North America is at the
forefront of the flat steel industry, driven by extensive use in
oil and gas tubular applications and supportive government
initiatives. The HRC segment is expected to lead the industry due
to strong demand for industrial equipment. Additionally, the
construction segment will dominate the market due to the high usage
of flat steel in construction projects
NEWARK, Del., June 26, 2024 /PRNewswire/ -- According to Future
Market Insights (FMI), the worldwide flat steel market is
expected to reach USD 586 billion in 2024 and
USD 1037 billion by 2034. The market is projected to
rise at a CAGR of 5.9% by 2034.
The global flat steel market is anticipated to expand due to
factors like industrialization, urbanization, rising middle-class
disposable income in developing nations, and rising global
population. Steel usage in various applications, driven by cost
reduction and quality improvement, is expected to boost product
deployment.
Emerging economies like China
and India, along with
technological advancements, are expected to drive business growth
in the forecast period. Flat steel is projected to gain
traction in the construction and infrastructure sectors due to its
versatile application and efficiency. For instance, India has seen infrastructure investments
increase by over 25% since 2022, benefiting the sector.
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Key companies and manufacturers in the market are focusing on
acquisitions and new developments, such as POSCO's INNOVILT brand.
However, the growth of the flat steel market is expected to be
limited by raw material procurement risk and price variations.
Steel's Rapid Integration into the Automotive Sector Is
Due to Its Ability to Uplift Market Growth
Steel is being replaced with aluminum and composite materials in
the automobile industry as a result of multiple factors aimed at
improving profitability. Major portions of vehicle bodies, such as
vehicle frames and shields, are made up of steel. Because of this,
the automobile industry is the largest consumer of flat steel
products, consisting of up to 10% of all steel produced globally.
Furthermore, owing to its large ductility and dent resistance, cold
rolled steel is widely used in automotive for external body and
internal parts implementations. Furthermore, auto parts demanding
high surface completion and impact resistance are marketing well.
These aspects lead to greater flat steel expenditure, which
generates growth prospects.
The construction industry's strong demand for flat steel
will push sales growth
The booming population, urbanization, and the accelerating trend
of nuclearization of the inhabitants are the major drivers of
construction sector expansion. Mild steel flat bar, black mild
steel flat bar often used in structural stability and building
project frames for roofing, stairways, sheds, and welded framework
applications.
The upsurge of multiple-home ownership, rising middle-class
affluence, and residence remodeling or refurbishment drive the
construction sector, consequently bolstering the market.
Furthermore, construction operations such as steel bridges,
skyscrapers, and power grids use a lot of steel plates.
Simultaneously time demand from the infrastructural development for
street, highway, and rail projects is expected to rise during the
forthcoming years.
Key Takeaways from the Flat Steel Market Report:
- The flat steel industry is expected to reach a value
of USD 1037 billion by 2034.
- The market is projected to surge at a CAGR of 5.9%
by 2034.
- China's flat steel
market is expected to grow at a CAGR of 6.6% by
2034.
- In terms of product type, the hot rolled coil segment is set to
account for a 35.7% share in 2024.
- Based on application, the construction segment is expected to
hold a market share of 36.3% in 2024.
"Demand for flat steel is expected to rise due to
expanding sectors in developed countries like Germany and the United Kingdom, driven by construction,
automotive, transportation, and industrial sectors. Despite
economic uncertainty, the situation is expected to stabilize in the
coming years. Long-term investments in rail and canal
infrastructure are further set to increase demand in Europe." - says
Nikhil Kaitwade, Associate Vice President at Future Market Insights
(FMI).
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Competitive Landscape
ArcelorMittal, Nippon Steel, Ezz
Steel, Tata Steel, HBIS
Group, Voestalpine Group, and ThyssenKrupp Steel Europe are the key
service providers in the industry. Leading companies are investing
in research and development to expand product lines and grow the
flat steel market. They are also undertaking strategic activities
like new product launches, contractual agreements, mergers and
acquisitions, higher investments, and collaborations.
To survive in a competitive market, the flat steel industry
offers cost-effective items. Local manufacturing is a key business
tactic used by manufacturers to minimize operational costs and
benefit clients.
The flat steel industry is highly concentrated, with the leading
companies accounting for nearly half of the market. Key flat steel
manufacturers form strategic alliances to increase market share.
Leading companies invest in research, production capacities, and
strategies like partnerships, acquisitions, facility expansions,
and collaborations to strengthen their presence.
Industry Updates-
- In 2023, the Government of Egypt invested USD 1
billion in a flat steel production facility, aiming to
export 1.8 million tons annually.
- In 2023, Nippon Steel Corporation is set to introduce
ZAMĀ®-EX, a corrosion-resistant coated steel sheet.
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Key Segmentations
By Type:
- Hot rolled coil (HRC),
- Cold rolled coil (CRC),
- Sheets,
- Others.
By Application:
- Construction,
- Automotive,
- Mechanical equipment,
- Others.
By Region:
- North America,
- Latin America,
- Western Europe,
- Eastern Europe,
- South Asia,
- East Asia,
- Middle East and Africa.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
Have a Look at Related Research Reports of Chemicals
& Materials
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
stands as the leading global provider of market intelligence,
advisory services, consulting, and events for the Packaging, Food
and Beverage, Consumer Technology, Healthcare, Industrial, and
Chemicals markets. With a vast team of 400 analysts worldwide, FMI
provides global, regional, and local expertise on diverse domains
and industry trends across more than 110 countries.
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