Enjoy complimentary customisation on priority with our Enterprise License!
The steel flat-rolled products market size is estimated to grow at a CAGR of 5.55% between 2022 and 2027. The steel flat-rolled products market size is forecast to increase by 309.07 million t. The growth of the market depends on several factors, including corrosion resistance and excellent mechanical properties, an upsurge in consumption of high-strength steel flat-rolled products, and rising construction and infrastructure projects.
This steel flat-rolled products market report extensively covers market segmentation by product (sheet and strips, and plates), end-user (infrastructure and construction, automobiles and transportation, consumer goods, machinery, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
Corrosion resistance and excellent mechanical properties are notably driving the market growth, although factors such as volatility in raw material prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Corrosion resistance and excellent mechanical properties are notably driving the market growth. Steel flat-rolled products' properties, such as their resistance to gases and liquids, strength, durability, and appearance, are all impacted by corrosion. Steel application enhances the ability of steel flat-rolled products to resist corrosion. Excellent mechanical properties, creep resistance, fatigue resistance, and fatigue resistance are also displayed by steel flat-rolled products, increasing their strength, formability, weldability, and atmospheric resistance.
Positive market growth is being witnessed by the rising demand for steel flat-rolled products in the oil and gas sector. Because of the depleting petroleum reserves, oil and gas exploration is becoming more and more challenging. As a result, a number of remote oilfields that were once thought to be uneconomic are now being investigated to meet the rising demand for oil and gas. As a result, exploration in deep waters and offshore is growing. The demand for steel to withstand such harsh conditions is increased by the high pressure, high temperature, high CO2, and high H2S content conditions in these fields. Hence, such factors will boost market growth during the forecast period.
Increased penetration in industrial applications is an emerging trend in market growth. Due to their dependability, yield strength, and corrosion resistance, steel flat-rolled products are frequently used in industrial applications. They are extensively used in food and beverage, electrical engineering, chemicals, petrochemicals, mining and quarrying, and chemical industries. Steel flat-rolled products have corrosion resistance and strength due to additives like nickel, chromium, and manganese. They also offer protection against mechanical harm. Products made from flat-rolled steel have high strength, formability, and recyclable qualities.
Axle shafts, steering parts, chassis parts, and seats, for example, are all made from flat-rolled steel products in the automotive industry. Products made from flat-rolled steel retain and improve steel's strength. Additionally, it makes the surface look better and stops corrosion. As a result, it enhances the performance of vehicles' safety systems, which is a crucial requirement for modern automobiles. Thus, increased penetration in industrial applications will drive the growth of the global market during the forecast period.
Volatility in raw material prices is a major challenge impeding the market growth. Iron ore, steel, and zinc are a few of the different commodities, metals, and industrial raw materials that are needed to make steel flat-rolled products. The performance of the world economy and price elasticity directly affect the prices of commodities and metals. Price volatility affects the stakeholders in the value chain's profit margins and creates uncertainty in the market. During the forecast period, fluctuations in raw material prices will also reduce manufacturers' profit margins, posing a barrier to their expansion.
Due to the unstable prices of raw materials and the overproduction of steel, the prices of steel flat-rolled products are unstable. Steel prices are also impacted by the drop in oil prices. Due to ongoing price fluctuations, manufacturers of steel flat-rolled products find it challenging to forecast raw material prices. Therefore, during the forecast period, the growth of the global market for steel flat-rolled products will face challenges due to high raw material cost volatility.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Steel Flat-Rolled Products Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alliance Steel - The company offers a wide range of steel, including hot-rolled steel, cold-rolled steel, coated steel, pre-paint steel, and stainless steel. The key offerings of the company include steel flat-rolled products such as hot rolled steel, hot rolled pickled and oiled, hot rolled pickled dry, and cold rolled steel.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the sheet and strips segment will be significant during the forecast period. Pickling is a process used to make flat-rolled steel products like sheets and strips primarily from hot-rolled strips. The thickness of the strips is then lowered to the necessary level using cold rolling. These are extensively used in the military, pressure valves, automotive, electrical appliances, renewable energy, marine and offshore instruments, construction and structural applications.
Get a glance at the market contribution of various segments View the PDF Sample
The sheet and strips segment was valued at 494.40 million t in 2017 and continued to grow until 2021. The majority of flat products are made of sheets and coils. These products are frequently used in mechanical parts and industrial tools in addition to structural and building applications. These products are hot- and cold-rolled and have characteristics like high strength, excellent thickness, and resistance to corrosion. Flat steel products come in a variety of forms, including hot-rolled coil (HRC), cold-rolled coil (CRC), metallic-coated coil (MC), organic-coated coil (OC), and coated coil (CC). Steel sheets and strips are used in military applications to create military structures and vehicles, including trucks, jeeps, tanks, and other ground vehicles. They are also used in shipbuilding and ship repair for naval applications to provide corrosion-free characteristics. Thus, the increasing demand for steel sheets and strips will spur the growth of the segment of the global market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 60% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Due to the region's rapid industrialization and infrastructure development, the demand for steel flat-rolled products is anticipated to increase steadily. The demand for steel flat-rolled products is also anticipated to increase due to rising government initiatives in various nations, which will ultimately fuel the expansion of the APAC market during the forecast period. Indonesia made the commitment to invest more than USD 430 billion in infrastructure development by 2024 in July 2020. More than 60% of Indonesia's total infrastructure project spending in 2021 went toward constructing roads, rails, and ports. Such developments will fuel the demand for steel flat-rolled products during the forecast period.
In 2020, the outbreak of COVID-19 hindered the growth of the regional market. However, the lifting of lockdowns in several countries from the start of 2021, coupled with various government initiatives such as mass vaccination drives, resulted in a gradual increase in economic activities. Also, several regional governments across the region announced stimulus packages for helping small- and medium-sized enterprises (SMEs) and also modified a few policies such as tax rebates. Hence, such factors will drive the growth of the regional market during the forecast period.
The steel flat-rolled products market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global steel flat-rolled products market as a part of the global steel market within the overall metals and mining market. The parent market covers products and companies engaged in the production of steel for a wide range of industrial applications. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Steel Flat-Rolled Products Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.55% |
Market growth 2023-2027 |
309.07 mn t |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.13 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 60% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acerinox SA, Alliance Steel, ArcelorMittal SA, China BaoWu Steel Group Corp. Ltd., Danieli and C. Officine Meccaniche Spa, E United Group, Ezz Steel Co. S.A.E., HBIS Group Co. Ltd., JFE Holdings Inc., NIM Group, Nippon Steel Corp., Nucor Corp., Outokumpu Oyj, POSCO Holdings Inc., Reliance Steel and Aluminum Co., SSAB AB, Tata Steel Ltd., thyssenkrupp AG, United States Steel Corp., and voestalpine AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.