PUBLISHER: Grand View Research | PRODUCT CODE: 1404854
PUBLISHER: Grand View Research | PRODUCT CODE: 1404854
The global flat steel market size is expected to reach USD 997.35 billion by 2030, registering a CAGR of 2.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Plates, and sheets & coils are of vital importance in the world with their rising emphasis in the building & construction industry.
Based on product, the market is segmented into plates, and sheets & coils, of which plates are extensively used in the infrastructure sector for constructing buildings. Sheets & coils are manufactured by hot or cold rolling of steel slabs to produce thin, flat sheets and coils. With their high tensile strength, durability, and formability, sheets & coils are versatile materials used across diverse industries for their exceptional structural and functional properties.
Based on region, Asia Pacific stands out as a prominent market, with China serving as a key driver being both the largest producer and consumer of flat products in the region. Noteworthy markets in the Asia Pacific comprise Japan, South Korea, India, and Southeast Asian nations such as Indonesia, Vietnam, and Thailand. However, the region has encountered many challenges, including a surplus of raw materials worldwide, intense competition from other steel-producing economies, the economic repercussions of the COVID-19 pandemic, and the Russia-Ukraine war on regional economies.
The industry is expected to experience positive growth through the implementation of diverse strategies, including the introduction of new products and expansions in production capacities by key players. A recent instance is ArcelorMittal's introduction of a state-of-the-art blast oxygen furnace LD converter, having a substantial capacity of 125 tons, in Bosnia in February 2023. Supplied by Primetals Technologies, this strategic investment aims to enhance the efficiency of steel production and processing, focusing on the manufacturing of ingots, blooms, billets, and bars.