Flat Steel Market Expected to Surge to USD 1037 Billion by 2034 Driven by Industrialization, Urbanization, and Increasing Middle-class Disposable Income

North America is at the forefront of the flat steel industry, driven by extensive use in oil and gas tubular applications and supportive government initiatives. The HRC segment is expected to lead the industry due to strong demand for industrial equipment. Additionally, the construction segment will dominate the market due to the high usage of flat steel in construction projects

NEWARK, Del., June 26, 2024 /PRNewswire/ -- According to Future Market Insights (FMI), the worldwide flat steel market is expected to reach USD 586 billion in 2024 and USD 1037 billion by 2034. The market is projected to rise at a CAGR of 5.9% by 2034.

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.

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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 Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

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Competitive Landscape

ArcelorMittal, Nippon Steel, Ezz Steel, Tata 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.

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Key Segmentations

By Type:

Hot rolled coil (HRC),
Cold rolled coil (CRC),
Sheets,
Others.

By Application:

Construction,
Automotive,
Mechanical equipment,
Others.

By Region:

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

Authored By:

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.

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