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Base Year
Historical Year
Forecast Year
Global Flat Steel Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 951.89 |
Market Size 2032 | USD Billion | 1,320.07 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 3.7% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 4.1% |
CAGR 2024-2032 - Market by Country | India | 4.3% |
CAGR 2024-2032 - Market by Country | Brazil | 4.2% |
CAGR 2024-2032 - Market by Product | Sheets and Strips | 4.4% |
CAGR 2024-2032 - Market by Material | Stainless Steel | 4.7% |
Market Share by Country 2023 | Germany | 4.5% |
Flat steel refers to a type of processed metal that is generated by melting and stretching under an applied force. The force is applied to convert metal pieces in the form of sheets, strips, or tin plates. Flat steel is utilised in applications such as fencing, roofing, water tanks, garden sheds, and more. Additionally, carbon steel and alloy steel are key types of flat steel used in the industry, driving the flat steel market demand.
Carbon steel is a steel with carbon content which is used in railway tracks, crankshafts, gears, and machinery parts, whereas alloy steel is used in rods, wires, bars, and rails. For alloy steel, elements like molybdenum, manganese, nickel, and chromium are added to enhance the final product’s strength, wear resistance, and toughness. This process is contributing to the growth of the flat steel industry.
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The expansion of the global flat steel industry is fuelled by rising steel demand in sectors such as automotive and construction worldwide. Market growth is expected to be supported by increasing consumer demand for automobiles, driven by the growing global population and transportation needs. Additionally, the rising preference for lightweight vehicles, known for their fuel efficiency, is likely to boost the flat steel industry growth.
The flat steel market dynamics and trends are being driven by increased government investments in infrastructure development. The rapidly growing construction sector is expected to boost demand for flat steel in various building and infrastructure projects. Additionally, favourable government initiatives and advancements in flat steel technologies are estimated to boost the growth of the industry. Moreover, recyclability and reusability offered by flat steel are also expected to add to its overall popularity in the coming years.
According to the Society of Indian Automobile Manufacturers (SIAM), the domestic sales distribution in India for 2021-22 indicated a strong preference for two-wheelers, which comprised 77% of the market. Passenger vehicles represented 18% of sales, while commercial vehicles made up 4%. Three-wheelers made up 1% of the market, highlighting their particular use in various urban and rural areas. This niche application contributes to flat steel market revenue, as flat steel products like sheets and strips are crucial for manufacturing automotive components such as body panels, chassis, and structural parts.
China led global light vehicle production with a 9.1% increase from 2022 to 2023, reaching nearly 28 million units. The European Union followed, showing an 11.3% growth to approximately 12 million units. Japan saw a significant rise of 17.4%, producing around 7 million vehicles. The United States experienced an 8.5% increase, producing about 7 million cars, indicating stable growth. India's production grew by 6.8%, totalling around 4 million units. South Korea's production climbed by 13.6%, reaching approximately 3 million units. Mexico achieved a 19.0% growth, producing nearly 2 million units. Canada recorded the highest growth rate among the top producers with a 23.4% increase, producing over 1 million vehicles.
Germany led EU car production in 2023 with 3,959,322 units, reflecting an 18.7% increase from 2022. Spain produced 1,869,988 units, marking a 7.4% rise, while Czechia's output grew by 14.9% to 1,395,211 units. Slovakia's production increased by 9.5%, reaching 1,062,058 units. France's car production saw a modest 1.2% growth to 959,404 units, maintaining stable performance. Italy experienced a significant increase of 11.9%, producing 542,218 vehicles. Hungary's production also grew substantially by 11.6%, reaching 504,907 units. Belgium recorded an impressive growth of 18.1%, with 287,211 units produced. Sweden experienced a 9.8% rise in car production, reaching 276,070 units. Overall, car production in the European Union grew by 11.3%, with total units increasing from 10,896,821 in 2022 to 12,126,604 in 2023. This growth is boosting the flat steel industry revenue, as the EU automotive sector's emphasis on innovation and sustainability drives higher demand for high-quality flat steel.
ArcelorMittal
PT KRAKATAU NIPPON STEEL SUMIKIN (KNSS)
Baosteel Group Corporation
Tata Steel Limited
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“Global Flat Steel Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Market Breakup by Material
Market Breakup by Application
Market Breakup by Region
CAGR 2024-2032 - Market by | Country |
India | 4.3% |
Brazil | 4.2% |
China | 4.0% |
Mexico | 3.9% |
Canada | 3.8% |
USA | XX% |
UK | 3.6% |
France | XX% |
Italy | XX% |
Japan | XX% |
Australia | XX% |
Saudi Arabia | XX% |
Germany | 3.3% |
The growth of the flat steel industry is driven by the versatility of sheets and strips, which are used in diverse sectors such as automotive and construction. Their customisable thickness and coating options make them adaptable to specific requirements, while their cost-effective production supports market expansion.
Plates, on the other hand, are known for their strength and durability, suitable for heavy-duty applications in construction and shipbuilding. They provide outstanding structural support and stability, enhancing safety and durability. Furthermore, plates are available in different grades and thicknesses, making them customisable for various needs, from structural strength to high-pressure applications, which further drives the flat steel market demand.
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The company’s focus is on manufacturing premium flat steel products, catering to various industries with cutting-edge technology and dependable solutions.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global flat steel market attained a value of nearly USD 951.89 billion.
The market is projected to grow at a CAGR of nearly 3.7% in the forecast period of 2024-2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 1,320.07 billion by 2032.
The major market drivers are the rising demand for flat steel products, increasing demand for flat steel in the automobile sector, and rising government investments in infrastructure development activities.
The key trends guiding the market include the surging demand for flat steel in the construction sector and technological advancements and innovations.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is broken into are sheets and strips and plates.
Carbon steel, alloy steel, stainless steel, and tool steel are the various materials of flat steel considered in the market report.
The market is broken down into building and infrastructure, automotive and other transport, mechanical equipment, and others.
The competitive landscape consists of ArcelorMittal, PT KRAKATAU NIPPON STEEL SUMIKIN (KNSS), Baosteel Group Corporation, Tata Steel Limited, and JFE Steel Corporation, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by Material |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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