Coil
• Cold-Rolled Coil
• Coated Steel
• Carbon steel
• Stainless steel
• Alloy steel
• Tool
• Other Products

Process Covered:
• Electric Arc Furnace
• Basic Oxygen Furnace
• Other Processes

Types Covered:
• Plates
• Sheets & Strips
• Other Types

End Users Covered:
• Building & Infrastructure
• Automotive & Transportation
• Mechanical Equipment
• Machinery
• Consumer Goods & Appliances
• Electronics
• Oil & Gas
• Energy
• Agricultural Equipment
• Gas Containers
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances