In 2022, the global flat steel market was worth us$ 527 billion. The market is projected to expand at a 5.9% CAGR from USD 558.09 billion in 2023 to USD 990.7 billion by 2033.
The increasing usage of steel in various applications to reduce costs and provide higher-quality products will enhance product deployment. Furthermore, rapid industrial development in emerging economies such as China and India, along with increasing technological development to create steel more efficient and portable, will boost business growth throughout the forecast period.
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.
Enhancing industrialization and technological developments in steel are anticipated to fuel the growth in the Asia Pacific. China holds a substantial market share as a consequence of elevated steel production, extensive Research and development activities, and the progression of the construction industry, all of which are expected to accelerate flat steel consumption, in China. Furthermore, the ease of access to raw materials will add value to the regional market growth.
“Due to the wide availability of raw materials, social resources, and accelerated technological advancement in regions such as Asia-Pacific, North America, and Europe, the market for the flat iron is estimated to expand. Because of technological developments, Latin America is experiencing rapid growth.” says an analyst at Future Market Insights.
Key Takeaways from Market Study
In 2021, the Asia Pacific market was worth USD 256.3 billion.
From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 4.6%.
In 2022, the global flat steel market was worth us$ 527 billion.
The automobile industry is the largest consumer of flat steel products, consisting of up to 10% of all steel produced globally.
In the previous year, construction developments accounted for roughly half of the market in North America.
Key Market Players
Major players are ArcelorMittal (Luxembourg)NIPPON STEEL CORPORATION (Japan)Ezz Steel (Egypt)Tata Steel (India)HBIS Group (China)Voestalpine Group (Austria)ThyssenKrupp Steel Europe (Germany)Metals USA (U.S.)POSCO (South Korea)Yieh Corp. (Taiwan).
ArcelorMittal introduced XCarb in March 2021, an initiative aimed at reducing CO2 emissions throughout steel production while making demonstrable improvements toward carbon-neutral steel. In flat product operations, the supplier invested in various of strategies to minimize blast furnace greenhouse gas emissions.
