Flat Steel Market

Flat Steel Market Size by Type (Hot Rolled Coil (HRC), Cold Rolled Coil (CRC), Sheets, and Others), Application (Construction, Automotive & Transportation, Mechanical Equipment, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13943
  • Published Date: Jan, 2024
  • Pages: 237
  • Category: Chemicals & Materials
  • Format: PDF
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The global flat steel market was valued at USD 500 billion in 2022 and grew at a CAGR of 6% from 2023 to 2032. The market is expected to reach USD 895.42 billion by 2032. The growing infrastructural development will drive the growth of the global flat steel market.

Market Introduction:

Flat steel refers to steel products that are manufactured in the form of flat sheets or plates. The primary components of flat steel are iron, with small amounts of carbon and other alloying elements to enhance properties. The manufacturing process involves melting iron ore, casting it into slabs, and then subjecting it to hot or cold rolling processes. The main types include hot-rolled, cold-rolled, and coated steel. Flat steel's versatility and mechanical properties make it indispensable across various industries. In construction, it is used for structural components like beams and roofing. The automotive sector employs flat steel in body panels and structural elements, while household appliances, shipbuilding, and infrastructure projects also rely on its applications. Key benefits of flat steel include its strength, durability, and recyclability. Coated variants offer enhanced corrosion resistance, contributing to the longevity of structures and products. Additionally, the recyclability of steel aligns with sustainability goals, reducing environmental impact.

Flat Steel Market Size

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Recent Development
  • By December 2025, Tata Steel hopes to have finished expanding its Kalinganagar project. With an expenditure of Rs 23,500 crore, the business started the second phase of its Kalinganagar project expansion in Odisha in November 2018 to increase production capacity from 3 MTPA to 8 MTPA. According to him, the project entails expanding the capacity of raw materials and building upstream and midstream facilities, infrastructure, and downstream facilities, which include a cold rolling mill complex. The new blast furnace being erected is the largest in India, with an inner volume of 5,870 cubic metres (cum).

Market Dynamics:


The increasing infrastructural development – global urbanization, population growth, and government infrastructure investment- are driving the building and construction sector. Flat steel is integral to residential and commercial construction. Additionally, the automotive industry is a major consumer of flat steel, utilizing it in vehicle manufacturing for body panels, chassis components, and structural parts. The demand for automobiles is also increasing, given the increasing disposable income and growing product choices in the market. The growth of the construction and automotive industries will bode well for the global flat steel market and drive its growth during the forecast period.


Drawbacks of flat steel limit its application flat steel is susceptible to corrosion, and this can shorten its lifespan, requiring additional protective measures and potentially reducing its demand and popularity in industries where durability is crucial. The weight of flat steel may hinder its adoption in applications prioritizing lightweight materials as they promote sustainability. The environmental impact of steel production, involving substantial energy consumption and carbon emissions, may lead to a decline in demand as industries increasingly prioritize sustainable materials. These drawbacks and limitations may hamper the market’s growth during the forecast period.

Presence of alternatives

Alternatives like aluminium, composites, and advanced alloys challenge the market’s growth. Lightweight alternatives are gaining traction in weight-sensitive industries like aerospace and automotive, posing a challenge for flat steel due to its higher density. Advances in materials science lead to the development of alloys with superior properties, potentially shifting demand away from flat steel. Industries valuing intricate designs and aesthetic preferences may opt for materials offering greater formability than flat steel. The accessibility, availability and affordability of these materials will challenge the market for flat steel during the forecast period.


Innovation and technological advancements Technological advancements positively contribute to the demand for flat steel through enhanced manufacturing processes, alloy development, and coating technologies. Advanced steel production techniques, precision manufacturing, and automation improve the efficiency and quality of flat steel, making it more appealing for diverse applications. The development of high-strength and lightweight steel alloys supports fuel-efficient vehicle design in the automotive industry. Innovations in coating technologies, such as galvanization, extend the lifespan of flat steel, particularly in corrosive environments. Recycling technologies and digitalization play key roles in sustainability and process optimization, further promoting the environmental appeal of flat steel. Technological progress and innovation make flat steel more resilient, environmentally friendly, and adaptable, increasing its utilization in various industries.

  • Tata Steel's Automotive Flat Steel products now bear the GreenPro Ecolabelling Standard accreditation, a major step towards enhancing the company's environmental credentials. The GreenPro ecolabel, created by the Confederation of Indian Industries (CII) Green Business Centre, evaluates "how green a product is" using a thorough framework, paving the road for attaining environmental performance excellence. In order to produce quantifiable environmental benefits, the company's automotive flat steel products have undergone end-to-end review at every stage of their product lifecycle. This award emphasises the company's dedication to environmentally friendly manufacturing methods and its role in the automobile industry's shift to sustainable practices.
Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global flat steel market, with a 39% market revenue share in 2022.

Construction and infrastructure development, propelled by urbanization and population growth, contribute significantly to the demand for flat steel. The region's prominent automotive industry relies on flat steel for vehicle manufacturing, and the active oil and gas sector utilizes it in pipelines and infrastructure. Manufacturing, industrial applications, and renewable energy projects also generate high demand. The material's adaptability, strength, and role in diverse sectors contribute to its sustained demand in North America. 

North America Region Flat Steel Market Share in 2022 - 39%



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  • A definitive agreement was reached between United States Steel Corporation, a major steel producer with competitive advantages in low-cost iron ore, mini mill steelmaking, and finishing capabilities, and Nippon Steel Corporation, the largest steelmaker in Japan and among the world's top steel manufacturers, under which NSC will acquire U. S. Steel. This agreement combined NSC and US Steel's technologies to drive innovation and supply global consumers with high-quality steel products like electrical steel and automobile flat steel. The combination of US Steel and NSC's cutting-edge manufacturing technology and expertise will drive the transaction's synergies, particularly in energy conservation, recycling, and cost-effective operations.
Type Segment Analysis

The type segment is divided into hot rolled coil (HRC), cold rolled coil (CRC), sheets, and others. The hot rolled coil (HRC) segment dominated the market, with a market share of around 44% in 2022. Hot-rolled coiled flat steel is produced through the hot rolling process, wherein steel is heated and passed through rollers to shape it into coils. HRC flat steel exhibits high strength, making it suitable for various applications. It is used in the construction and automotive industry. It is also used in the oil, gas, and manufacturing sectors. It offers cost-effective production, high strength, and versatility, making it valuable for market players.

Application Segment Analysis

The application segment is divided into construction, automotive and transportation, mechanical equipment, and others. The construction segment dominated the market, with a market share of around 45% in 2022. Flat steel is extensively used in construction for its high strength, versatility, and cost-effectiveness. It is a primary material for structural components such as beams, columns, and plates, ensuring stability and supporting heavy loads in buildings and infrastructure. Additionally, flat steel is crucial for reinforcing concrete structures, including foundations, slabs, and walls. It offers durability, ease of fabrication, and cost-efficiency. The material's versatility allows for efficient shaping and fabrication, streamlining construction processes.

Some of the Key Market Players:
  • ThyssenKrupp AG
  • Tata Steel Limited
  • Outokumpu
  • JFE Steel Corporation
  • HBIS Group
  • Baosteel Group
  • ArcelorMittal

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 500 Billion
Market size value in 2032 USD 895.42 Billion
CAGR (2023 to 2032) 6%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level.
Segments Type and Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global flat steel market was valued at USD 500 billion in 2022 to USD 895.42 billion by 2032.

Global flat steel market is growing at a CAGR of 6% during the forecast period 2023-2032.

The market's growth will be influenced by the increasing infrastructural development.

Drawbacks of flat steel limit its application could hamper the market growth.

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global flat steel market based on below mentioned segments:

Global Flat Steel Market by Type:

  • Hot Rolled Coil (HRC)
  • Cold Rolled Coil (CRC)
  • Sheets
  • Others

Global Flat Steel Market by Application:

  • Construction
  • Automotive & Transportation
  • Mechanical Equipment
  • Others

Global Flat Steel Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa


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