What is the Historical Analysis of the Flat Steel Market Size?
The flat steel market has seen considerable growth due to a variety of factors.
•In the past few years, the flat steel market has experienced consistent expansion. It is projected to escalate from $602.3 billion in 2024 to $626.97 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 4.1%.
The growth during the historical period can be linked to the increase in construction and infrastructure development, the rise of the automotive industry, the demand in the manufacturing and machinery sector, shipbuilding activities, and the production of consumer goods.
What is the Forecasted Growth of the Flat Steel Market Size?
The flat steel market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the flat steel market size is predicted to undergo robust growth, expanding to a valuation of $796.94 billion in 2029, with a compound annual growth rate (CAGR) of 6.2%.
Factors such as sweeping urbanisation worldwide, reinvigorated investments in infrastructure, innovative developments in the automotive industry, and an uptick in renewable energy projects contribute to this growth forecast. The projected period also sees key trends such as a rising focus on sustainable and recyclable flat steel, more tailored flat steel products, a growing impact of digitalization on supply chain management, and the influence brought by industry 4.0 in flat steel production.
What Are The Key Drivers Fueling Growth In The Flat Steel Market?
The flat steel market is anticipated to thrive owing to the burgeoning growth of the construction industry. This industry is dedicated to the orchestration, establishment, and upkeep of infrastructures and buildings. It contains a plethora of operations that cover a scope from residential to commercial, civil engineering to industrial construction ventures. Flat steel is extensively applied in the formation of structural elements like beams, columns, and girders as it proffers strength and carrying capacity, making it an ideal candidate for bearing weight in edifices, bridges, and other substantial structures. As per the Bureau of Economic Analysis (BEA), a US government organization responsible for industry statistics, there was a surge in the size of the US construction industry from $1.916 trillion in 2021 to $2.016 trillion in 2022. This factor substantiates that the augmentation of the construction sector is a significant driver for the flat steel market.
What Are The Principal Market Segments In The Global Flat Steel Industry?
The flat steel market covered in this report is segmented –
1) By Product: Sheet And Strips, Plates
2) By Material: Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel
3) By Process: Basic Oxygen Furnace, Electric Arc Furnace
4) By End User: Building And Infrastructure, Mechanical Equipment, Automotive And Other Transport, Other End Users
Subsegments:
1) By Sheets And Strips: Hot Rolled Sheets And Strips, Cold Rolled Sheets And Strips, Galvanized Sheets And Strips, Coated Sheets And Strips
2) By Plates: Hot Rolled Plates, Cold Rolled Plates, Alloy Plates, Stainless Steel Plates
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Which Emerging Market Trends Are Altering The Flat Steel Sector?
Top firms in the flat steel market are focusing on introducing new products such as color steel sheets to maintain their market standing. These color steel sheets are adaptable, pre-treated metal sheets that are employed in construction and manufacturing for various purposes like roofing, siding, and decorative uses, and come in an array of colors and finishes. For example, in June 2023, Jindal India Limited, a steel product manufacturing company based in India, launched its NEUCOLOR+ premium color steel sheets. These sheets are designed to offer a superior-quality solution with a 15-year guarantee, promoting durability and endurance for roofing and cladding purposes. This introduction marks a considerable achievement for Jindal India Limited, demonstrating the firm's commitment to innovation and customer contentment.
Who Are the Key Players in the Flat Steel Market?
Major companies operating in the flat steel market include:
• 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.
What are the Regional Insights into the Flat Steel Market?
Asia-Pacific was the largest region in the flat steel market in 2024. 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.
