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Flat Steel Market Size
Flat steel market size exceeded USD 425 billion, globally in 2018 and is estimated to grow at over 5.5% CAGR between 2019 and 2026. Growing product popularity in numerous constructions & automotive applications pertaining to its energy-efficient, eco-friendly and cost-effective nature should foster the market expansion.
Flat steel is a form of steel which is rolled from steel slabs and is used in the production of sheets, plates, structural beams and strips. These products are extensively served in building & infrastructure, transportation and electrical appliance industries owing to their unique properties. Flat steel products help improve the anti-corrosion properties of steel & enhance the quality, ductility and reliability of the finished product.
Growing investments in building & infrastructure owing to rising urbanization has increased the demand for highly durable materials from the industry which contribute to minimal carbon footprint. In accordance to the World Steel Association, building operations account for about 28% of the global carbon emissions. Flat steel products offer intrinsic properties such as versatility and recyclability which substantially helps in improving the environmental performance of the buildings, thus driving the product demand. However, raw material procurement risk and fluctuations in material prices is expected to hinder the flat steel market growth.
Growing consumer awareness towards the benefits of flat steel such as design flexibility, high strength, low maintenance & construction cost are key attributes driving the product demand. Increasing government expenditure on infrastructure development and growing presence of a vast consumer base has led to a booming manufacturing sector which shows lucrative opportunities for flat steel market expansion.
| Report Attributes | Details |
|---|---|
| Base Year: | 2018 |
| Market Size in 2018: | 426.5 billion (USD) |
| Forecast Period: | 2019 to 2026 |
| Historical Data for: | 2015 to 2018 |
| No. of Pages: | 260 |
| Tables, Charts & Figures: | 317 |
| Segments covered: | Product & End-Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Several flat steel manufacturers are focusing on research & development to offer improved product innovations and are also engaged in expanding their existing manufacturing facilities. Growing emphasis towards the development of green buildings has urged steel makers across the globe to offer sustainable solutions which is expected to accelerate the flat steel market growth in the projected time period.
Flat Steel Market Analysis
Global flat steel market is bifurcated on the basis of products as hot rolled flat sheets, hot rolled coils, electrical sheet & strip, metallic coated sheet & strip, non-metallic coated sheet & strip and tin plates. Hot rolled flat sheets market size surpassed over 110 million tons in 2018 which shows optimum growth opportunities.
Hot rolled flat steel sheets involve the rolling of steel above the steel recrystallization temperature. The process helps in the manufacture of steel sheets which can be deformed and shaped easily in varied sizes. These products do not require any post-forming heat treatment, are economical and offer effective mechanical properties which are the key driving factors for the flat steel market.
Hot rolled flat steel sheets find extensive usage in automotive, structural sections, railroad and various construction applications as these products offer high formability, corrosion resistance and are also suitable for applications which require optimum shape and appearance. In addition, superior workability of these high strength sheets makes them useful in several interior & exterior infrastructure applications which is further expected to have a positive impact on the flat steel market growth.
On the basis of application, the market is segmented into building & infrastructure, automotive & transportation, mechanical equipment, electrical appliances, agriculture equipment, gas containers and others. Rising adoption of flat steel products in infrastructure development owing to its ability to provide superior aesthetic appeal, high performance & efficiency should accelerate the flat steel market.
Flat steel sheets & strips are widely used in the construction of new residential and commercial buildings owing to their lightweight, enhanced safety and exceptional durability. These products act as a suitable substitute to other metals & alloys used in construction industry as they promote sustainable development at a cost-effective price when compared to other materials.
Rising environmental degradation has urged steel manufacturers to provide solutions which enable energy efficient buildings which is expected to accelerate the product demand from the construction industry. For instance, the HAMK Sheet Metal Centre in Finland, a near zero energy building, significantly reduced its cost of electricity and district heating by utilizing steel solutions in April 2015. Increasing product popularity in several construction applications owing to its eco-friendly nature and high performance shall foster the flat steel market share in the forecasted timeperiod.
North America flat steel market from automotive & transportation applications is likely to register gains at over 3% by 2026. Growing presence of a significant number of automotive manufacturers along with considerable economic growth has led to increasing requirement of passenger cars & commercial vehicles in North America. Rising government initiatives to improve consumer awareness towards increasing carbon emissions has boosted the adoption of electric vehicles which is further expected to foster the market growth.
Flat steel sheets in auto components manufacturing offer various benefits such as suitability for rigid fabrication, resistance to corrosion & heat and exceptional tolerance rate which makes them ideal for automotive production. Rapid growth in automotive sector in Mexico owing to low production cost, government incentives and low tariffs is further expected to stimulate the flat steel market in the region.
Flat Steel Market Share
Global flat steel market is significantly fragmented with key market players including
- POSCO
- Nippon Steel & Sumitomo Metal Corporation
- ArcelorMittal
- Thyssenkrupp
- China Steel Corporation
Steelmakers are engaged in mergers & acquisitions and partnerships so as to expand their product portfolio and cater to the rising product demand across the globe. Major manufacturers are focusing on partnerships to gain a competitive edge in the industry. In March 2019, Nippon Steel confirmed the completion of procedures to acquire 51% of the common shares of Sanyo Special Steel Co., Ltd. Sanyo will legally be a part of NSSMC as a subsidiary. The agreement is expected to strengthen the special steel business for both companies and promote global flat steel market sales.
In June 2019, Tata Steel completed the acquisition of Bhushan Energy, which operates as a division of Bhushan Steel. This agreement will help enhance company’s ability to provide high performance steel materials for use in several end use industries.
The flat steel market research report includes in-depth coverage of the industry trends, with estimates & forecast in terms of volume (Million Tons) and revenue (USD Million) from 2015 to 2026, for the following segments:
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By Product
- Hot rolled flat sheets
- Hot rolled coils
- Electrical sheet & strip
- Metallic coated sheet & strip
- Non-metallic coated sheet & strip
- Tin Plates
By End-Use
- Building & Infrastructure
- Residential
- Commercial
- Transport Network
- Utilities
- Automotive & Transportation
- Mechanical Equipment
- Electrical Appliances
- Agriculture Equipment
- Gas Containers
- Others
The above information has been provided for the following regions and countries:
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Poland
- Spain
- Austria
- Belgium
- APAC
- China
- India
- Japan
- South Korea
- Thailand
- Malaysia
- Australia
- Indonesia
- Latin America
- Brazil
- MEA
- Saudi Arabia
- UAE
- South Africa
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