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Flat Steel Market Size, Share & Industry Analysis, By Type (HRC, CRC, Sheets, and Others), By Application (Construction, Automotive & Transportation, Mechanical Equipment, Energy, Packaging, and Others), and Regional Forecast, 2024-2032

Region : Global | Format: PDF | Report ID: FBI102911



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The global flat steel market size was valued at USD 433.83 billion in 2023 and is projected to grow from USD 526.57 billion in 2024 to USD 803.61 billion by 2032, exhibiting a CAGR of 4.6% during the forecast period.

Flat steel is a type of steel mainly produced from iron ore, scrap steel, and coal. The product enhances the toughness, reliability, consistency, and quality of end products and reduces waste. Also, it improves the end-user products' performance and helps in hassle-free processing while improving yield and product shelf life. Such factors augment product demand in the automotive and construction industries.

Furthermore, the growing adoption of steel in various applications for providing greater quality products and cost reduction will fuel the adoption of flat steel. Furthermore, technological advancements to make the product more reliable and lightweight, coupled with the rapid development of infrastructure in developing countries, such as India and China, will fuel the flat steel market growth during the forecast timeframe.

The COVID-19 pandemic caused disturbances in the supply chain, containment measures, and suspension of consumption activities, resulting in a shortage of raw materials, machinery closures, and severe unavailability of skilled and trained labors. Factories were shut down, causing steel production to decrease. Moreover, automotive producers, such as Tesla, Tata Industries, and Maruti Suzuki, reported a decline in production activity due to the shutdown of operations during the COVID-19. This closure of operations created an impact on flat steel adoption. However, product demand recovered swiftly in emerging nations than in developed ones owing to the adoption of steel in the mechanical industry.

Flat Steel Market Trends

Rapid Inclusion of Steel in the Automotive Industry Attributable to its Characteristics to Propel Market Progress

The automotive industry is redesigning due to various factors that aim to improve profit margins, where steel is replaced with composite materials and aluminum. However, substantial parts of vehicle bodies, such as guards and vehicle frames, are produced from steel. Such factors make the automotive industry one of the primary consumers of flat steel products, accounting for more than 10% of all steel manufactured globally. In addition, the demand for cold rolled steel for interior parts and exterior body applications in automotive is increasing due to its dent resistance and high formability. Also, auto parts requiring impact resistance and good surface finishing observe strong sales. Such factors lead to higher demand for flat steel, thus providing lucrative opportunities for the market.

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Flat Steel Market Growth Factors

Robust Demand for Flat Steel from the Construction Industry to Drive Market Growth

The increasing pace of nuclearization of the population and growing urbanization are the key factors driving the construction industry’s growth. This industry adopts flat steel in construction frames and structural support for staircases, roofing, welded structures, and shed applications. The increasing affluence of the middle class, the rising trend of owning multiple houses, and the redevelopment or renovation of houses further propel the construction industry, thereby driving the market. Moreover, construction projects, such as skyscrapers, infrastructure, and steel bridges, consume many steel plates. At the same time, demand from the infrastructure sector for highways, roads, and rail projects is projected to grow during the review period.

In addition, flat steel is used in structural components, such as beams, columns, and braces, to provide support and stability. Its high tensile strength makes it ideal for carrying heavy loads and withstanding external forces, such as wind and earthquakes. Furthermore, steel sheets are used for roofing and cladding in both residential and commercial buildings. They provide weather resistance, durability and aesthetic appeal. Steel roofing sheets are available in various profiles and coatings to suit different architectural styles and climate conditions.

Furthermore, steel panels are used in facades and curtain walls to create visually appealing exteriors for buildings and achieve architectural design requirements. Steel's lightweight nature allows for innovative designs while providing structural integrity. Overall, the construction industry's reliance on flat steel underscores its importance as a foundational material for building safe, durable, and aesthetically pleasing structures and infrastructure. Hence, rising innovation in the steel industry and rapidly growing construction projects will fuel market growth.


Fluctuation in Steel Prices is Likely to Hamper the Market Proliferation 

Fluctuations in steel prices and raw materials for coal, iron, and scrap steel are observed regularly. The price of raw materials is highly unstable due to the laws of supply and demand. Additionally, the manufacturing costs impact storage capacity and prices. Such fluctuations in steel prices influence steel production costs. Moreover, product prices are directly dependent on steel. Hence, changes in steel prices affect the final product price. Furthermore, steel prices have augmented promptly due to a significant rise or fall in demand and geopolitical events, hindering market expansion in the forecast period.

Flat Steel Market Segmentation Analysis

By Type Analysis

HRC Segment to Dominate the Market Owing to High Demand from Equipment and Machinery Applications

Based on type, the market is classified into Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), sheets, and others.

The HRC segment is estimated to continue its dominance during the forecast period owing to increasing demand from agriculture equipment, construction, machinery, and pipe-making applications. This product aids in providing high strength, durability, temperature resistance, and formability characteristics. Furthermore, growing its preference in areas that do not necessitate much force and shape change, along with growing technological innovations in HRC, would augment the segment’s growth.

By Application Analysis

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Construction Segment to Dominate Owing to Increasing Applications of Flat Steel

Based on application, the market is segmented into construction, automotive & transportation, mechanical equipment, energy, packaging, and others. The construction segment accounted for the largest market share in 2023. The product is mainly adopted in roofing, sheds, welded structures, and staircases in the construction industry owing to its optimal cost, safety, and lightweight characteristics. Additionally, the rising preference for modern techniques, including monolithic construction, for faster implementation of projects will further boost the demand for the product in the construction industry.

Due to the rising adoption of electric vehicles in China, Germany, and the U.S., the rapidly growing automotive industry is anticipated to fuel the consumption of the product. The formability and high strength of CRC and HRC products will increase their adoption of mechanical equipment, such as industrial and agricultural tractors. Rising adoption of corrosion-resistant material from several equipment producers will boost product demand in the mechanical equipment segment.

The others segment includes metal products, domestic appliances, consumer goods, defense, packaging, and electronics. Product consumption is high in such applications due to its ultimate shear and tensile strength. Moreover, the rising adoption of electronics accessories and increasing consumer disposable income coupled with the increasing demand for metals in producing industries resulted in high product demand. Hence, such factors would further flourish the market growth rate during the forecast period.


Asia Pacific Flat Steel Market Size, 2023 (USD Billion)

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The Asia Pacific market size stood at USD 220.61 billion in 2023, dominating the global market share. Increasing industrialization and rising technological innovation in steel are estimated to fuel market growth in the region. The major market share was held by China, owing to rising steel manufacturing and the growing development of the construction industry, while increasing research & development activities are likely to fuel the product’s demand in China.

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In Europe, technological innovation and rapid growth in the automotive sector are anticipated to attract robust adoption of flat steel. This factor increases the demand for steel sheets and HRC. In North America, the product’s greater strength and temperature-resistant characteristics are expected to boost the demand for CRC in electronic and engineering applications.  

Mexico and Brazil are the primary countries in Latin America. Increasing product adoption in consumer goods industries, metal products, and mechanical equipment will drive market progress. The expansion of the construction sector in the Middle East & Africa is anticipated to contribute to the market’s growth in the coming years due to increasing developments of industrial facilities and manufacturing capacities by several firms, thereby facilitating the growth of construction activities in the region.

List of Key Companies in Flat Steel Market

Business Expansion in the Construction Industry to Retain More Customers is the Key Strategic Initiative Implemented by Companies

Key players operating in the market include ArcelorMittal, ThyssenKrupp Steel Europe, and Nippon Steel Corporation. They are engaged in product innovation, capacity improvement, collaborations, and acquisition in the market. Nippon Steel Corporation is a steel producer and uses hot and cold-rolled processes to produce steel-based products for customers. The company is further involved in steel research & development, acquisitions, and innovation to satisfy consumer demands.



  • June 2022: Nippon Steel Corporation announced the offering of a 30-year service life warranty program for ZEXEED, the company's high corrosion-resistant coated steel in relation to perforation caused by corrosion in products that satisfy certain requirements. This development will help the company serve its customers efficiently.

  • April 2021: Nippon Steel Corporation (Nippon Steel) announced the launch of its new product, ZAM-EX, highly corrosion-resistant coated steel sheets for the global market. This product development will allow the company to gain competence in the market.  

  • March 2021: ArcelorMittal launched XCarb, an initiative to reduce CO2 emissions during steel manufacturing while focusing on achieving demonstrable progress toward carbon-neutral steel. The company invested in several initiatives to reduce carbon emissions from the blast furnace.

  • October 2020: ArcelorMittal Europe announced a CO2 technology strategy to produce the first green steel solutions for customers. With this initiative, the company aims to deliver its 30% CO2 emissions target by 2030 and achieve net zero by 2050. Also, the company is implementing projects in almost all flat product sites to use gases from different sources for blast furnace injection to reduce CO2 emissions.


An Infographic Representation of Flat Steel Market

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The flat steel market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, types, applications, and products. Also, it provides quantitative data in terms of volume and value, market analysis, research methodology for market data, and insights into market trends. It highlights vital industry developments and the competitive landscape. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 4.6% between 2024 and 2032


Value (USD Billion), Volume (Million Ton)


By Type

  • Hot Rolled Coil (HRC)

  • Cold Rolled Coil (CRC)

  • Sheets

  • Others

By Application

  • Construction

  • Automotive & Transportation

  • Mechanical Equipment

  • Energy

  • Packaging

  • Others

By Geography

  • North America (By Type, By Application, By Country)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Type, By Application, By Country)

    • Germany (By Application)

    • U.K. (By Application)

    • France (By Application)

    • Italy (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Type, By Application, By Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • South Korea (By Application)

    • Rest of Asia Pacific (By Application)

  • Latin America (By Type, By Application, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)

  • Middle East & Africa (By Type, By Application, By Country)

    • South Arabia (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 433.83 billion in 2023 and is projected to reach USD 803.61 billion by 2032.

Registering a significant CAGR of 4.6%, the market will exhibit considerable growth over the forecast period (2024-2032).

The Hot Rolled Coil (HRC) segment is the leading type in the market.

Robust demand for the product from the construction industry is the key factor driving the market.

China held the highest share of the market in 2023.

ThyssenKrupp Steel Europe, Nippon Steel Corporation, ArcelorMittal, and Tata Steel are the leading players in the market.

The rapid growth of the construction and automotive industries is anticipated to boost the consumption of the product.

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