Farmington, Feb. 27, 2023 (GLOBE NEWSWIRE) -- 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. The COVID-19 pandemic has been frightening and has never happened before. When compared to levels before the pandemic, demand for flat steel is stronger than expected in all areas. Our study shows that the global market was 1.6% smaller in 2020 than in 2019.
Flat steel is a kind 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 better quality, while also reducing waste. It makes the goods for the end user work better and helps improve how they are made, how long they last, and how much they produce. Because of these things, the building and car businesses want it even more. Steel is also being used in more and more ways to save money and make goods that are better and cost less. More people will want to buy the goods because of this. In the next five years, the market is expected to grow because infrastructure is being built quickly in emerging countries like China and India, and technology is making steel more reliable and lighter.
Request Sample Copy of Report “Flat Steel Market Size, Share & Trends Estimation Report By Type (HRC, CRC, Sheets, and Others), By Application (Construction, Automotive & Transportation, Mechanical Equipment, and Others), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- 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.
Segment Overview
Type Insights
HRC is likely to stay on top during the review time because steel is being used more and more in building, making pipes, farming equipment, and machinery. This item lasts a long time, is strong, can be made, and can handle high temperatures. The segment would also grow if it became more popular in places that don't need a lot of shape change or force, and if HRC technology kept getting better.
Most cold-reduction materials in CRC are made from hot-rolled steel. It is mostly used when surface conditions, limits, straightness, and concentricity are important. In the time range predicted, the segment will grow because the auto industry will need more steel sheets to make car bodies.
Applications Insights
Construction, automotive and transportation, mechanical equipment, and other uses make up the different parts of the market. In 2021, most of the flat steel market was in the building industry. The product is mostly used in the building industry for sheds, roofs, stairs, and welded structures because it is safe, cheap, and light. New ways of building, like monolithic construction, that speed up projects will also increase demand for products in the construction business.
Electric cars are becoming more popular in places like Germany, China, and the U.S., which is helping the auto business grow quickly. This is likely to make more people want to buy goods. HRC and CRC products will be in high demand because they are strong and easy to shape. This means that machines like farm and factory trucks will use them a lot. If equipment makers use more materials that don't rust, product demand in the mechanical equipment market will go up.
Regional Outlook:
The Asia-Pacific market was worth 255.81 billion dollars in 2021. The Asia-steel Pacific market is likely to grow because more people are working in companies and steel technology is getting better. China has a big part of the market because they are making more steel, doing more research and development, and building more things. All of these things are likely to make people in China want to buy the goods.
Because of new technologies and fast growth in the automotive industry, the product is expected to be in high demand in Europe. People wanted to buy more steel bars and HRC because of this.
In North America, the product is likely to be used more in engineering and electronics because it is stronger and can handle higher temperatures.
The two most important countries in Latin America are Brazil and Mexico. The market will move forward if people buy more products, especially in the businesses of consumer goods, mechanical equipment, and metal products. The construction business in the Middle East and Africa will grow a lot over the next few years. This is because a lot of companies are building new factories and increasing their production, which makes it easy for construction to grow in the area.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.8% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 783.71 Billion |
| By Type | HRC, 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) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
Because of its properties, steel is being used more and more in the auto business, which is driving market growth.
Several things that want to make more money are causing changes in the auto business. For example, aluminum and hybrid materials are being used instead of steel. But the frame and guards, which are the most important parts of a vehicle's body, are made of steel. Because of this, the car industry is one of the biggest buyers of flat steel products, buying up to 10% of all the steel made in the world. Cold-rolled steel is also used a lot in the car industry for both exterior and interior parts because it is easy to shape and doesn't dent easily. Also, car parts that need a good finish and can take being hit well are selling well. Because of these factors, there is more demand for flat steel, which gives the market room to grow.
Driving Factors:
The building sector will have a strong need for flat steel, which will drive market growth.
A growing population, more people moving to cities, and a faster rate of nuclearization are all factors in the growth of the construction business. Flat steel is used in this business to hold structures and make frames for roofs, stairs, sheds, and structures that are welded together. People are buying more than one house, the middle class is getting richer, and people are renovating or redeveloping their homes. All of these things drive the building industry and keep the market going. Also, many steel bridges, buildings, and infrastructure are made with steel plates. At the same time, the infrastructure sector is likely to need more road, bridge, and rail projects over the next few years. So, over the next few years, the growth of the flat steel market will be driven by more building projects and more new ideas in the steel business.
Restraining Factors:
Changes in the price of steel are likely to slow the market's growth.
Steel is a good whose price changes every day, just like the prices of iron, coal, and scrap steel, which are all used to make steel. The prices of these raw materials change a lot because of the laws of supply and demand. How much it costs to make something also changes how much it costs and how much space it takes up. 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, when the price of steel goes up or down, the price of the end product also goes up or down. Also, steel prices have gone up quickly over the years because of important political events and changes in demand. This has slowed the growth of the market.
Key Segments Covered:
Top Market Players:
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), and others.
By Propulsion Type
- Hot Rolled Coil (HRC)
- Cold Rolled Coil (CRC)
- Sheets
- Others
By Vehicle Type
- Construction
- Automotive & Transportation
- Mechanical Equipment
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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