Flat Steel Market Forecast: Anticipated to Reach USD 1037 Billion by 2034 with a 5.9% CAGR

Flat Steel Market
Flat Steel Market

 

Future Market Insights (FMI) projects that the global flat steel market will grow to be worth USD 1037 billion by 2034 and USD 586 billion in 2024. By 2034, the market is expected to grow at a CAGR of 5.9%.

The global flat steel market is anticipated to expand due to factors like industrialization, urbanization, rising middle-class disposable income in developing nations, and rising global population. Steel usage in various applications, driven by cost reduction and quality improvement, is expected to boost product deployment.

Emerging economies like China and India, along with technological advancements, are expected to drive business growth in the forecast period. Flat steel is projected to gain traction in the construction and infrastructure sectors due to its versatile application and efficiency. For instance, India has seen infrastructure investments increase by over 25% since 2022, benefiting the sector.

Get Ahead with Our Report: Request Your Sample Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-15993

Key companies and manufacturers in the market are focusing on acquisitions and new developments, such as POSCO’s INNOVILT brand. However, the growth of the flat steel market is expected to be limited by raw material procurement risk and price variations.

Steel’s Rapid Integration into the Automotive Sector Is Due to Its Ability to Uplift Market Growth

Steel is being replaced with aluminum and composite materials in the automobile industry as a result of multiple factors aimed at improving profitability. Major portions of vehicle bodies, such as vehicle frames and shields, are made up of steel. Because of this, the automobile industry is the largest consumer of flat steel products, consisting of up to 10% of all steel produced globally. Furthermore, owing to its large ductility and dent resistance, cold rolled steel is widely used in automotive for external body and internal parts implementations. Furthermore, auto parts demanding high surface completion and impact resistance are marketing well. These aspects lead to greater flat steel expenditure, which generates growth prospects.

The construction industry’s strong demand for flat steel will push sales growth

The booming population, urbanization, and the accelerating trend of nuclearization of the inhabitants are the major drivers of construction sector expansion. Mild steel flat bar, black mild steel flat bar often used in structural stability and building project frames for roofing, stairways, sheds, and welded framework applications.

The upsurge of multiple-home ownership, rising middle-class affluence, and residence remodeling or refurbishment drive the construction sector, consequently bolstering the market. Furthermore, construction operations such as steel bridges, skyscrapers, and power grids use a lot of steel plates. Simultaneously time demand from the infrastructural development for street, highway, and rail projects is expected to rise during the forthcoming years.

Key Takeaways from the Flat Steel Market Report:

  • The flat steel industry is expected to reach a value of USD 1037 billion by 2034.
  • The market is projected to surge at a CAGR of 5.9% by 2034.
  • China’s flat steel market is expected to grow at a CAGR of 6.6% by 2034.
  • In terms of product type, the hot rolled coil segment is set to account for a 35.7% share in 2024.
  • Based on application, the construction segment is expected to hold a market share of 36.3% in 2024.

“Demand for flat steel is expected to rise due to expanding sectors in developed countries like Germany and the United Kingdom, driven by construction, automotive, transportation, and industrial sectors. Despite economic uncertainty, the situation is expected to stabilize in the coming years. Long-term investments in rail and canal infrastructure are further set to increase demand in Europe.”  says an Analyst at Future Market Insights (FMI).

Ask for Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-15993

Competitive Landscape

ArcelorMittal, Nippon Steel, Ezz SteelTata Steel, HBIS Group, Voestalpine Group, and ThyssenKrupp Steel Europe are the key service providers in the industry. Leading companies are investing in research and development to expand product lines and grow the flat steel market. They are also undertaking strategic activities like new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaborations.

To survive in a competitive market, the flat steel industry offers cost-effective items. Local manufacturing is a key business tactic used by manufacturers to minimize operational costs and benefit clients.

The flat steel industry is highly concentrated, with the leading companies accounting for nearly half of the market. Key flat steel manufacturers form strategic alliances to increase market share. Leading companies invest in research, production capacities, and strategies like partnerships, acquisitions, facility expansions, and collaborations to strengthen their presence.

Industry Updates-

  • In 2023, the Government of Egypt invested USD 1 billion in a flat steel production facility, aiming to export 1.8 million tons annually.
  • In 2023, Nippon Steel Corporation is set to introduce ZAM®-EX, a corrosion-resistant coated steel sheet.

Contact Sales for Further Assistance in Purchasing this Report: https://www.futuremarketinsights.com/checkout/15993

Key Segmentations

By Type:

  • Hot rolled coil (HRC)
  • Cold rolled coil (CRC)
  • Sheets

By Application:

  • Construction
  • Automotive
  • Mechanical equipment

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia
  • East Asia
  • Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:       

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these