WASHINGTON, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Global Flat Steel Market is valued at USD 503.4 Billion in 2021 and is projected to reach a value of USD 694.1 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period 2022-2028.
Market Overview
The key factors anticipated to accelerate the Flat Steel market growth over the forecast period are stated ahead. The growing need for Flat Steel across various application industries, including automotive and construction, is driving the worldwide Flat Steel market. The rising consumer demand for cars, fueled by the expanding worldwide population and resulting transportation needs, is predicted to support market expansion. Additionally, it is anticipated that the rapidly growing construction sector will increase demand for Flat Steel in infrastructure and building applications.
We forecast that the sheets & strips category in Flat Steel market sales will account for more than 55% of total sales by 2028. Depending on the purpose, it can be constructed from various materials, including carbon, alloy, stainless steel, and tool. Their advantages include being corrosion-resistant, having superior adhesive and welding qualities, being lightweight and robust, and being employed in industrial applications, architecture, and the transportation industry.
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Market Dynamics
Growing Demand for Flat Steel from Construction Industry Will Fuel Market Growth
The main forces driving the expansion of the construction industry are population growth, urbanization, and the acceleration of nuclearization. Flat Steel is used in this sector's structural support and building frames for roofs, stairways, sheds, and welded structures. Multiple-home ownership is becoming more common, the middle class is becoming wealthier, and residences are being renovated or redeveloped, all driving the building industry and the market. Additionally, many steel plates are used in construction projects like steel infrastructure, skyscrapers, and bridges. It is anticipated that demand from the infrastructure sector for projects, including roads, highways, and railroads, will increase. Therefore, over the projected period, the growth of the Flat Steel market will be fueled by fast-expanding construction projects and rising levels of steel industry innovation.
Steel's Rapid Inclusion in the Automotive Industry is due to its Capability to Drive Market Growth
The automotive industry is changing due to several variables that aim to increase profit margins, replacing steel with aluminum and composite materials. The major components of vehicle bodies, such as the vehicle frames and guards, are steel. Due to this component, which accounts for up to 10% of all steel produced globally, the automotive industry is one of the major consumers of Flat Steel products. Additionally, due to its superior formability and dent resistance, cold-rolled steel is widely used in automobile applications for both body and interior parts. Additionally, auto parts that need to be impact resistant and have a nice surface polish are selling well. These elements increase the demand for Flat Steel, which opens up new market expansion prospects.
Top Players in the Global Flat Steel Market
- POSCO (South Korea)
- Nippon Steel and Sumitomo Metal Corporation (Japan)
- China Baowu Steel Group Corporation Limited (China)
- Arcelor Mittal (Luxembourg)
- Ansteel Group Corporation Limited (China)
- Tata Steel (India)
- Shagang Group (China)
For Additional Information on Flat Steel Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Flat Steel Market
- One trend that Vantage Market Research (VMR) expects to see in the Flat Steel industry is a rise in the use of electric vehicles. Over the course of the Flat Steel market's projection period, more steel will likely be used in electric vehicles. The life cycle emission can be reduced by 70% by using Flat Steel. The government has changed the manufacture of electric vehicles to reduce CO2 emissions; as a result, it will boost the Flat Steel market score in the upcoming years.
- Another trend that VMR predicts will continue in the Flat Steel industry is its expanding use in household appliances. Manufacturing cookware such as sinks, stoves, pots, and grills using Flat Steel is anticipated to drive market growth.
Top Report Findings
- Based on Processes, most of the Flat Steel market's revenue is controlled by the basic oxygen furnace category. It is a tried-and-true method that manufacturers on the market generally adopt. An oxygen furnace's required procedure is more expensive than an electric arc furnace's. The fundamental oxygen furnace is the most widely used manufacturing process due to its cheap labor needs, high production rate, and low nitrogen content.
- Based on Types, most of the Flat Steel market's revenue is controlled by the sheets & strips category. Its expanding uses in the packaging, home appliance, and electronics sectors are primarily responsible for this sizeable proportion. They are widely employed in producing, among other things, wall decorations, door and window hoods, freezers, drums, furniture, dry cells, cars, washing machines, gutters, downspouts, and roof ornaments.
- Based on the End-Use Sectors, most of the Flat Steel market's revenue is controlled by the building & infrastructure category ascribed to the market product's extensive use in the construction of factories, bridges, factories, buildings, highways, and other engineering constructions.
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Recent Developments in the Global Flat Steel Market
- Nippon Steel Corporation's two Thai manufacturing and sales subsidiaries for cold-rolled and hot-dip galvanized steel sheets and tinplate and tin-free steel, NS-Siam United Steel Co., Ltd. and Siam Tinplate Co., Ltd., respectively, agreed in November 2021 to combine in April 2022.
- China Baowu Steel Group Corporation Limited (Baowu) will be finished in March 2021, owned by the State-owned Assets Supervision and Administration Commission (SASAC), and rated one notch below the Chinese sovereign by Fitch Ratings using their Government-Related Entities (GRE) Rating Criteria.
Building & Infrastructure Category in Flat Steel Market to Generate Over 29% Revenue
The report by Vantage Market Research has analyzed the market for Flat Steel to understand its current state and potential future growth factors. For better understanding, based on the end-use sector, the Flat Steel market is divided into building & infrastructure, mechanical equipment, automotive & other transport, and others (domestic appliances, electrical appliances, food processing, packaging, and defense).
During the forecast period, the market for Flat Steel is anticipated to experience the highest CAGR for the building & infrastructure category due to its high degree of toughness, weldability, and mechanical strength. It is possible to create both light and heavy components with carbon steel that has been cold-rolled, hot-rolled, and galvanized, thanks to its excellent properties.
On the other hand, the automotive & other transport category is anticipated to grow significantly. Compared to other materials, flat goods have enabled auto manufacturers to provide their vehicles with the strength and protection consumers need at relatively low rates. Over the forecast period, market growth in automotive applications is anticipated to be constrained by the increasing attention paid to automobiles' fuel economy and weight reduction.
Asia Pacific Region in Flat Steel Market to Generate More 42% Revenue
The Asia Pacific dominates the Flat Steel market, and this dominant trend will continue throughout the projection period due to strong industrialization. The demand for Flat Steel is accelerating due to a rise in the automotive industry, which is expected to fuel market expansion in the ensuing years. Additionally, an increased demand in the construction sector is anticipated to fuel market expansion throughout the forecast year.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Flat Steel Market Forecast Report (2022-2028).
Global Flat Steel Market Segmentation
By Processes
- Basic Oxygen Furnace
- Electric Arc Furnace
By Types
- Sheets & Strips
- Plates
By End-use Sector
- Building & Infrastructure
- Mechanical Equipment
- Automotive & Other Transport
- Others (Domestic Appliances, Electrical Appliances, Food Processing, Packaging, and Defense)
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 503.4 Billion |
| Revenue Forecast by 2028 | USD 694.1 Billion |
| CAGR | 5.5% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | POSCO, Nippon Steel and Sumitomo Metal Corporation, China Baowu Steel Group Corporation Limited, Arcelor Mittal, Ansteel Group Corporation Limited, Tata Steel, Shagang Group |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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