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The Flat Steel Market size was valued at USD 446.75 billion in 2020 and is predicted to reach USD 734.67 billion by 2030 with a CAGR of 5.1% from 2021-2030.
Flat steel is rolled from a semi-furnished material such as slabs, and ingots or billets. It is extensively used in consumer durable, automotive as well as construction industry. It helps in improving the product shelf life, ensures trouble-free processing, maximizes yield, and improves the overall performance of the product. Also, it enhances the toughness, reliability, and quality of product apart from reducing the waste. Therefore, it is used in the manufacturing of light bars, truck trailers, cable trays, railways, grating manufacturers, automobile industry tippers, and other engineering products. In addition, it is also used in other applications including solar, thermal power, oil & gas, nuclear & wind energy, and hydro power plants.
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The market comprises of various players such as United States Steel Corporation, Clingan Steel, Inc., Essar Group ThyssenKrupp AG, Hascall Steel Co., Johnson Bros. Metal Forming Co., AK Steel Holding Corporation, Precision Brand Products, Inc., Steel Dynamics Inc, JSW Steel Ltd., Jindal Steel and Power Limited, Posco Co. Ltd.,Tata Steel Limited, Cleveland-Cliffs Inc., and Hyundai Steel Co. These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product and increase their growth and geographical reach. For instance, in October 2021, Steel Dynamics Inc., has revealed its plans to acquire a metals solutions and distribution supply-chain management company named New Process Steel LP. Under the contract, Steel Dynamics Inc would acquire a share of 55% in New Process Steel LP and would also take all the business decisions related to steel purchasing and customer supply decisions. New Process Steel LP is Steel Dynamics’ biggest single flat roll steel customer and has over 950 employees. Also, in October 2021, Cleveland-Cliffs Inc. signed a contract of approximately USD 775 million with Ferrous Processing and Trading Company (FPT) to enter in the metal business. The FPT is one of the largest processors and distributors of metal in the U.S. It registers for over 15% of the ferrous market. Approximately three million tons of metal is processed by the company every year, which is around half of the prime grade. Due to these collaborations and innovations done by various players, the market is expected to create rapid growth and enhance the overall performance of the product.
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Market Segmentations and Scope of the Study:
The flat steel market size has been segmented based on product type, process, material, end-use industry, and geography. Based on the product type, the industry is classified into sheets, plates, strips, foils, bars, and others. The sheet segment is further classified into hot rolled sheets, electrical sheets, metallic coated sheet, and non-metallic coated sheet. The plates segment is further classified into rolled, normalized(N) and normalized rolled (NR). The strips segment is further classified into cold rolled, hot rolled, and hot dipped galvanized coil. Based on the process, the industry is bifurcated into basic oxygen furnace, and electric arc furnace. Based on material, the market is bifurcated into carbon steel, alloy steel, stainless steel, and tool steel. Based on end-use industry, the market is classified into building & construction, automotive & transportation, machinery, electronics, consumer goods & appliances, oil & gas, energy, and others. The geography breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.
Asia-Pacific holds the lion share of global flat steel market and is expected to continue dominating the market during the forecast period. This is attributed to factors such as growing economies, increasing per capita income of the people and accelerating construction activities in countries such as India, China, Thailand, and South Korea. Also, presence of major players such as POSCO, ThyssenKrupp AG, Tata Steel, Essar steel, SAIL, Met invest holding, and JSW, boosts the market growth in this region.
However, North America is expected to show a steady rise in the flat steel market due to the systematic efforts by government to make the adoption of lightweight steel materials more popular over conventional iron. Also, growing demand for commercial vehicles and passenger cars in the U.S. is boosting the demand for flat steel in this region. Countries in Europe and Latin America have also been witnessing significant growth due to the rising consumer base for flat steel.
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