Global Flat Steel Market Revenue Surge to USD 652.5 Billion by 2026

Findings from Facts and Factors report "Flat Steel Market By Process (Basic Oxygen Furnace and Electric Arc Furnace), By Type (Sheets & Strips and Plates), By End-Use Sector (Building & Infrastructure, Mechanical Equipment, Automotive & Other Transport, and Others), and By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020-2026" states that the global Flat Steel market in 2019 was approximately USD 434.10 Billion. The market is expected to grow at a CAGR of 6.1% and is anticipated to reach around USD 652.5 Billion by 2026.

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Flat steel is a form of steel that is made by rolling steel slabs. It is majorly used in the production of plates, sheets, structural beams, and strips, as they are widely used in building & infrastructure, transportation, and electrical appliance industries due to their rare functional properties. Flat steel products generally help reduce corrosion and in turn, enhance the ductility, quality, and reliability of the end product.

Market Drivers:

The rapid industrialization, increasing investments in infrastructures, and surging urban population are the primary factors anticipated to boost the growth of the global Flat Steel market. In addition to this, the growing demand for flat steel in the various sectors including construction & infrastructure, automotive, and mechanical equipment is anticipated to augment the growth of the global Flat Steel market during the forecast period. Apart from this, the high strength and durability of flat steel help lower construction and maintenance costs in the long-run. However, the fluctuating prices of the raw materials are likely to hinder the global Flat Steel market growth.

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Market Segment Dominance:

Basic oxygen furnace category is estimated to hold the majority of the market share during the forecast period

The basic oxygen furnace is a traditional process that is widely practiced by steel manufacturers. Even though it is expensive, the high production rate, low labor requirement, and low nitrogen content are the reason for the high acceptance of basic oxygen furnace during the process of manufacturing flat steel. Thus, the basic oxygen furnace is anticipated to account for the largest market share during the forecast period.

Sheets & strips are projected to hold the largest market share in the Flat Steel market

The sheets & strips category is projected to hold the largest share of the Flat Steel market during the forecast period owing to the increasing applications in the home appliances, packaging, and electronics sectors. Moreover, the wide use of flat steel in making of door & window hoods, refrigerators, dry batteries, gutters, steel drums, wall ornaments, and others are likely to bolster the demand for sheets & strips which, in turn, will bolster the growth of the global Flat Steel market.

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Building & infrastructure is expected to grow at a faster rate during the forecast period

The rising use of flat steel in the construction of buildings& infrastructure, roads, railway tracks, bridges, factories, and other engineering structures are the primary reasons surging the growth of the building & infrastructure category. The low maintenance cost, lower construction costs, and beneficial functional properties such as strength, durability, flexibility, etc., while using flat steel will further help advance the building & infrastructure sector.

Regional Dominance:

Asia Pacific projected to grow at highest CAGR during the forecast period

The Asia Pacific is projected to lead the global Flat Steel market during the forecast period owing to the high demand for flat steel in China. Additionally, the growing number of end-use industries in developing regions like India, China, and others will augment the market growth. The growing urban population, rising economy, and the development in industries such as construction and automotive, among others, will further supplement the growth of the Flat Steel market.

Market Players:

Some of the major players of the global Flat Steel market include ThyssenKrupp AG, ArcelorMittal, Tata Steel, POSCO, SSAB AB, China Baowu Steel Group Corporation Limited, HBIS Group, Shougang Group Co., Ltd., Nippon Steel & Sumitomo Metal Corporation, JFE Steel Corporation, and Voestalpine Group.

This report segments the global Flat Steel market as follows:

Global Flat Steel Market: ProcessSegmentation Analysis

Basic Oxygen Furnace
Electric Arc Furnace

Global Flat Steel Market: Type Segmentation Analysis

Sheets & Strips
Plates

Global Flat Steel Market: End-Use Sector Segmentation Analysis

Building & Infrastructure
Mechanical Equipment
Automotive & Other Transport
Others

Global Flat Steel Market: Regional Segmentation Analysis

North America
The U.S.
Canada
Europe
Germany
The UK
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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