Austin, Feb. 06, 2025 (GLOBE NEWSWIRE) -- The Flat Steel Market was valued at USD 548.17 billion in 2023 and is projected to reach USD 903.23 billion by 2032, growing at a CAGR of 5.71% from 2024 to 2032. The market is growing due to increasing demand from the construction and automotive industries, where flat steel is widely used in structural applications, manufacturing, and industrial equipment. The expansion of urban infrastructure, coupled with rising government initiatives to promote domestic manufacturing, is fueling market growth.
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Key Companies:
- ArcelorMittal
- Tata Steel
- HBIS Group
- Nippon Steel Co.
- Ezz Steel
- Voestalpine Group
- ThyssenKrupp Steel Europe
- Yiep Corp.
- POSCO
- Metals USA
- JFE Steel Corporation
- Steel Dynamics, Inc.
- SSAB
- United States Steel Corporation
- ArcelorMittal Nippon Steel India
- Nucor Corporation
- Baosteel Group
- Hyundai Steel
- POSCO India
- Reliance Steel & Aluminum Co.
Flat Steel Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 548.17 Billion |
| Market Size by 2032 | USD 903.23 Billion |
| CAGR | CAGR of 5.71% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Sheets & Coils, and Plates) • By End User (Building & Construction, Automotive & Aerospace, Railways & Highway, Others) |
| Key Drivers | • Increased use of coated steel drives market growth. |
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By Product Type, Plates held the largest market share 68% in 2023.
It is commonly used in heavy industries like construction, shipbuilding, automotive, manufacturing etc. As such, these thick flat steel grade products are hard, ductile and exhibit excellent strength under extreme conditions, making them useful as structural components in major infrastructure projects including bridges, buildings and beside other industrial machinery. Steel plates are widely used in shipbuilding to produce large ships like oil tankers, merchant vessels, and offshore platforms. Due to their strength, durability, and impact resistance, steel plates are also widely used in the production of body panels, frame components, and other essential parts for the automotive industry.
By End-Use, Building & Construction held the largest market share around 54% in 2023
Steel is one of the main materials for structural elements like beams, columns, rebars, and roofing because of its strength, durability, and versatility. Rapid urbanization and population growth across the world is also boosting the need of flat steels for manufacturing purpose to develop new buildings, bridges, highways, and other structures. Similarly, an increased pace of rollout for government programs and spending to upgrade infrastructure, like the U.S. Infrastructure Investment and Jobs Act (IIJA) and China's Belt and Road Initiative also drives steel consumption in construction. In addition, a growing interest in energy-efficient buildings has also driven the uptake of high strength light weight steel which increases energy efficiency without loss of structural stability.
Asia Pacific led the Flat Steel Market in 2023, accounting for approximately 52% of total revenue.
The dominance of this region is driven by high steel production capacities in China, India, and Japan, along with increasing investments in infrastructure and industrial development. Government policies promoting domestic steel manufacturing and export activities further support market expansion.
North America is expected to grow at the fastest CAGR from 2024 to 2032.
The resurgence of the manufacturing sector, expansion of the renewable energy sector, and emphasis on sustainable construction practices contribute to market growth. Additionally, rising demand for advanced high-strength steel (AHSS) in the U.S. automotive sector is boosting market demand.
Recent Highlights
- In 2024, ArcelorMittal announced an investment of USD 1.2 billion to expand its steel production facilities in India, aiming to meet the growing demand for high-grade flat steel products.
- In 2024, Nippon Steel Corporation introduced a new line of high-strength cold-rolled steel for the automotive sector, designed to improve vehicle safety and fuel efficiency.
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