Flat Steel Market Outlook - Supply and Demand Analysis 2024-2032

Flat Steel Market

Flat steel, which is known for its uniform thickness, straight edges, and smooth surfaces, is obtained from the process of hot rolling. While hot-rolled flat steel is extensively used in the construction sector for its durability, cold-rolled flat steel is used to manufacture electrical equipment and various home appliances. It also finds increasing applications in the automotive industry.

Global Supply/Demand Outlook

The global flat steel market stood at a volume of around 729,000 KT in 2023. The market is estimated to grow at a CAGR of 2.70% between 2024 and 2032 to reach a volume of about 927,440 KT by 2032. The market is primarily driven by the growing demand from the building and construction sector, which forms the leading application of the product. Flat steel is a key component in various building and construction applications, and the increasing investment in infrastructure development is expected to further increase the consumption of flat steel in the sector. Meanwhile, in the automotive sector, flat steel's high strength and dent resistance make it ideal for exterior and interior applications. Despite the growing use of substitutes like aluminium, flat steel remains crucial for manufacturing key automotive parts such as frames and guards due to its affordability, high strength, durability, and versatility.

The global capacity of flat steel was about 900,000 KT in the year 2023. It is estimated to reach 1,070,000 KT by 2032. The plant capacity utilization of flat steel stood at 82% in 2023.

Regional Market Analysis

In terms of consumption, the Asia Pacific dominates the global flat steel market, accounting for 65% of the total market value. The factors like rapid urbanization and subsequent rise in construction activities, increasing automotive production, and favorable government policies supporting the manufacturing sector in countries like India and China, contribute to the growing demand for flat steel in the Asia Pacific. The region is followed by North America as another significant market for the product.

Key Market Players

The leading producers of flat steel globally are ArcelorMittal, Baowu Steel, Hyundai Steel Co., Nippon Steel & Sumitomo Metal Corporation, SAIL, and Tata Steel LTD.

ArcelorMittal, one of the largest steel producers globally, offers a wide range of flat rolled steel products, encompassing higher value-added products. It is the leading integrated steel producer in the western part of India, being one of only four primary domestic flat steel manufacturers.

In Europe, ArcelorMittal Europe- Flat Products dominates the production of flat steel, offering a variety of products including hot and cold rolled coils, tinplate, coated products, hot-dip galvanised, and enameled and electrical steels.

Key Questions Answered in the Report:

• What are the high-growth opportunities and markets for flat steel by application and region?

• What are the types of flat steel available by region?

• Which segments and regions are projected to grow at a faster pace and why in the flat steel market?

• What is the nameplate capacity of flat steel by region from 2018 to 2032?

• How does the plant capacity utilisation of flat steel vary by region between 2018 and 2032?

• Who are the major players in the flat steel market by capacity and region?

• What major plant shutdowns and expansions have occurred in the flat steel market in the last year and the last quarter?

• What major plant shutdowns and expansions are planned in the flat steel market over the next year and quarters?

• How did export and import dynamics of flat steel vary by region in terms of value between 2018 and 2023?

• How did export and import dynamics of flat steel vary by region in terms of volume between 2018 and 2023?

• What impacts have shutdowns, force majeure events, and plant closures had on demand and pricing of flat steel?

• What are the environmental considerations and regulatory impacts affecting the flat steel market?

• What technological innovations are having an impact on the production and application of flat steel?

• What are the key trends and innovations in the flat steel market?

• What are the challenges and opportunities faced by flat steel manufacturers?

• What are the potential risks and barriers to entry for new players in the flat steel market?

• What strategic investments and expansions have major players made in the flat steel market?

• How are geopolitical factors and international trade policies affecting the global flat steel market?

• What are the price trends for flat steel, and how are they expected to change?

• How does the supply chain of flat steel operate, and what are its key components?