The Importance of Flat Steel in the Automotive Industry to Worth Around US$ 990.7 Billion by 2033 The value of the worldwide flat steel market in 2022 was $527 billion USD. From 2023 to 2033, the market is anticipated to grow at a 5.9% CAGR, reaching USD 990.7 billion.
Steel is being used in more applications in order to lower costs and produce goods of greater quality, which will improve product deployment. Furthermore, throughout the projection period, business growth will be aided by the fast industrialization of developing nations like China and India as well as the use of technology to make steel more efficient and portable.
Cold-rolled steel is frequently utilized in automobile applications for both external body and internal part implementations due to its high ductility and dent resistance. Additionally, high surface completion and impact resistance vehicle parts are successfully marketed. These factors increase flat steel spending, which creates growth opportunities.
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Steel technology advancements and increased industrialization are expected to drive Asia Pacific growth. Due to its high level of steel production, intensive R&D efforts, and development of the building sector, all of which are anticipated to accelerate flat steel consumption in China, the country now maintains a sizeable market share. Additionally, the growth of the area market will benefit from the simplicity of access to raw materials.
“Due to the wide availability of raw materials, social resources, and accelerated technological advancement in regions such as Asia-Pacific, North America, and Europe, the market for the flat iron is estimated to expand. Because of technological developments, Latin America is experiencing rapid growth.” says an analyst at Future Market Insights.
Key Takeaways from Market Study
- In 2021, the Asia Pacific market was worth USD 256.3 billion.
- From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 6%.
- In 2022, the global flat steel market was worth us$ 527 billion.
- The automobile industry is the largest consumer of flat steel products, consisting of up to 10% of all steel produced globally.
- In the previous year, construction developments accounted for roughly half of the market in North America.
Key Market Players
Major players are 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).
- ArcelorMittal introduced XCarb in March 2021, an initiative aimed at reducing CO2 emissions throughout steel production while making demonstrable improvements toward carbon-neutral steel. In flat product operations, the supplier invested in various strategies to minimize blast furnace greenhouse gas emissions.
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Key Segments Profiled in the Flat Steel Market Industry Survey
By Type:
- Hot Rolled Coil (HRC)
- Cold Rolled Coil (CRC)
- Sheets
- Others
By Application:
- Construction
- Automotive & Transportation
- Mechanical Equipment
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global flat steel market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of Type (HRC, CRC, Sheets, and Others), By Application (Construction, Automotive & Transportation, Mechanical Equipment, and Others) & Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
About Future Market Insights, Inc.
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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