Flat Steel Market Research Report - Global Forecast till 2032

Flat Steel Market Research Report Information By Product Type (Slabs, Hot-Rolled Coil, Cold-Rolled Coil, Sheets & Strips, Tinplate, and Coated Steel), By End Use Industry (Building & Construction, Automotive & Transportation, Machinery, Electronics, Consumer Goods & Appliances, Oil & Gas, and Energy), and By Region (North America, Europe, Asia-Pacific, and Rest of The World) – Market Forecast Till 2032

ID: MRFR/CnM/1353-HCR | 185 Pages | Author: Chitranshi Jaiswal | March 2024         

Flat Steel Market Speak to Analyst Request a Free Sample

Global Flat Steel Market Overview


Flat Steel Market Size was valued at USD 455.9 Billion in 2022. The Flat Steel industry is projected to grow from USD 483.7 Billion in 2023 to USD 776.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2023 - 2032). Fast industrialization, widespread use of mechanical, automotive, and construction equipment, and increased infrastructure investment, are the key market drivers enhancing the market growth.


Flat Steel Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Flat Steel Market Trends



  • Rapid urbanization and growing industrialization is driving the market growth


The primary market drivers for the sector are anticipated to be rapid urbanization, increased industrialization, rising disposable income of middle-class families in emerging nations, and increasing worldwide population. In India, infrastructure has received more than 25.0% of all investments since 2012. Over the ensuing years, this trend is anticipated to intensify, benefiting the sector. Due to the annual benchmark pricing system being replaced by a quarterly pricing system, the price of iron ore is extremely erratic. With this kind of pricing structure, raw material producers are meant to benefit fully from the higher spot price of raw materials rather than being constrained by annual contracts, which are thought to stifle market expansion. The major participants in the flat steel market generally determine the prices of raw materials, which is anticipated to have an impact on the production process in the upcoming years.


Flat products are supplied through direct supply agreements or third-party supply agreements. Many the manufacturers adopt the forward integration technique which enables them to sell their products directly to their customers. Companies such as Tata Steel Limited and Essar have their distribution channel.


The population's rapid nuclearization and rising urbanization are the main forces propelling the construction industry's expansion. For applications such as stairways, roofs, welded structures, and sheds, this industry uses flat steel for building frames and structural support. The market is driven by the growing middle class's wealth, the expanding trend of multiple-home ownership, and the reconstruction and renovation of existing homes. Additionally, many steel plates are used in construction projects like skyscrapers, infrastructure, and steel bridges. During the review period, it is anticipated that demand from the infrastructure sector for rail, road, and highway projects will increase. Therefore, the market will increase as a result of increasing steel industry innovation and expanding construction projects. Thus, driving the Flat Steel market revenue.


Flat Steel Market Segment Insights


Flat Steel Product Type Insights


The Flat Steel market segmentation, based on Product Type, includes slabs, hot-rolled coil, cold-rolled coil, sheets & strips, tinplate, and coated steel. In 2022, sheets and strips category accounted for the biggest market. Depending on the purposes, it can be constructed from a variety of materials, including carbon, alloy, stainless, and tool. These have advantages such being corrosion-resistant, having superior adhesive and welding qualities, being lightweight and robust, and are employed in industrial applications, architecture, and the transportation industries. Hot-rolled and cold-rolled sheets are the two categories into which sheets fall. Because they may be used for a larger range of applications, from general use to commercial use, cold-rolled sheets are ideally suited for electrical appliances and autos.


Flat Steel End Use Industry Insights


The Flat Steel market segmentation, based on end use industry, includes building & construction, automotive & transportation, machinery, electronics, consumer goods & appliances, oil & gas, and energy. In 2022, the automotive and transportation category had the largest proportion. When compared to alternative materials, the use of flat goods has allowed auto manufacturers to achieve projected criteria of strength and protection for their vehicles at comparatively low costs. Over the projection period, market growth in automotive applications is anticipated to be constrained by the increasing emphasis on automobile weight reduction and fuel efficiency.


Figure 1: Flat Steel Market, by End Use Industry, 2022 & 2032 (USD Billion)


Flat Steel Market, by End Use Industry, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Flat Steel Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Flat Steel Market dominated this market in 2022 (45.80%). Due to the enormous investment potential in the United States and Canada, the construction industry in North America is predicted to expand. It is anticipated that the products increased strength and temperature resistance will increase demand for CRC in electronic and engineering applications. Further, the U.S. Flat Steel market held the largest market share, and the Canada Flat Steel market was the fastest growing market in the North America region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: FLAT STEEL MARKET SHARE BY REGION 2022 (USD Billion)


FLAT STEEL MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Flat Steel market accounts for the significant market share. The market demand for flat items is anticipated to increase as a result of expanding sectors including the construction, automotive, transportation, and industrial industries in developed nations like Germany and the UK. Constant macroeconomic uncertainty continue to govern Europe's industrial future. Despite the recent economic imbalances in Europe, the situation is anticipated to stabilize during the next years. In Germany, a large number of businesses have made long-term investments in rail and inland canal infrastructure. Over the forecast period, these investments are anticipated to increase market demand. Further, the German Flat Steel market held the largest market share, and the U.K Flat Steel market was the fastest growing market in the European region


The Asia Pacific Flat Steel market, is expected to register fastest growth from 2023 to 2032. Steel technology innovation and expanding industrialization are projected to drive market expansion in the Asia Pacific region. The largest market share was held by China as a result of the country's expanding steel production, expanding construction sector, and expanding research and development activities, all of which are expected to increase demand for the product there. Moreover, China’s Flat Steel market held the largest market share, and the Indian Flat Steel market was the fastest growing market in the Asia-Pacific region.


Flat Steel Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Flat Steel market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Flat Steel industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Flat Steel industry to benefit clients and increase the market sector. In recent years, the Flat Steel industry has offered some of the most significant advantages to medicine. Major players in the Flat Steel market, including ArcelorMittal, POSCO, Jiangsu Shagang Group, ChinaSteel, Jianlong Group, ThyssenKrupp AG, JFE Steel Corporation, Albawardi Steel Industries, NIPPON STEEL CORPORATION, Tata Steel, Nucor Corporation, SABIC, Hyundai Steel, AGIS, Voestalpine AG, Severstal Russian Steel, NLMK, Essar Steel, ShaabanSteel, ATI, CITIC LIMITED, Baosteel Group, Hebei Puyang Iron and Steel Group, SSAB AB, SAIL, METINVEST HOLDING LLC, and JSW, are attempting to increase market demand by investing in research and development operations.


A steel manufacturing business with integrated operations is ArcelorMittal SA (ArcelorMittal). A variety of completed and semi-finished steel products are produced and sold by this company. The company offers flat steel, such as sheet and plate, as well as long steel, such as bars, rods, and structural shapes. Along with mining products such iron ore lump, fines, concentrate, and sinter feed, it also manufactures pipes and tubes for use in coking, pulverized coal injection (PCI), and thermal coal. across addition, ArcelorMittal operates coal and iron ore mines across the Americas, Europe, Asia, and Africa. It primarily sells steel goods to clients in the automotive, appliance, engineering, construction, and machinery industries in local markets and through a centralized marketing department. The headquarters of ArcelorMittal are in Luxembourg. ArcelorMittal introduced XCarb in March 2021, a program that aims to lower CO2 emissions during the production of steel while emphasizing the achievement of measurable advancements toward carbon-neutral steel. The business made investments in a variety of programs to lower carbon emissions from the blast furnace.


A joint-stock company called Acciaierie D Italia S.p.A. works in the iron and steel - Manufacture of iron, steel, and ferroalloys sector. It was established in 2018 and has offices at Vle Certosa 239 in Milan, Lombardy, 20151. The company Acciaierie D Italia S.p.a. is registered under is IT12410234. Producer of flat steel Acciaierie d'Italia will increase output in 2023 and 2024 starting in February 2023. Acciaierie d'Italia (ADI), an Italian integrated flat steel maker, informed S&P Commodity Insights on February 1 that it will increase crude steel production to 4 million metric tons in 2023 and to 5 million metric tons in 2024. According to projections made by market participants, production in 2022 was expected to be less than 3 million mt. According to earlier market sources, the company was using its two blast furnaces to produce 10,000 mt of pig iron every day.


Key Companies in the Flat Steel market include



  • ArcelorMittal

  • POSCO

  • Jiangsu Shagang Group

  • ChinaSteel

  • Jianlong Group

  • ThyssenKrupp AG

  • JFE Steel Corporation

  • Albawardi Steel Industries

  • NIPPON STEEL CORPORATION

  • Tata Steel

  • Nucor Corporation

  • SABIC

  • Hyundai Steel

  • AGIS

  • Voestalpine AG

  • Severstal Russian Steel

  • NLMK

  • Essar Steel

  • ShaabanSteel

  • ATI

  • CITIC LIMITED

  • Baosteel Group

  • Hebei Puyang Iron and Steel Group

  • SSAB AB

  • SAIL

  • METINVEST HOLDING

  • LLC

  • JSW


Flat Steel Industry Developments


October 2020: In order to create the first environmentally friendly steel products for clients, ArcelorMittal Europe unveiled a CO2 technology plan. With this project, the corporation hopes to reach net zero emissions by 2050 and meet its 2030 objective of 30% CO2 emissions. Additionally, the business is putting plans into action at practically all of its flat product manufacturing facilities to employ gases from various sources for blast furnace infusion in order to lower CO2 emissions.


Flat Steel Market Segmentation


Flat Steel Product Type Outlook



  • Slabs

  • Hot-Rolled Coil

  • Cold-Rolled Coil

  • Sheets & Strips

  • Tinplate

  • Coated Steel


Flat Steel End Use Industry Outlook



  • Building & Construction

  • Automotive & Transportation

  • Machinery

  • Electronics

  • Consumer Goods & Appliances

  • Oil & Gas

  • Energy


Flat Steel Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 455.9 Billion
Market Size 2023 USD 483.7 Billion
Market Size 2032 USD 776.8 Billion
Compound Annual Growth Rate (CAGR) 6.10% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, End Use Industry, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled ArcelorMittal, POSCO, Jiangsu Shagang Group, ChinaSteel, Jianlong Group, ThyssenKrupp AG, JFE Steel Corporation, Albawardi Steel Industries, NIPPON STEEL CORPORATION, Tata Steel, Nucor Corporation, SABIC, Hyundai Steel, AGIS, Voestalpine AG, Severstal Russian Steel, NLMK, Essar Steel, ShaabanSteel, ATI, CITIC LIMITED, Baosteel Group, Hebei Puyang Iron and Steel Group, SSAB AB, SAIL, METINVEST HOLDING LLC, and JSW
Key Market Opportunities Growing consumer awareness towards adoption of flat steel
Key Market Dynamics Massive use in construction, automotive, and mechanical equipment, rapid industrialization, and increase in infrastructure investments




Frequently Asked Questions (FAQ) :

The Flat Steel market size was valued at USD 455.9 Billion in 2022.

The market is projected to grow at a CAGR of 6.10% during the forecast period, 2023-2032.

North America had the largest share in the Flat Steel Market.

The key players in the market are ArcelorMittal, POSCO, Jiangsu Shagang Group, ChinaSteel, Jianlong Group, ThyssenKrupp AG, JFE Steel Corporation, Albawardi Steel Industries, NIPPON STEEL CORPORATION, Tata Steel, Nucor Corporation, SABIC, Hyundai Steel, AGIS, Voestalpine AG, Severstal Russian Steel, NLMK, Essar Steel, ShaabanSteel, ATI, CITIC LIMITED, Baosteel Group, Hebei Puyang Iron and Steel Group, SSAB AB, SAIL, METINVEST HOLDING LLC, and JSW.

The Sheets & Strips Product Type dominated the Flat Steel Market in 2022.

The Automotive & Transportation End Use Industry had the largest share in the Flat Steel Market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid