Flat steel is produced by heating a mixture of coal and iron ore in a blast furnace. Flat products include coated steel, cold-rolled coil, hot-rolled coil, tinplate, heavy plate, and slabs. The global flat steel market report by Market Research Future (MRFR) has been compiled by analysts by taking an unbiased view of the latest happenings, policies of governments, and production techniques. The 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).
Competitive Outlook
POSCO, ThyssenKrupp AG, CITIC LIMITED, SABIC, Tata Steel, NIPPON STEEL CORPORATION, Albawardi Steel Industries, JFE Steel Corporation, AGIS, SAIL, Nucor Corporation, JSW, Laiwu Steel Group Limited, Hebei Puyang Iron and Steel Group, ArcelorMittal, Voestalpine AG, Baosteel Group, NLMK, METINVEST HOLDING, LLC, ChinaSteel, Jiangsu Shagang Group, Maanshan Iron Steel Company Limited, SSAB AB, Gerdau S/A, Severstal Russian Steel, ATI, Jianlong Group, Hyundai Steel, ShaabanSteel, and Essar Steel
Market Scope
The global flat steel market size can touch USD 733 billion by exhibiting a CAGR of 3% during the forecast period. The revival of the construction industry and the boom noticed in the realty sector can drive market demand. Rise in government and private investments in steel plants combined with rapid strides in industrialization can fuel the demand for flat steel. Development plans of governments to create bridges, security fences, coastal and weather-proof defenses can facilitate the flat steel market growth.
The expansion of the automotive sector as well as need for steel in the fabrication of various automotive components such as engine block, gears, suspensions, fuel tanks, doors, panels, and steering and braking systems. The integration of advanced high-strength steel (AHSS) for reducing the overall vehicle weight can drive the demand for flat steel in the coming years. In addition, the decision of WorldAutoSteel to reduce carbon emission levels by 70% can have a positive impact on the global flat steel market.
Fluctuations in iron ore prices can have a detrimental effect on flat steel prices which can impede the market.
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Segmentation
The flat steel market refers to a market for flat steel products such as sheets, plates, and strips used in a variety of applications such as construction, automotive, appliances, packaging, and shipbuilding. The demand for flat steel is primarily driven by the growth in end-use industries such as construction, automotive, and manufacturing.
Factors that influence the flat steel market include global economic growth, steel production capacity, raw material prices, trade policies, and technology advancements. The global flat steel market has been growing in recent years due to the increasing demand for steel in developing countries and the growth of end-use industries.
The flat steel market is highly competitive with a number of large players such as ArcelorMittal, Nippon Steel, Baosteel, JFE Steel, and POSCO. These companies have a significant presence globally and have a strong hold on the flat steel market.
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Regional Analysis
In terms of geography, Asia-Pacific is the largest market for flat steel and is expected to continue to grow in the coming years due to the increasing demand for steel in countries such as China, India, and South Korea. Europe and North America are also significant markets for flat steel.
The MEA region is expected to drive the demand and be one of the fastest growing regions for the global flat steel market due to international sports events and hosting of future exhibitions. For instance, Dubai has allocated close to USD 7 billion for infrastructure development for the World Expo 2020, while Qatar has pledged close to USD 16.4 billion under its National Vision 2030 plan.
In conclusion, the flat steel market is expected to continue to grow in the coming years due to the increasing demand for steel in end-use industries and the growth of developing countries. The flat steel market is competitive with a number of large players and is dominated by the Asia-Pacific region.
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