The global flat steel market is estimated at USD 434.8 billion in 2019 and is projected to reach USD 580.2 billion by 2024, at a CAGR of 5.9% from 2019 to 2024. The key factors driving the growth of this market are the increasing demand for flat steel products from building & infrastructure, mechanical equipment, automotive, and other end-use sectors.
Browse 127 market data Tables and 47 Figures spread through 165 Pages
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Building & Infrastructure end-use sector to lead the flat steel market by 2024
Building & infrastructure was the largest end-use segment of the global flat steel market in 2018. The large share is attributed to the extensive use of flat steel in the construction of buildings, railway tracks, roads, bridges, factories, and other engineering structures. It is also used widely in the manufacturing of roofs and in the cladding of exterior walls.
Asia Pacific to lead the global flat steel market during the forecast period
Asia Pacific accounted for the largest share of the global flat steel market in 2019. The market here is anticipated to grow at the highest CAGR between 2019 and 2024. Growth in this market is driven by the increasing demand for flat steel from China and India. China, with increasing demand from its construction and automotive industries, is the major consumer of flat steel in the Asia Pacific region. Among all countries in this region, the Indian market is expected to grow at the highest CAGR during the forecast period. The growth of the Indian market can be attributed to the ongoing and upcoming large infrastructure projects in the country.
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Some of the leading manufacturers of flat steel profiled in this report are ArcelorMittal (Luxembourg), Nippon Steel & Sumitomo Metal Corporation (Japan), Tata Steel (India), POSCO (South Korea), China Baowu Steel Group Corporation Limited (China), Shougang Group Co., Ltd., (China), SSAB AB (Sweden), JFE Steel Corporation (Japan), HBIS Group (China), ThyssenKrupp AG (Germany), and Voestalpine Group (Austria).
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Flat Steel Market
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Flat Steel Market by Process (Basic Oxygen Furnace, Electric Arc
Furnace), Type (Sheets & Strips, Plates), End-Use Sector (Building &
Infrastructure, Mechanical Equipment, Automotive & Other Transport),
Region - Global Forecast to 2024
[165 Pages Report] The global flat steel market is estimated at USD 434.8 billion in 2019 and is
projected to reach USD 580.2 billion by 2024, at a CAGR of 5.9% from 2019 to 2024. The key
factors driving the growth of this market are the increasing demand for flat steel products from
building & infrastructure, mechanical equipment, automotive, and other end-use sectors.
The basic oxygen furnace segment is projected to be the largest segment during the
On the basis of process, the basic oxygen furnace segment accounted for the largest share in 2018.
This is a traditional process that is widely accepted by steel manufacturers. The basic oxygen
furnace process is costlier than the electric arc furnace process. The high production rate, low
nitrogen content, and low labor requirements make basic oxygen furnace the most preferred
process of manufacturing flat steel.
By type, sheets & strips is expected to be the largest segment of the flat steel market
during the forecast period
By type, the sheets & strips segment accounted for the largest share of the flat steel market in
2018. This large share is mainly attributed to its increasing applications in the packaging, home
appliances, and electronics industries. They are extensively used in the manufacturing of door &
window hoods, wall ornaments, refrigerators, steel drums, steel furniture, dry batteries,
automobiles, washing machines, gutters, downspouts, and roof ornaments, among others.
Building & infrastructure is projected to be the fastest-growing and the largest end-use
sector of the flat steel market