Flat Steel Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments | ArcelorMittal S.A., POSCO Holdings Inc, Ansteel Group Corporation Limited, Nippon Steel Corporation

"The flat steel market size has grown steadily in recent years. It will grow from $584.26 billion in 2023 to $611.03 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to construction and infrastructure growth, automotive industry expansion, manufacturing and machinery sector demand, shipbuilding activities, consumer goods manufacturing..

The flat steel market size is expected to see strong growth in the next few years. It will grow to $743.01 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to global urbanization trends, renewed infrastructure investments, automotive industry innovations, rise in renewable energy projects.. Major trends in the forecast period include growing emphasis on sustainable and recyclable flat steel, customization and tailoring of flat steel products, increasing role of digitalization in supply chain management, influence of industry 4.0 in flat steel production..

Market Overview -
Flat steel is a type of processed metal that is formed in flat sheets or strips with consistent thickness and width properties by melting and stretching under an applied force. It is produced by rolling a slab or billet through a series of rolling mills, compressing and shaping the steel into a flat form.

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Construction Industry Expansion Fuels Growth In The Flat Steel Market
Expansion of the construction industry is expected to propel the growth of the flat steel market in the coming future. The construction industry refers to the economic sector that is involved in the planning, designing, building, and maintenance of structures and infrastructure that includes a wide range of operations, such as residential, commercial, industrial, and civil engineering construction projects. Flat steel is widely utilized in the construction of structural components such as beams, columns, and girders, which offers strength and load-bearing characteristics that make it perfect for carrying the weight of buildings, bridges, and other structures. For instance, in 2022, according to the Bureau of Economic Analysis (BEA), a US-based government organization for industry statistics, the size of the United States construction industry increased from $1.916 trillion in the 2021 to $2.016 trillion in the 2022. Therefore, the expansion of the construction industry is driving the steel flat market.

Competitive Landscape -
Major companies operating in the flat steel market report are ArcelorMittal S.A., POSCO Holdings Inc, Ansteel Group Corporation Limited, Nippon Steel Corporation, HBIS Group, Jiangsu Shagang Group Company Limited, Nucor Corporation, ThyssenKrupp AG, JFE Steel Corporation, Tata Steel Limited, Angang Steel Company Limited, Shougang Group Co. Ltd., JSW Steel, United States Steel Corporation, Novolipetsk Steel, Voestalpine AG, Hyundai Steel Company, Evraz Group S.A., Gerdau S.A., Steel Authority of India Limited, SSAB AB, Severstal, Outokumpu, Allegheny Technologies, Ezz Steel, Metals USA Holdings, Acerinox, Essar Steel, Yieh Corp.

Revolutionary Pre-Painted Flat Steel For Harsh Environments
Product innovation is a key trend gaining popularity in the flat steel market. Major companies operating in the flat steel market are working on new product innovations to sustain their position in the market. For instance, ArcelorMittal S.A. a Luxembourg-based steel manufacturing company, introduced Granite HDXtreme, a new pre-painted flat steel for roofs and façades with UV and corrosion protection designed for extremely harsh situations. Granite HDXtreme is a highly sustainable steel that is devoid of chromates and heavy metals and is 100% recyclable, resulting in a smaller CO2 footprint when compared to alternative solutions such as aluminum. Its strength stems from its 75m three-layer coating technique. Each layer has a distinct yet essential role, in which the primer layer is critical in corrosion protection, and on top of it is a basecoat, which protects the durability of the steel and provides the final color. A varnish layer is applied to the coating to enhance texture, increase lifespan, surface robustness, and improve UV weathering potential.

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Key Segments -
The flat steel market covered in this report is segmented -
1) By Product: Sheet And Strips, Plates
2) By Material: Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel
3) By Process: Basic Oxygen Furnace, Electric Arc Furnace
4) By End User: Building And Infrastructure, Mechanical Equipment, Automotive And Other Transport, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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