, Flat steel is produced through melting and rolling from a semi-furnished material such as ingots or billets. The global flat steel market is expected to reach USD 733 billion, registering a CAGR of around 3% by the end of 2025. The prime driving factor of the global flat steel market is its widespread use in building & construction industry. Rapid industrialization and urbanization, coupled with the increased private and government infrastructural investments, are fueling the demand for flat steel. Properties such as durability, low maintenance, long shelf life, high strength, and reusability propel the demand for flat steel in the construction of low- and high-rise buildings, sports stadiums, bridge deck plates, harbors, cladding & roofing, offices, security fencing, and coastal & flood defenses. The major factors driving the growth of the construction industry include population growth, economic growth, high investments in infrastructure development, and a rise in tourism due to the hosting of mega-events. , Another factor driving the demand for flat steel is the growing automotive industry, wherein the steel is used in the manufacturing of automobile structure, panels, doors, engine blocks, gears, suspension, wheels, fuel tanks, steering, and braking systems. Increasing use of advanced high strength steel (AHSS) in automotive manufacturing for reducing the overall weight is driving the market growth. Furthermore, new grades of AHSS have been introduced, which enable the manufacturers to reduce the overall vehicle weight by 25–39% as compared to conventional steel. Moreover, with the increasing use of steel in electric vehicles, the demand for steel is projected to rise during the review period. For instance, the Future Steel Vehicle (FSV) program by WorldAutoSteel, an automotive group of the World Steel Association, delivers fully engineered steel-intensive designs for electric vehicles. The FSV designs can reduce mass by more than 35% over a benchmark vehicle and reduce total life cycle emissions by nearly 70%. Stringent regulations



Flat steel is produced through melting and rolling from a semi-furnished material such as ingots or billets. The global flat steel market is expected to reach USD 733 billion, registering a CAGR of around 3% by the end of 2025. The prime driving factor of the global flat steel market is its widespread use in building & construction industry. Rapid industrialization and urbanization, coupled with the increased private and government infrastructural investments, are fueling the demand for flat steel. Properties such as durability, low maintenance, long shelf life, high strength, and reusability propel the demand for flat steel in the construction of low- and high-rise buildings, sports stadiums, bridge deck plates, harbors, cladding & roofing, offices, security fencing, and coastal & flood defenses. The major factors driving the growth of the construction industry include population growth, economic growth, high investments in infrastructure development, and a rise in tourism due to the hosting of mega-events.

Another factor driving the demand for flat steel is the growing automotive industry, wherein the steel is used in the manufacturing of automobile structure, panels, doors, engine blocks, gears, suspension, wheels, fuel tanks, steering, and braking systems. Increasing use of advanced high strength steel (AHSS) in automotive manufacturing for reducing the overall weight is driving the market growth. Furthermore, new grades of AHSS have been introduced, which enable the manufacturers to reduce the overall vehicle weight by 25–39% as compared to conventional steel. Moreover, with the increasing use of steel in electric vehicles, the demand for steel is projected to rise during the review period. For instance, the Future Steel Vehicle (FSV) program by WorldAutoSteel, an automotive group of the World Steel Association, delivers fully engineered steel-intensive designs for electric vehicles. The FSV designs can reduce mass by more than 35% over a benchmark vehicle and reduce total life cycle emissions by nearly 70%. Stringent regulations by the US Environmental Protection Agency and the European Legislation for environment protection have resulted in a shift towards growing adoption of electric vehicles and hybrid vehicles. Concerns associated with decreasing CO2 emissions as well as reducing the use of petrochemicals has increased the production of electric vehicles, which consequently is expected to drive the demand for steel in automotive manufacturing.

Fluctuating iron ore prices is a significant factor hampering the market growth during the review period while declining steel production due to increasing focus on steel recycling is a challenge faced by the manufacturers.

Key players are focused on strategic growth initiatives such as acquisitions, product launches, integration, including expansion and agreements to meet the increasing product demand across the globe. For instance, in May 2019, Emirates Steel signed a 10-year agreement with a Finnish company, ECOFER in line with its long-term commitment and objective of zero waste production. Under the agreement, ECOFER will process slag from Emirates Steel’s Electric Arc Furnace and Ladle Furnace along with the refractory, heat-resistant materials which are emitted during manufacturing. The agreement will come into effect in 2020.



Global Flat Steel Market Share, by End-Use Industry, 2018 (%)

Source: MRFR Analysis







Key Players

Some of the prominent players of the global flat steel market are ArcelorMittal (Luxembourg), POSCO (South Korea), Jiangsu Shagang Group (China), NIPPON STEEL CORPORATION (Japan), Tata Steel (India), Nucor Corporation (US), SABIC (Saudi Arabia), Hyundai Steel (South Korea), ChinaSteel (China), Jianlong Group (China), Maanshan Iron & Steel Company Limited (China), ThyssenKrupp AG (India), JFE Steel Corporation (Japan), Albawardi Steel Industries (Saudi Arabia), AGIS (UAE), Essar Steel (India), ShaabanSteel (Saudi Arabia), ATI (US), Voestalpine AG (Austria), SSAB AB (Sweden), SAIL (India), METINVEST HOLDING, LLC (Ukraine), Severstal Russian Steel (Russia), NLMK (Russia), Gerdau S/A (Brazil), Hebei Puyang Iron and Steel Group (China), CITIC LIMITED (China), Baosteel Group (China), Laiwu Steel Group Limited (China), and JSW (India).

Regional Analysis



The global flat steel market is spanned across five regions, i.e., North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The market in Asia-Pacific held the most significant market share of the global flat steel market in 2018 on the backdrop of expanding industrial base in emerging countries such as India, Thailand, South Korea, and others. The increasing disposable income of the consumers has resulted in an increased number of new and renovation construction activities in the region. Moreover, the hosting of ICC World Cup 2023 in India is expected to further enhance the construction activities in the country, thus driving the demand for steel.

Middle East emerged as the fastest growing market in 2018 in line with the mega-events such as the World Expo 2020 and FIFA World Cup 2022 in UAE and Qatar. This is expected to increase the number of construction and renovation activities, thereby fueling the demand for steel in the region. Dubai has allocated USD 7 billion for infrastructure development and construction for the World Expo 2020 while the Qatar government plans to invest some USD 16.4 billion in infrastructure and real estate projects over the next four years under the National Vision 2030.



Segmentation



The global flat steel market has been segmented by product type, end-use industry, and region.

Based on product type, the global flat steel market has been segregated into slabs, hot-rolled coil, cold-rolled coil, sheets & strips, tinplate, coated steel, and others.

By end-use industry, the global market has been categorized as building & construction, automotive & transportation, machinery, electronics, consumer goods & appliances, oil & gas, energy, and others.



Intended Audience





Flat steel manufacturers



Traders and distributors of flat steel



Research and development institutes



Potential investors



Raw material suppliers



Nationalized laboratories



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