Steel Flat-Rolled Products Market Size 2023-2027
The steel flat-rolled products market size is forecast to increase by USD 309.07 million T at a CAGR of 5.55% between 2023 and 2027. The global market is experiencing significant growth due to the increasing demand for corrosion resistance and excellent mechanical properties in various industries. These products are finding increased penetration in sectors such as automotive, construction, and packaging, driving market expansion. Moreover, stringent government regulations, particularly in the automotive and construction industries, are pushing manufacturers to produce high-quality, sustainable flat-rolled products, further boosting market growth. Additionally, advancements in production technologies and the integration of digitalization in manufacturing processes are enhancing the efficiency and productivity of steel flat-rolled product manufacturers, contributing to market growth.
The market is experiencing significant growth due to the increasing demand for flat steel products in various industries. The market consists of flat-rolled plates and sheets, which are produced by rolling semi-finished steel from slabs using techniques such as hot-rolling and cold-rolling in a basic oxygen furnace or electric arc furnace. The major applications of flat steel products include domestic appliances, construction, shipbuilding, automobile, and corrosion protection. In construction, flat steel plates and sheets are used for building and infrastructure development. In the automobile industry, flat-rolled stainless steel is used for manufacturing automobile parts due to its high corrosion resistance.
Furthermore, the demand for flat steel products is also high in industries such as domestic appliances, where they are used in the production of water heaters and boilers. Moreover, the demand for flat steel products is increasing in industries such as shipbuilding, automobile, and mechanical equipment due to their excellent mechanical properties. To enhance the corrosion resistance of flat steel products, they are often coated with materials such as zinc. The market is witnessing growth in industries such as food processing, chemical processing, and medical equipment due to the increasing demand for flat steel components in these sectors.
Market Segmentation
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2023-2027, as well as historical data from 2017 - 2021 for the following segments.
- Product
- Sheet and strips
- Plates
- End-user
- Infrastructure and construction
- Automobiles and transportation
- Consumer goods
- Machinery
- Others
- Geography
- APAC
- China
- India
- Japan
- Europe
- Germany
- North America
- US
- Middle East and Africa
- South America
- APAC
By Product Insights
The sheet and strips segment is estimated to witness significant growth during the forecast period. Flat steel products, including plates and sheets, are primarily derived from semi-finished steel through the process of hot rolling from slabs, followed by pickling and cold rolling to achieve the desired thickness. These steel coils, sheets, and strips are extensively utilized in various sectors such as domestic appliances, construction, shipbuilding, automobile, and more. In construction, they find applications in bridges, buildings, sports stadiums, prefabricated structures, airports, railway stations, and warehouses. The shipbuilding industry uses these products in constructing barges, offshore equipment, and oil rigs. Additionally, they are employed in the automotive sector for manufacturing domestic appliances like water heaters and boilers, automobile parts, medical equipment, food processing equipment, kitchen essentials, compressor valves, and chemicals processing.
Furthermore, in the renewable energy sector, they are used in thermal, hydro, and atomic power stations, military applications, and pressure valves. Cold-rolled applications include visual appeal elements like windshields and heavy machinery components. Plastic composites and electric arc furnaces also utilize sheets and strips. These advanced technology steel flat-rolled products offer superior corrosion resistance, making them ideal for zinc coating and other corrosion protection methods. Furthermore, the automobile industry uses flat-rolled stainless steel for manufacturing hybrid and electric vehicles.
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The sheet and strips segment was valued at USD 494.40 million t in 2017 and showed a gradual increase during the forecast period.
Regional Insights
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.
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The market in APAC is poised for significant growth due to the increasing demand from various sectors, including Building and Infrastructure, Home Appliances, and the Electronics Industry. Rapid industrialization and infrastructure development in countries like Indonesia, South Korea, and India are driving the market's growth. In Indonesia, for instance, the government's commitment to invest over USD 430 billion in infrastructure projects by 2024 is expected to boost the demand for steel flat-rolled products. In 2021, infrastructure spending in the country accounted for more than 60% of the total projects, with a focus on road, rail, and port development. The engineering structures sector is another major consumer of steel flat-rolled products, with the increasing demand for Basic Oxygen Furnaces driving the market's growth. Overall, the market is expected to grow steadily during the forecast period, fueled by these key sectors and government initiatives.
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.
Steel Flat-Rolled Products Market Driver
The corrosion resistance and excellent mechanical properties is the key driver of the market. Steel flat-rolled products, including plates and sheets, play a significant role in various industries due to their superior mechanical properties and corrosion resistance. These products are rolled from semi-finished steel and are widely used in domestic appliances, construction, shipbuilding, automobile manufacturing, and numerous other sectors. The application of zinc and other corrosion protection methods enhances the resistance of steel flat-rolled products against environmental factors. In the construction industry, steel flat-rolled products are utilized in real estate development, residential and commercial buildings, and infrastructure projects. In the healthcare sector, they are essential for manufacturing medical equipment and food processing equipment.
Furthermore, the automobile industry uses these products for manufacturing components such as compressor valves, automobile parts, and windshields. The growing demand for hybrid and electric vehicles is driving the market for steel flat-rolled products due to their lightweight and high-strength properties. Advanced technology, such as precision rolling and plastic composites, is used to enhance the visual appeal and performance of these products. Raw materials, such as hot-rolled and cold-rolled steel, undergo special processing techniques, including accelerated cooling and controlled rolling, to improve their mechanical properties. The market is expected to grow significantly due to the increasing demand from the oil and gas industry. The exploration of oil and gas reserves in challenging environments necessitates the use of high-strength and corrosion-resistant steel products. Applications in the chemicals processing industry and heavy machinery manufacturing are also contributing to the market growth.
Steel Flat-Rolled Products Market Trends
The increased penetration in industrial applications is the upcoming trend in the market. Steel flat-rolled products, including plates and sheets, are essential in various industries due to their superior properties, such as durability, yield strength, and corrosion resistance. These semi-finished steel products are rolled from slabs and find extensive applications in domains like domestic appliances, construction, shipbuilding, automobile manufacturing, and more. Incorporating additives such as nickel, chromium, and manganese enhances their corrosion protection, ensuring longevity in harsh environments. Steel flat-rolled products play a pivotal role in industrial processes, facilitating the storage and conveyance of liquids, gases, and air. Their high strength, formability, and recyclability make them indispensable in numerous applications. In the automotive sector, these products contribute to the production of axle shafts, steering components, chassis parts, and seats.
Moreover, steel flat-rolled products are utilized in advanced technology sectors like real estate development, healthcare, and commercial buildings, where visual appeal and strength are crucial. Applications include water heaters, boilers, automobile parts, medical equipment, food processing equipment, and kitchen essentials. In the realm of transportation, they are used in compressor valves, chemicals processing, windshields, heavy machinery, and precision rolling for plastic composites. Hot-rolled and cold-rolled steel flat-rolled products cater to diverse industries, offering superior corrosion resistance and mechanical strength. Technologies like Electric Arc Furnaces are employed to produce these products, ensuring high-quality standards. Steel flat-rolled products' versatility and performance make them an indispensable component in numerous industries, including hybrid and electric vehicles, where lightweight and strength are essential.
Steel Flat-Rolled Products Market Challenge
The stringent government regulations is a key challenge affecting the market growth. Steel flat-rolled products, including plates and sheets, are essential in various industries such as domestic appliances, construction, shipbuilding, automobile, and more. These products are rolled from semi-finished steel and undergo advanced technology processes like cold rolling and hot rolling to meet specific requirements. Flat-rolled stainless steel is used in sectors like real estate development, healthcare, and commercial buildings due to its superior corrosion resistance. In the automotive industry, flat-rolled steel is utilized in manufacturing components like compressor valves, automobile parts, and windshields. Moreover, flat-rolled steel is applied in various industries like chemicals processing, food processing, and healthcare for equipment manufacturing.
Furthermore, zinc coating is often used for corrosion protection in these applications. The production of steel, however, contributes significantly to greenhouse gas emissions, releasing approximately 1.5-1.9 tons of CO2 for every ton produced. With the increasing environmental concerns, the Paris Agreement, signed by 196 countries in 2015, aims to reduce industrial emissions. The steel industry includes raw materials like iron ore, coal, and limestone, and advanced technology like Electric Arc Furnace is used to produce steel. Cold-rolled applications include visual appeal elements like plastic composites, while hot-rolled steel is used in heavy machinery manufacturing. Steel flat-rolled products are also used in hybrid and electric vehicles for various components like batteries, panels, and chassis.
Exclusive Customer Landscape
The market forecasting 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 market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies 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 market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- 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.
- voestalpine AG
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
The global market is witnessing significant growth due to the increasing demand from various end-use industries such as domestic appliances, construction, shipbuilding, automobile, and real estate development. The market includes a wide range of products, including plates and sheets, rolled from slabs, and semi-finished steel. Flat-rolled products find extensive applications in sectors like healthcare, residential and commercial buildings, and automotive industries, particularly in the production of hybrid and electric vehicles. Corrosion protection is a crucial factor driving the demand for steel flat-rolled products. Zinc coating is commonly used for corrosion resistance in applications such as water heaters, boilers, and automobile parts.
Furthermore, advanced technology, such as precision rolling and plastic composites, is also contributing to the market's growth. Flat-rolled stainless steel, which is known for its superior corrosion resistance, is gaining popularity in industries like medical equipment, food processing equipment, and kitchen essentials. Raw materials, such as iron ore and coal, play a significant role in the production of steel flat-rolled products. The market is primarily served by electric arc furnaces, which use advanced technology to produce high-quality steel. The market is expected to witness significant growth due to the increasing demand for cold-rolled applications, including compressor valves, chemicals processing, and windshields. Additionally, heavy machinery and visual appeal are also driving the demand for hot-rolled and cold-rolled products in various industries.
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Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.55% |
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Market growth 2023-2027 |
309.07 million T |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.13 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 60% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Market Research and Growth Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
- Precise estimation of the size of the market and its contribution of the market in focus to the parent market
- Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
- Growth of the market across APAC, Europe, North America, Middle East and Africa, and South America
- Thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
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