Flat Steel Market worth $580.2 billion by 2024 | Key Players include ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, Tata Steel, POSCO, China Baowu Steel Group Corporation Limited

According to recent market research "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", The flat steel market is projected to grow from USD 434.8 billion in 2019 and reach USD 580.2 billion by 2024, at a CAGR of 5.9% from 2019 to 2024. The growth of this market can be attributed to the increasing demand for flat steel products from the building & infrastructure, mechanical equipment and automotive & other transport end-use sectors.

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Flat steel plates are widely used in the construction of buildings, bridges, dams, ships, offshore structures, hydro power stations, storage tanks, boilers, pressure vessels, and machinery. The growing building & infrastructure investment in emerging economies is likely to propel the growth of the plates segment in the flat steel market. Also, the availability of high strength steel plate grades has increased their use in the automotive sector.

On the basis of process, the basic oxygen furnace segment is expected to be the largest segment of the flat steel market. The growth of this segment can be attributed to the high production rate, low nitrogen content, and low labor requirements compared to other processes. This process is widely excepted by steelmaking companies across different regions and accounts for more than 70% of the global crude steel production.

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The 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 growing demand for flat steel products has led to significant developments in the flat steel market. The increasing urbanization and industrialization in emerging economies drive the flat steel market across the globe.

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) are key players in the flat steel market. These companies are investing in plant capacity expansions, new product development, agreements, collaborations, expansions & investments, acquisitions, and partnerships. They also have the potential to broaden their product portfolios and compete with other key market players.

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ArcelorMittal (Luxembourg) is a leading player in the flat steel market. It manufactures a wide range of high-quality finished and semi-finished steel products. ArcelorMittal sells its products to a diverse range of customers across the globe. The company serves a wide range of end-use industries such as automotive, construction, domestic appliances, energy, transport, and packaging. ArcelorMittal adopted several growth strategies such as joint ventures & acquisitions, expansions, agreements, contracts, and collaborations to expand its presence in the market. For instance, in December 2019, ArcelorMittal announced the acquisition of Essar Steel India Limited, (ESIL), a fully integrated flat carbon steel manufacturer located in Gujarat, India. The company simultaneously formed a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. This acquisition will help the company strengthen its market presence in India.

POSCO (South Korea) is the largest fully integrated steel producer in South Korea, and one of the largest steel producers in the world, based on annual crude steel production. The company's steel segment engages in the manufacturing and sale of hot rolled steel, steel plates, cold rolled steel, galvanized steel, electrical galvanized steel, electrical steel, automotive material, titanium, magnesium, wire rods, stainless steel, and aluminum-plated products. In November 2019, POSCO launched INNOVILT, a premium brand of steel products for the construction industry. The product is built to enhance the standard of steel products for construction. This has also led the company to expand its product portfolio to serve several applications.

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