Flat Steel Market Set to Reach USD 734.77 Billion by 2030, Growing at a 4.6% CAGR

Flat Steel Market

Pune, India, Sept. 14, 2023 (GLOBE NEWSWIRE) — The global flat steel market size was valued at USD 513.55 billion in 2022 and is projected to grow from USD 433.83 billion in 2023 to USD 734.77 billion by 2030, exhibiting a CAGR of 4.6% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Flat Steel Market, 2023-2030.”

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Leading Players Featured in the Flat Steel Market Research 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:

Browse Detailed Summary of Research Report with TOC: https://www.fortunebusinessinsights.com/flat-steel-market-102911

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 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.

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 in 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 die 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.

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 market share held by each segment and region is covered as well. The document enlists key players and provides valuable insights into latest developments undertaken by each player such as mergers & acquisitions, partnerships, and collaborations.

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Drivers and Restraints:

Expansion of Construction Industry to Facilitate Market Proliferation

Increasing population, urbanization, and 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. Increasing affluence of 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 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 expansion of 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 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 Contents:

• 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 Regions
  • Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
  • Latest Technological Advancement
  • Insights on Regulatory Scenario
  • Porters Five Forces Analysis
• Qualitative Insights on Impact of COVID-19 on 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.

Read Related Insights:

Stainless Steel Market to Reach USD 305.56 Billion by 2030 | Fortune Business Insights™

Steel Ingots Market will Benefit from Joint Venture Between Thyssenkrupp AG and Tata Steel, says Fortune Business Insights

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• Flat Steel Market