Flat Steel Global Market Report 2024

The flat steel market size has grown steadily in recent years. It will grow from $584.26 billion in 2023 to $611.03 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The expansion in the historical period can be ascribed to the growth of construction and infrastructure, the expansion of the automotive industry, demand in the manufacturing and machinery sector, activities related to shipbuilding, and manufacturing of consumer goods.

The flat steel market size is expected to see strong growth in the next few years. It will grow to $743.01 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The anticipated growth in the forecast period can be attributed to ongoing global urbanization trends, increased investments in infrastructure, innovations within the automotive industry, and the expansion of renewable energy projects. Major trends expected in the forecast period include a rising emphasis on the sustainability and recyclability of flat steel, a trend towards customization and tailoring of flat steel products, a growing role of digitalization in supply chain management, and the impact of Industry 4.0 in the production of flat steel.

The anticipated growth in the flat steel market is expected to be propelled by the expansion of the construction industry in the coming future. The construction industry encompasses the planning, designing, building, and maintenance of various structures, including residential, commercial, industrial, and civil engineering projects. Flat steel plays a crucial role in constructing structural components such as beams, columns, and girders, providing the necessary strength and load-bearing characteristics essential for supporting the weight of buildings, bridges, and other structures. For example, in 2022, the United States construction industry's size increased from $1.916 trillion in 2021 to $2.016 trillion in 2022, according to the Bureau of Economic Analysis (BEA). Hence, the expansion of the construction industry is a driving force for the flat steel market.

The flat steel market is expected to experience growth due to rapid industrialization in the future. Industrialization is the transformative process that shifts an economy or society from agrarian and craft-based activities to a structure centered on industrial and manufacturing activities. Flat steel, known for its versatility, strength, and formability, is extensively used in various industrial applications. It serves as a foundational material, contributing to the structural integrity and efficiency of diverse applications crucial for the growth and development of industrial sectors. As of August 2023, industrial production in the euro area and the EU increased by 0.5% and 0.4%, respectively, compared to May 2023, according to Eurostat. Therefore, rapid industrialization is anticipated to drive the growth of the flat steel market.

Product innovation is a prominent trend gaining traction in the flat steel market. Major players in the flat steel market are actively engaged in developing innovative products to maintain their market standing. For instance, ArcelorMittal S.A., a Luxembourg-based steel manufacturing company, introduced Granite HDXtreme, a novel pre-painted flat steel designed for roofs and façades, offering UV and corrosion protection specifically tailored for extremely harsh conditions. Granite HDXtreme is recognized for its sustainability, being free of chromates and heavy metals, and is fully recyclable, contributing to a smaller CO2 footprint compared to alternatives such as aluminum. The strength of Granite HDXtreme is derived from its three-layer coating technique, with each layer playing a crucial role in corrosion protection, durability, color provision, texture enhancement, and UV weathering resistance.

Major companies in the flat steel market are strategically embracing partnerships and collaborations to enhance their market presence and gain a competitive advantage. These strategic alliances enable companies to leverage each other's strengths, mitigate risks, and enhance competitiveness in the market. For example, in June 2023, Primetals Technologies Limited, a UK-based engineering and plant construction company, entered into a partnership with Hydnum Steel, a Europe-based steel company, aiming to contribute to the green transition of the European flat steel market. The collaboration reflects the shared commitment of both companies to environmental responsibility, paving the way for sustainable steelmaking practices.

In February 2022, Nucor Corporation, a US-based steel and steel products manufacturer, successfully acquired California Steel Industries Inc. (CSI) in an undisclosed deal. This strategic move is geared towards establishing a joint venture to reinforce their presence in the Western region and broaden their capabilities, offering an extended range of value-added sheet goods to meet the demands of the modern economy. California Steel Industries, Inc., operates in finished steel and steel products, specializing in flat-rolled steel.

Major companies operating in the flat steel market report are ArcelorMittal S.A., POSCO Holdings Inc., Ansteel Group Corporation Limited, Nippon Steel Corporation, HBIS Group, Jiangsu Shagang Group Company Limited, Nucor Corporation, ThyssenKrupp AG, JFE Steel Corporation, Tata Steel Limited, Angang Steel Company Limited, Shougang Group Co. Ltd., JSW Steel, United States Steel Corporation, Novolipetsk Steel, Voestalpine AG, Hyundai Steel Company, Evraz Group S.A., Gerdau S.A., Steel Authority of India Limited, SSAB AB, Severstal, Outokumpu, Allegheny Technologies, Ezz Steel, Metals USA Holdings, Acerinox, Essar Steel, Yieh Corp.

Asia-Pacific was the largest region in the flat steel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flat steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the flat steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary flat steel products include sheets, strips, and plates. Sheet metal encompasses metals that can be fashioned into flat, varied-thickness pieces, while a metal strip is a narrow, thin stock with a thickness of 3/16 inches or less and a width of fewer than 24 inches. These are manufactured to specific thicknesses and/or widths, finding applications in various industries due to their strength, durability, and suitability for lightweight creations. Examples of applications include manufacturing car bodies and roofing materials in construction. The materials utilized in this process include carbon steel, alloy steel, stainless steel, and tool steel. The manufacturing processes involve basic oxygen furnaces and electric arc furnaces. End users span diverse industries such as building and infrastructure, mechanical equipment, automotive and other transport, and other sectors.

The flat steel market research report is one of a series of new reports that provides flat steel market statistics, including flat steel industry global market size, regional shares, competitors with a flat steel market share, detailed flat steel market segments, market trends, and opportunities, and any further data you may need to thrive in the flat steel industry. This flat steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The flat steel market consists of sales of metallic coated steel, hot rolled coil (HRC), reversing mill plate, cold rolled coil (CRC), organic coated steel, and coil plate. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.