The Global Flat Steel Market Size Was Valued At USD 504.46 Billion In 2021. The Market Is Projected To Grow From USD 526.89 Billion In 2022 To USD 783.71 Billion By 2030, Exhibiting A CAGR Of 5.8% During The Forecast Period.

Flat Steel Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. Demand for flat steel is higher than expected in all areas compared to levels before the pandemic. Based on our research, the global market was 1.6% smaller in 2020 than it was in 2019.

Flat steel is a type of steel that is mostly made from coal, scrap steel, and iron ore. People know that the product makes end products more reliable, tougher, more consistent, and of higher quality, while also cutting down on waste. It makes the end-user products work better and helps improve the processing, shelf life, and yield of the products. These things make the construction and auto industries want it more. Steel is also being used more and more in different ways to cut costs and make products of higher quality and better value. This will make more people want to buy the product. During the next five years, the market is expected to grow because infrastructure is being built quickly in developing countries like China and India, and technology is making steel more reliable and lighter.

Market Dynamics:

Latest Trends:

Steel is being used more and more in the auto industry because of its properties, which are driving market growth.

The auto industry is changing because of a number of factors that are trying to make more money. For example, steel is being replaced with aluminum and composite materials. But the most important parts of a vehicle's body, like the frame and guards, are made of steel. Because of this, the auto industry is one of the biggest users of flat steel products, buying up to 10% of all the steel made in the world. Also, cold-rolled steel is used a lot in the auto industry for both exterior and interior parts because it is easy to shape and doesn't dent easily. Also, sales are going well for auto parts that need a good finish and can withstand being hit. Because of these things, there is more demand for flat steel, which gives the market room to grow.

Driving Factors:

Market growth will be driven by strong demand for flat steel from the building industry.

The growth of the construction industry is driven by a growing population, more people moving to cities, and a faster rate of nuclearization. Flat steel is used in this industry to support structures and build frames for roofing, stairs, sheds, and welded structures. More people are buying more than one house, the middle class is getting richer, and people are renovating or redeveloping their homes, all of which drive the construction industry and keep the market going. Also, many steel plates are used to build things like steel bridges, skyscrapers, and infrastructure. At the same time, the demand for road, highway, and rail projects from the infrastructure sector is expected to grow over the next few years. So, the growth of the flat steel market over the next few years will be driven by a rise in construction projects and an increase in new ideas in the steel industry.

Restraining Factors:

Changes in steel prices are likely to slow the growth of the market.

Steel is a good whose price changes every day, just like the prices of iron, coal, and scrap steel, which are used to make steel. Because of the laws of supply and demand, the prices of these raw materials change a lot. Prices and storage space are also affected by how much it costs to make something. These changes in steel prices affect the cost of making steel, and the price of flat steel is directly tied to the price of steel. So, changes in the price of steel affect the price of the final product. Also, steel prices have gone up quickly over the years because of important geopolitical events and changes in demand, which has slowed the growth of the market.

Segmentation Analysis:

By Type Analysis:

The market is divided into Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), sheets, and others based on the type of product.

HRC is likely to stay on top during the review period because construction, agricultural equipment, pipe-making, and machinery applications are all using more and more steel. This product is long-lasting, strong, can be shaped, and can withstand high temperatures. The segment would also grow if it became more popular in areas that don't require a lot of shape change or force, and if technology in HRC kept getting better.

CRC is mostly hot-rolled steel that has been made into cold-reduction materials. It is mostly used in situations where surface conditions, tolerances, straightness, and concentricity are important. During the time frame predicted, the segment will grow because the automotive industry will need more steel sheets to make car bodies.

By Application Analysis:

The market is divided into construction, automotive and transportation, mechanical equipment, and other applications. In 2021, the construction market had the largest share of the flat steel market. Due to its safety, low cost, and light weight, the product is mostly used in sheds, roofs, stairs, and welded structures in the construction industry. The demand for products in the construction industry will also be boosted by the use of new techniques, like monolithic construction, that make projects go faster.

Electric vehicles are becoming more popular in places like Germany, China, and the U.S., which is helping the auto industry grow quickly. This is expected to increase demand for products. HRC and CRC products will be in high demand from machinery like agricultural and industrial tractors because they are strong and easy to shape. The mechanical equipment segment will see a rise in product demand if equipment makers use more materials that are resistant to corrosion.

Home appliances, metal products, defence, consumer goods, electronics, and packaging are all part of the "others" segment. Due to its high tensile and shear strength, the product is used up quickly in these situations. High product demand was also caused by people having more money to spend and wanting more electronics accessories, as well as more manufacturing industries using metals. So, this will add to the growth of the market as a whole during the review period.

Regional Insights:

In 2021, the Asia-Pacific market was worth USD 255.81 billion. Asia-steel Pacific's market is likely to grow because more people are working in factories and steel technology is getting better. China has a big share of the market because steel production is going up, research and development is going up, and the construction industry is growing. All of these things are likely to drive the demand for the product in China.

In Europe, the product is likely to be in high demand because of new technologies and fast growth in the automotive industry. This made more people want to buy steel sheets and HRC.

In North America, the product's higher strength and ability to withstand high temperatures are likely to make it more popular in engineering and electronic applications.

Brazil and Mexico are the two most important countries in Latin America. Increasing product consumption, especially in the consumer goods, mechanical equipment, and metal product industries, will help the market move forward. In the next few years, the construction market in the Middle East and Africa will grow a lot. This is because many companies are expanding their industrial facilities and production capacities, which makes it easier for construction to grow in the region.

Scope Analysis

Recent Development:

• October 2020: ArcelorMittal Europe announces its CO2 technology strategy to produce the first green steel solution for its customers. Through this initiative, the company aims to achieve its 30% CO2 emissions target by 2030 and net zero by 2050. Reduce CO2 emissions.
• March 2021: ArcelorMittal launches XCarb, an initiative focused on achieving demonstrable progress towards carbon neutral steel while reducing CO2 emissions during steel manufacturing. In its flat products operation, the company has invested in a wide range of initiatives to reduce carbon emissions from its furnaces.

Market Segmentation

By Type:

• Hot Rolled Coil (HRC)
• Cold Rolled Coil (CRC)
• Sheets
• Others

By Application:

• Construction
• Automotive & Transportation
• Mechanical Equipment
• Others

By Companies:

• ArcelorMittal (Luxembourg)
• NIPPON STEEL CORPORATION (Japan)
• Ezz Steel (Egypt)
• Tata Steel (India)
• HBIS Group (China)
• Voestalpine Group (Austria)
• ThyssenKrupp Steel Europe (Germany)
• Metals USA (U.S.)
• POSCO (South Korea)
• Yieh Corp. (Taiwan)
• Others