Pune, India, April 12, 2023 (GLOBE NEWSWIRE) -- The global flat steel market size was gauged at USD 504.46 billion in 2021 in 2022 and is projected to grow from USD 526.89 billion in 2022 to USD 830.62 billion by 2030, exhibiting a CAGR of 5.9% during the 2022-2030 period.
Flat steel is known for its ability to raise the toughness, reliability, and quality of end products. It improves the performance of the end product and increases its shelf life and yield. These features of flat steel boost its demand in the construction and automotive sectors. This information is provided by Fortune Business Insights, in its report titled, “Flat Steel Market, 2022-2030.”
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List of Key Players Profiled in the Flat Steel Market Report:
- 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)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 5.9% |
| 2030 Value Projection | USD 830.62 Billion |
| Market Size in 2022 | USD 526.89 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 300 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Flat Steel Market Growth Drivers | 0.5 mm to Lead as it Provides Optimum Performance |
| Increasing Demand from Various End-use Industries to Propel the Product Demand |
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Segments
Hot Rolled Coil (HRC) Segment to Dominate Backed by Increasing Application
According to type, the market is divided into Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), sheets, and others. Among these, the Hot Rolled Coil (HRC) segment captured a significant share of the market due to its surging demand from agriculture equipment, construction, pipe-making, and machinery sectors. Additionally, increasing preference for hot rolled coils in areas, which do not need shape changes will elevate segment expansion.
Construction Segment to Lead Stoked by Growing Flat Steel Utilization
As per application, the market is split into construction, automotive & transportation, mechanical equipment, and others. Among these, the construction segment held the largest flat steel market share in 2021, owing to growing product usage due to its optimal cost, safety, and lightweight nature. The adoption of modern techniques for faster project execution will escalate the demand for the product in the construction sector further.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COVID-19 Impacts:
Supply Chain Disturbances Hampered the Market Expansion
The spread of COVID-19 worldwide urged governments to implement stringent lockdowns and social distancing norms. A shortage of raw materials, limited availability of skilled professionals, and supply chain disruptions due to the closure of manufacturing facilities hindered steel production. Additionally, mining activities were halted amid the pandemic which affected the availability of scrap iron and iron ore negatively. Additionally, automotive manufacturers reduced production which, in turn, affected the demand for vehicles.
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Report Coverage:
The report sheds light on drivers and challenges shaping market trends in the forthcoming years. The market is studied exhaustively by dividing it into segments and regions. Statistical data such as growth rate, valuation, and the market share held by each segment and region are covered as well. The document enlists key players and provides valuable insights into the latest developments undertaken by each player such as mergers & acquisitions, partnerships, and collaborations.
Drivers and Restraints:
Expansion of the Construction Industry to Facilitate Market Proliferation
The increasing population, urbanization, and the growing trend of owning multiple homes are the factors propelling the construction sector. This industry uses flat steel in making construction frames for sheds, staircases, roofing, or in structural support. The increasing affluence of the middle class and growing renovation, redevelopment of old houses, and rising number of infrastructure development projects by governments will boost the product demand, thus aiding market growth in the coming years.
On the other hand, fluctuation in prices of raw materials such as iron, coal, and scrap steel will hinder the global flat steel market growth over the forecast timeframe.
Regional Insights:
Technological Advancements to Escalate Market Augmentation in Asia Pacific
Asia Pacific dominated the global market in 2021 recording a valuation of USD 255.81 billion in 2021. Growing technological advancements in the domain and rapid industrialization have contributed to market growth in this region. Growing research & development activities, expanding construction sector, and the rising production of steel in China are the key contributors to market proliferation in Asia Pacific.
The Europe market is projected to showcase lucrative growth trends over the analysis timeframe due to the expansion of the automotive industry and technological advancements in the region. These factors boost the adoption of HRC and steel sheets in Europe.
North America is slated to grow substantially in the coming years due to increasing demand for CRC in engineering and electronic applications owing to its greater strength and temperature-resistant characteristics.
Competitive Landscape:
Product Launches by Leading Players to Facilitate Market Progression
Industry leaders often make tactical decisions such as collaborations, partnerships, and the launch of innovative products, and technologies to meet rising consumer demand and generate higher revenues. For example, in March 2021, ArcelorMittal unveiled XCarb, an initiative to reduce CO2 emissions during steel manufacturing while focusing on achieving demonstrable progress toward carbon-neutral steel. The company also invested in a broad range of initiatives to reduce carbon emissions from the blast furnace.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on the Impact of COVID-19 on the Global Flat Steel Market
- Supply Chain Analysis & Challenges Due to Covid-19
- Steps Taken by Government / Companies to Overcome This Impact
- Potential Challenges and Opportunities Due to COVID-19 Outbreak
TOC Continued...!
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Key Industry Development:
August 2021: Nippon Steel Corporation announced the launch of ZEXEED, a new high corrosion-resistant coated steel. This new product has two times higher resistance in flat areas than conventional high corrosion-resistant steel and approximately 10x higher resistance than hot-dip galvanized (GI) steel.
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