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Flat Steel Market Report Scope & Overview:

The Flat Steel Market size was USD 548.39 billion in 2023 and is expected to Reach USD 861.07 billion by 2031 and grow at a CAGR of 5.8% over the forecast period of 2024-2031.

Flat steel is a type of processed steel made by melting and stretching steel slabs under high force. These are composed of iron ore, coal, and scrap steel. These flat steels are mostly available in the form of plates, strips, sheets, rolls, hollow sections, large-diameter welded pipes, and structural beams. Other products of flat steel are sheet and strip, hot-rolled coil, and cold-rolled coil. Its major specification is recyclability, ductility, reliability, cryogenic rigidity, anticorrosive, toughness, and durability making it then better material than any other. It is commonly utilized for consumer consumption in the robust, white goods, manufacturing, and automotive industries.

Flat Steel Market Revenue Analysis

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Flat steel bars are commonly utilised to provide support and stability in buildings and infrastructure. As they are used to distribute loads and provide support in materials such as flooring systems, framing, and roofing. These lead to boost usage in shipbuilding, automotive body panels, infrastructure, transportation, and the rapid-growing industrial sector.

Flat steel enhances end-product efficiency, durability, reliability, ductility, and consistency while reducing waste and manufacturing rework. Furthermore, it enables maximum productivity and trouble-free manufacture, extends the commodity's shelf life, and improves the overall performance of the finished product. Other than industries flat steel is used more often in kitchen appliances like microwaves, oven toasters, and more. The steel and iron industries are the backbone of economic growth and development.

Market Dynamics

Drivers

  • Growing investment in building and infrastructure projects drive the demand

  • Raising demand from the automobile, mechanical, and engineering sectors drives the market

Flat steel is a processed steel formed by melting steel slabs into sheets, plates, structural beams, and strips. Because of their distinctive qualities, these goods are widely used in buildings, roads, railway tracks, bridges, factories, transportation, electrical appliance, and other industrial uses. These reduce maintenance cost and construction costs. These materials act as a substitute for other metals and alloys in the construction industry.

Restrains

  • Fluctuation in the cost of steel can restrain market growth

  • The scarcity of raw materials and high energy costs required in manufacturing is a matter of concern

Steel has observed instability in prices, the prices of raw materials like coal, scrap steel, and iron are highly fluctuating due to the supply-demand gap. Furthermore, the manufacturing cost, storage, and improper handling can impact the prices of steel. Flat steel prices are directly dependent on steel prices. Steel prices have risen due to fluctuations in demand, and geopolitical events may stifle industry expansion. 

Opportunities

  • Steel can be recycled and reused by processing without damaging the environment

  • Emerging economies and a growing worldwide population are expected to be the industry's primary market drivers

Rapid Urbanisation and industrialization across the world have led to a rise in demand for basic needs and requirements in sectors like housing infrastructure, automotive, and transportation. Flat steel is the primary material used in construction frameworks and as a support for roofing, welding structure, and sheds. The rising trend of owning multiple houses, renovation, or remodelling of houses had driven the market. The government has started many infrastructure projects has fuelled the market growth.

Challenges

  • Logistics and supply chain management, Lack of technology adoption are the challenges that hinder market growth

  • Increasing environmental concerns are reducing the popularity of steel

The steel sector is well-known for its high energy consumption. The steel industry is regarded to be the second most energy-intensive industry behind the chemical sector. As a result, it has a significant carbon footprint. Steel's appeal, on the other hand, is declining as environmental worries grow. Furthermore, the industry must adopt new industry norms. Using current energy management systems and cutting-edge technologies can help the steel sector become more environmentally friendly and competitive.

Impact of Russia-Ukraine War

The war between Russia and Ukraine had a significant impact on the steel industry globally. Ukraine and Russia are the major producers and exporters of steel. During the war two steel plants were destroyed therefore plants stopped production, and Europe, the USA, and other countries faced shortages of steel supply. Also, a Russian missile attack damaged building, and infrastructure, and caused energy outages that caused insufficient power supply. There was steel demand, but supply was less, which led to increases in price. Also, the sanctions imposed on Russia have impacted on trade cycle in every industrial sector. Hence, Russia Ukraine war has hampered the market growth of flat steel.

Impact of Ongoing Recession

The deterioration of the economy after the Russian invasion of Ukraine led to increased inflation, leading to a recession severely impacting industrial sectors. The steel market's demand has worsened for the second half of 2022 and upcoming years till recovery from the recession. Production and operational costs of steel increased, and imports and exports decreased. Due to the high cost of steel, many industries stopped projects as it was not a profitable business for them.

Market Segmentation

By product

  • Sheet and strip

  • Hot-rolled coil

  • Cold-rolled coil

By Material

  • Carbon alloy

  • Alloy steel

  • Tool steel

  • Stainless steel 

By process

  • Electric arc furnace

  • Basic oxygen furnace

By Application

  • Housing and Infrastructure

  • Automotive

  • Electronics & Transportation

  • Oil and gas

  • Others

Regional Analysis

Asia-Pacific is the fastest-growing region in the global flat steel market, followed by Europe and North America due to the largest and fastest-growing infrastructure market. China holds a valuable market share due to its high steel production capacity, construction projects, and research and development. China is also the largest consumer of flat steel in the Asia-Pacific market.

The North American flat steel market will grow due to expansion in the automotive industry, which also has widespread use of oil and gas tubular, huge investment potential, and construction projects.

In Europe, technological development and growth in the automotive, construction, and machinery industry in countries like Germany, and the UK is anticipated to drive the steel demand.

 Latin America region has raising growth of flat steel. As Brazil, Mexico, and other countries are expanding product adoption among consumers good industries, will drive the market.

Flat-Steel-Market-By-Region

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Regional Coverage

North America

  • USA

  • Canada

  • Mexico

Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of the Middle East & Africa

Latin America

  • Brazil

  • Argentina

  • Rest of Latin American

Key players

Arcelor Mittal, Tata steel, HBIS Group, Nippon Steel Co, Ezz steel, Voestalpine Group, Thyssen Krupp steel Europe, Yiep corp., POSCO, Metals USA, and other key players are mentioned in the final report.

Tata steel-Company Financial Analysis

Recent Developments

ArcelorMittal- ArcelorMittal Europe and Gonvarri Industries have agreed to work more closely together to reduce CO2 emissions and boost both firms' sustainability performance in the automotive market.

ArcelorMittal- The SOLROOF system's integrated photovoltaic FIT VOLT panels, manufactured by BP2 businesses, will be made in partnership with ArcelorMittal. For BP2's SOLROOF integrated photovoltaic roof, ArcelorMittal will provide XCarb® recycled and renewable steel, which is produced using a minimum of 75% waste steel and 100% renewable power.

VELUX group - VELUX group to work together with ArcelorMittal for lowering the carbon footprint of the steels used in windows, aiming to reduce embedded CO2 by up to 70% compared with conventionally produced steel. VELUX Group is working towards reducing the scope of emissions by 2030

Flat Steel Market Report Scope:
Report Attributes Details
Market Size in 2023  US$ 548.39 Bn
Market Size by 2031  US$ 861.07 Bn
CAGR   CAGR of 5.8% From 2024 to 2031
Base Year  2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By product type (Sheet and strip, Hot-rolled coil, Cold-rolled coil)
• By Material (Carbon alloy, Alloy steel, Tool steel, Stainless steel)
• By process (Electric arc furnace, Basic oxygen furnace)
• By Material (Carbon alloy, Alloy steel, Tool steel, Stainless steel)
• By Material (Housing and Infrastructure, Automotive, Electronics & Transportation, Oil, and gas, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Arcelor Mittal, Tata steel, HBIS Group, Nippon Steel Co, Ezz steel, Voestalpine Group, Thyssen Krupp steel Europe, Yiep corp., POSCO, Metals USA
Key Drivers • Growing investment in building and infrastructure projects drive the demand.
• Raising demand from the automobile, mechanical, and engineering sectors drives the market.
Market Opportunities • Steel can be recycled and reused by processing without damaging the environment.
• Emerging economies and a growing worldwide population are expected to be the industry's primary market drivers.

 

Frequently Asked Questions

Ans. The CAGR value of the Flat steel market is 5.8% over the forecast period 2024-2031

Ans. The Projected market size value of the Flat steel Market was USD 861.07 billion in 2031.

Ans. Asia-Pacific is going to be the dominant region in the global flat steel market followed by Europe and North America

ANS: 

  • Steel can be recycled and reused by processing without damaging the environment.
  • Emerging economies and a growing worldwide population are expected to be the industry's primary market drivers.

Ans. USD 548.39 billion was the market size of the Global Flat Steel Market.

Table of Contents

1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints    
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.2 Impact of  Russia-Ukraine War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Flat steel Market Segmentation, By Product
8.1 Sheet and strip
8.2 Hot-rolled coil
8.3 Cold-rolled coil

9. Flat steel Market Segmentation, By Material
9.1 Carbon Steel
9.2 Alloy steel
9.3 Stainless steel
9.4 Tool steel

10. Flat Steel Market Segmentation, By Process 
10.1 Electric arc furnace 
10.2 burning oxygen furnace

11. Flat Steel Market Segmentation, By Application
11.1 Building and Infrastructure 
11.2 Electronics & Transportation
11.3 Automotive
11.4 oil & Gas 
11.5 Others

12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Global Flat Steel Market by Country
12.2.2 North America Global Flat Steel Market by Product 
12.2.3 North America Global Flat Steel Market by Material 
12.2.4 North America Global Flat Steel Market by Process
12.2.5 North America Global Flat Steel Market by Application
12.2.6 USA
12.2.6.1 USA Global Flat Steel Market by Product 
12.2.6.2 USA Global Flat Steel Market by Material 
12.2.6.3 USA Global Flat Steel Market by Process
12.2.6.4 USA Global Flat Steel Market by Application
12.2.7 Canada
12.2.7.1 Canada Global Flat Steel Market by Product
12.2.7.2 Canada Global Flat Steel Market by Material 
12.2.7.3 Canada Global Flat Steel Market by Process
12.2.7.4 Canada Global Flat Steel Market by Application
12.2.8 Mexico
12.2.8.1 Mexico Global Flat Steel Market by Product
12.2.8.2 Mexico Global Flat Steel Market by Material  
12.2.8.3 Mexico Global Flat Steel Market by Process
12.2.8.4 Mexico Global Flat Steel Market by Application
12.3 Europe 
12.3.1 Europe Global Flat Steel Market by Country 
12.3.2 Europe Global Flat Steel Market by Product
12.3.3 Europe Global Flat Steel Market by Material 
12.3.4 Europe Global Flat Steel Market by Process
12.3.5 Europe Global Flat Steel Market by Application
12.3.6 Germany
12.3.6.1 Germany Global Flat Steel Market by Product
12.3.6.2 Germany Global Flat Steel Market by Material 
12.3.6.3 Germany Global Flat Steel Market by Process
12.3.6.4 Germany Global Flat Steel Market by Application
12.3.7 UK
12.3.7.1 UK Global Flat Steel Market by Product
12.3.7.2 UK Global Flat Steel Market by Material 
12.3.7.3 UK Global Flat Steel Market by Process
12.3.7.4 UK Global Flat Steel Market by Application
12.3.8 France
12.3.8.1 France Global Flat Steel Market by Product
12.3.8.2 France Global Flat Steel Market by Material 
12.3.8.3 France Global Flat Steel Market by Process
12.3.8.4 France Global Flat Steel Market by Application
12.3.9 Italy
12.3.9.1 Italy Global Flat Steel Market by Product
12.3.9.2 Italy Global Flat Steel Market by Material 
12.3.9.3 Italy Global Flat Steel Market by Process 
12.3.9.4 Italy Global Flat Steel Market by Application
12.3.10 Spain
12.3.10.1 Spain Global Flat Steel Market by Product
12.3.10.2 Spain Global Flat Steel Market by Material 
12.3.10.3 Spain Global Flat Steel Market by Process 
12.3.10.4 Spain Global Flat Steel Market by Application
12.3.12 The Netherlands
12.3.12.1 Netherlands Global Flat Steel Market by Product
12.3.12.2 Netherlands Global Flat Steel Market by Material 
12.3.12.3 Netherlands Global Flat Steel Market by Process 
12.3.12.4 Netherlands Global Flat Steel Market by Application 
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Global Flat Steel Market by Product
12.3.12.2 Rest of Europe Global Flat Steel Market by Material 
12.3.12.3 Rest of Europe Global Flat Steel Market by Process 
12.3.12.4 Rest of Europe Global Flat Steel Market by Application
12.4 Asia-Pacific 
12.4.1 Asia Pacific Global Flat Steel Market by Country
12.4.2 Asia Pacific Global Flat Steel Market by Product 
12.4.3 Asia Pacific Global Flat Steel Market by Material 
12.4.4Asia Pacific Global Flat Steel Market by Process
12.4.5Asia Pacific Global Flat Steel Market by Application
12.4.6 Japan
12.4.6.1 Japan Global Flat Steel Market by Product
12.4.6.2 Japan Global Flat Steel Market by Material 
12.4.6.3 Japan Global Flat Steel Market by Process
12.4.6.4 Japan Global Flat Steel Market by Application
12.4.7 South Korea
12.4.7.1 South Korea Global Flat Steel Market by Product
12.4.7.2 South Korea Global Flat Steel Market by Material 
12.4.7.3 South Korea Global Flat Steel Market by Process 
12.4.7.4 South Korea Global Flat Steel Market by Application
12.4.8 China
12.4.8.1 China Global Flat Steel Market by Product 
12.4.8.2 China Global Flat Steel Market by Material 
12.4.8.3 China Global Flat Steel Market by Process
12.4.8.4 China Global Flat Steel Market by Application
12.4.9 India
12.4.9.1 India Global Flat Steel Market by Product
12.4.9.2 India Global Flat Steel Market by Material 
12.4.9.3 India Global Flat Steel Market by Process
12.4.9.4 India Global Flat Steel Market by Application
12.4.12 Australia
12.4.10.1 Australia Global Flat Steel Market by Product
12.4.10.2 Australia Global Flat Steel Market by Material 
12.4.10.3 Australia Global Flat Steel Market by Process
12.4.10.4 Australia Global Flat Steel Market by Application
12.4.12 Rest of Asia-Pacific
12.4.12.1 APAC Global Flat Steel Market by Product
12.4.12.2 APAC Global Flat Steel Market by Material 
12.4.12.3 APAC Global Flat Steel Market by Process
12.4.12.4 APAC Global Flat Steel Market by Application
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Global Flat Steel Market by Country
12.5.2 The Middle East & Africa Global Flat Steel Market by Product 
12.5.3 The Middle East & Africa Global Flat Steel Market by Material 
12.5.4The Middle East & Africa Global Flat Steel Market by Process
12.5.5 The Middle East & Africa Global Flat Steel Market by Application
12.5.6 Israel
12.5.6.1 Israel Global Flat Steel Market by Product
12.5.6.2 Israel Global Flat Steel Market by Material 
12.5.6.3 Israel Global Flat Steel Market by Process
12.5.6.4 Israel Global Flat Steel Market by Application
12.5.7 UAE
12.5.7.1 UAE Global Flat Steel Market by Product
12.5.7.2 UAE Global Flat Steel Market by Material 
12.5.7.3 UAE Global Flat Steel Market by Process
12.5.7.4 UAE Global Flat Steel Market by Application
12.5.8South Africa
12.5.8.1 South Africa Global Flat Steel Market by Product 
12.5.8.2 South Africa Global Flat Steel Market by Material 
12.5.8.3 South Africa Global Flat Steel Market by Process
12.5.8.4 South Africa Global Flat Steel Market by Application
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Global Flat Steel Market by Product
12.5.9.2 Rest of Middle East & Asia Global Flat Steel Market by Material
12.5.9.3 Rest of Middle East & Asia Global Flat Steel Market by Process
12.5.9.4 Rest of Middle East & Asia Global Flat Steel Market by Application
12.6 Latin America
12.6.1 Latin America Global Flat Steel Market by Country
12.6.2 Latin America Global Flat Steel Market by Product 
12.6.3 Latin America Global Flat Steel Market by Material 
12.6.4 Latin America Global Flat Steel Market by Process
12.6.5 Latin America Global Flat Steel Market by Application
12.6.6 Brazil
12.6.6.1 Brazil Global Flat Steel Market by Product
12.6.6.2 Brazil Africa Global Flat Steel Market by Material 
12.6.6.3 Brazil Global Flat Steel Market by Process
12.6.6.4 Brazil Global Flat Steel Market by Application
12.6.7 Argentina
12.6.7.1 Argentina Global Flat Steel Market by Product
12.6.7.2 Argentina Global Flat Steel Market by Material 
12.6.7.3 Argentina Global Flat Steel Market by Process
12.6.7.4 Argentina Global Flat Steel Market by Application
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Global Flat Steel Market by Product
12.6.8.2 Rest of Latin America Global Flat Steel Market by Material 
12.6.8.3 Rest of Latin America Global Flat Steel Market by Process 
12.6.8.4Rest of Latin America Global Flat Steel Market by Application

13 Company Profile
13.1 Arcelor Mittal
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Service/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Tata steel
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Service/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 HBIS Group
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Service/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Nippon Steel Co
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Service/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Ezz Steel
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Service/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Voestalpine Group
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Service/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Thyssen Krupp Steel 
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Service/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Yiep Corp.
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Service/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 POSCO Steel
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Service/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Metals USA
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Service/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View

14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments

15. USE Cases and Best Practices

16. Conclusion

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Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

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Primary Research

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Data Bank Validation

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