Browse 127 market data Tables and 47 Figures spread through 165 Pages and in-depth TOC on "Flat Steel Market"

The flat steel market is projected to grow from USD 434.8 billion in 2019 and reach USD 580.2 billion by 2024, at a CAGR of 5.9% from 2019 to 2024. The growth of this market can be attributed to the increasing demand for flat steel products from the building & infrastructure,  mechanical equipment and automotive & other transport end-use sectors.

ArcelorMittal (Luxembourg), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), POSCO (South Korea), China Baowu Steel Group Corporation Limited (China), Shougang Group Co., Ltd., (China), SSAB AB (Sweden), JFE Steel Corporation (Japan), HBIS Group (China), ThyssenKrupp AG (Germany), and Voestalpine Group (Austria) are key players in the flat steel market. These companies are investing in plant capacity expansions, new product development, agreements, collaborations, expansions & investments, acquisitions, and partnerships. They also have the potential to broaden their product portfolios and compete with other key market players.

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ArcelorMittal (Luxembourg) is a leading player in the flat steel market. It manufactures a wide range of high-quality finished and semi-finished steel products. ArcelorMittal sells its products to a diverse range of customers across the globe. The company serves a wide range of end-use industries such as automotive, construction, domestic appliances, energy, transport, and packaging. ArcelorMittal adopted several growth strategies such as joint ventures & acquisitions, expansions, agreements, contracts, and collaborations to expand its presence in the market. For instance, in December 2019, ArcelorMittal announced the acquisition of Essar Steel India Limited, (ESIL), a fully integrated flat carbon steel manufacturer located in Gujarat, India. The company simultaneously formed a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. This acquisition will help the company strengthen its market presence in India.

POSCO (South Korea) is the largest fully integrated steel producer in South Korea, and one of the largest steel producers in the world, based on annual crude steel production. The company’s steel segment engages in the manufacturing and sale of hot rolled steel, steel plates, cold rolled steel, galvanized steel, electrical galvanized steel, electrical steel, automotive material, titanium, magnesium, wire rods, stainless steel, and aluminum-plated products.  In November 2019, POSCO launched INNOVILT, a premium brand of steel products for the construction industry. The product is built to enhance the standard of steel products for construction. This has also led the company to expand its product portfolio to serve several applications.

Plates segment to register high growth in the flat steel market

Flat steel plates are widely used in the construction of buildings, bridges, dams, ships, offshore structures, hydro power stations, storage tanks, boilers, pressure vessels, and machinery. The growing building & infrastructure investment in emerging economies is likely to propel the growth of the plates segment in the flat steel market. Also, the availability of high strength steel plate grades has increased their use in the automotive sector.

Basic oxygen furnace segment is expected to lead the flat steel market during the forecast period

On the basis of process, the basic oxygen furnace segment is expected to be the largest segment of the flat steel market. The growth of this segment can be attributed to the high production rate, low nitrogen content, and low labor requirements compared to other processes. This process is widely excepted by steelmaking companies across different regions and accounts for more than 70% of the global crude steel production.

Building & Infrastructure end-use sector to lead the flat steel market by 2024

Building & infrastructure was the largest end-use segment of the global flat steel market in 2018. The large share is attributed to the extensive use of flat steel in the construction of buildings, railway tracks, roads, bridges, factories, and other engineering structures.  It is also used widely in the manufacturing of roofs and in the cladding of exterior walls.

Asia Pacific to lead the global flat steel market during the forecast period

Asia Pacific accounted for the largest share of the global flat steel market in 2019. The market here is anticipated to grow at the highest CAGR between 2019 and 2024. Growth in this market is driven by the increasing demand for flat steel from China and India. China, with increasing demand from its construction and automotive industries, is the major consumer of flat steel in the Asia Pacific region. Among all countries in this region, the Indian market is expected to grow at the highest CAGR during the forecast period. The growth of the Indian market can be attributed to the ongoing and upcoming large infrastructure projects in the country.

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