Flat Steel Market is projected to be worth USD 768.16 billion by 2028, registering a CAGR of 6.1% during the forecast period (2021 - 2028)., The market was valued at USD 455.27 billion in 2021.
Flat steel is a semi-furnished material like slabs, billets, and ingots. It is used in many consumer durable, construction, white goods, and automotive sectors. Flat steel is used by many manufacturers like cable trays, light bar Industries, truck trailers, railways, the automotive industry, grating manufacturers, and other Industries. Flat steel increases the toughness, reliability, quality, consistency of end products and reduces waste. Moreover, it helps to improve yield, the product shelf life, and trouble-free processing, and enhance the performance of the product. The iron and steel sector is the backbone of the economy, and the performance of this sector reflects on the development of the country. Steel is one of the most used materials in the world, and it is recyclable also.
GDP growth of a region depends on industrialization in that region, and rapid industrialization and developing economics will boost the demand for consumer products. Rapid industrialization raising the income of people will boost the flat steel market Demand. Flat steel is used in the production of sheets, structural beams and strips, players, and other products. These products are highly used in construction and infrastructure, transportation, and electrical appliances due to their unique features. And they very strong and durable as a result, the flat steel market demand will grow in coming years with growing construction work.
And the prime contributor to the market will be the use of flat steel in construction and building. Flat steel offers low maintenance, durability, long shelf life, and it will increase the demand in the construction of buildings, bridges, sports stadiums, offices, security fencing, flood defenses. With the growth of population, high investment, economic growth, infrastructure development, rise in tourism, the market will grow rapidly in the flat steel market forecast period. The wide application of flat steel in the automotive sector will also play a major role in the flat steel market growth.
The flat steel market is highly affected due to the covid-19 pandemic. The coronavirus has spread to all countries around the world; as a result, it has affected businesses and Industries. Due to the lockdown guidelines, many businesses suffered, and the construction sector is one of them. Due to the downfall in the economy and financial crisis, if people the construction work on a halt. Additionally, the imposition of lockdown affected the sector as well. Due to lockdown, the laborers couldn’t work, and labor shortage caused major problems in the construction sector. Apart from the construction sector, the automotive sector was highly affected by the covid-19 outbreak. The production of automobiles was at a halt, and there was a decline in demand as well. As the construction sector and automotive sector are huge contributors to the market, the low demand for them caused problems for flat steel market growth. The production work of flat steel was also affected due to the covid-19 outbreak, and it decreased the demand of the market further. The flat steel market is expected to see growth after the post-covid-19 situation.
The flat steel market is influenced by many factors, and the positive factors are called market drivers, whereas the factors responsible for hampering the market Demand are called market restraints.
The drivers in the market are rapid industrialization and advancement of technology in automobile, construction, packaging Industries, and defense. One of the major drivers in the market is the rapid growth of buildings and construction sectors. Rapid urbanization plays a huge part in the flat steel market size growth. Due to so many features of flat steel, it is used in many construction works, with the economic growth and increasing per capita income of people driving the market. People are investing highly in Consumer products, and to increase their lifestyle and it is having a positive impact on the market. Another major driver in the flat steel market size is the growth of the automotive industry. Flat steel is used in the manufacturing of panels, automobile parts, gears, fuel tanks, engine blocks, doors, and braking systems. The increasing adoption of advanced high-strength steel in automotive manufacturing to reduce weight is fueling the flat steel industry. The use of flat steel can reduce the overall weight of the automobile baby 25-39% as compared to other steel. Additionally, the use of steel in an electric vehicle is expected to grow in the forecast period of the flat steel market. The use of flat steel can reduce the life cycle emission by 70%. To reduce the emission of CO2, the government has shifted the production of electronic vehicles; as a result, it will increase the flat steel market score in the coming years.
Growing consumer awareness towards the adoption of flat steel to take various advantages such as high strength, flexible design, low maintenance, and construction cost generating opportunities for the market. Increasing demand for electric vehicles with environmental awareness will bring more opportunities for the market in the forecast period. Furthermore, the increasing economics and income of people will be beneficial for the market. Growing government investment in infrastructure development and urbanization will boost the market.
One of the major restraints in the market is high investment costs. The high cost of blast furnace production has a severe impact on the profit of the steel manufacturers. Also, the fluctuation in the price of iron ore is a major restraint hampering the flat steel market scope.
Manufacturers are more focused on steel recycling than steel production due to environmental factors. Recycling steel is easier and more cost-effective than the production of steel. That is why it has become a major challenge for the flat steel market. The key players of the flat steel market and the drivers are trying to overcome these challenges and boost the growth of the flat steel market.
Cumulative growth analysis
Flat steel has a wide range of applications in the construction, automotive, defense, packaging Industries. Raising demand for doors, trunk, and consumer products with increasing per capita income will boost the flat steel market in the forecast period. The flat steel market analysis the market will see rapid growth worth USD 768.16 billion by 2028, registering a CAGR of 6.1% during the forecast period (2021 - 2028).
The flat steel market is segmented into product type, end-user, and region.
The major regions in the flat steel market are North America, Europe, Asia Pacific, and other regions in the world. The Asia Pacific holds the highest flat steel market share according to the flat steel market outlook. Increasing economics, Industrial base in the countries such as Thailand, India, South Korea, and others is contributing highly to the market in this region. Increasing per capita income of the people and increased the construction activities in the region. As a result, it has fueled the demand for the flat steel market in this region. North America holds the second-highest flat steel market share owing to the increasing automotive sector in the region. The demand for passenger cars, commercial vehicles in the US is boosting the demand for the flat steel market. The European region will also see rapid growth in the forecast period as well due to the rising consumer base.
The major key players in the flat steel industry are:
|Market Size||2030: USD 768.16 billion|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ArcelorMittal (Luxembourg),POSCO (South Korea),Jiangsu Shagang Group (China),ChinaSteel (China),Jianlong Group (China),Maanshan Iron & Steel Company Limited (China),ThyssenKrupp AG (India),JFE Steel Corporation (Japan),Albawardi Steel Industries (Saudi Arabia),NIPPON STEEL CORPORATION (Japan),Tata Steel (India),Nucor Corporation (US),SABIC (Saudi Arabia),Hyundai Steel (South Korea),AGIS (UAE), Voestalpine AG (Austria),Severstal Russian Steel (Russia),NLMK (Russia),Essar Steel (India),ShaabanSteel (Saudi Arabia),ATI (US),CITIC LIMITED (China),Baosteel Group (China),Laiwu Steel Group Limited (China),Gerdau S/A (Brazil),Hebei Puyang Iron and Steel Group (China),SSAB AB (Sweden),SAIL (India),METINVEST HOLDING,LLC (Ukraine), JSW (India).|
|Key Market Opportunities||Increasing demand for electric vehicles with environmental awareness will bring more opportunities|
|Key Market Drivers||Rapid industrialization and advancement of technology in automobile, construction, packaging Industries, and defense.|
Frequently Asked Questions (FAQ) :
The increasing automotive, construction sector and the use of flat steel in many industries are the major drivers in the flat steel industry.
North America, Europe, Asia Pacific are the major regions in the market.
The Asia Pacific holds the highest share in the market.