Dublin, Nov. 04, 2025 (GLOBE NEWSWIRE) -- The "Flat Steel Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)" report has been added to ResearchAndMarkets.com's offering.
The global flat steel market value reached USD 951.89 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 3.70% to attain a value of USD 1.36 trillion by 2034. 
Flat steel is utilised in applications such as fencing, roofing, water tanks, garden sheds, and more. Additionally, carbon steel and alloy steel are key types of flat steel used in the industry, driving the flat steel market demand. Carbon steel is a steel with carbon content which is used in railway tracks, crankshafts, gears, and machinery parts, whereas alloy steel is used in rods, wires, bars, and rails. For alloy steel, elements like molybdenum, manganese, nickel, and chromium are added to enhance the final product's strength, wear resistance, and toughness. This process is contributing to the growth of the flat steel industry.
Global Flat Steel Market Analysis
The expansion of the global flat steel industry is fuelled by rising steel demand in sectors such as automotive and construction worldwide. Market growth is expected to be supported by increasing consumer demand for automobiles, driven by the growing global population and transportation needs. Additionally, the rising preference for lightweight vehicles, known for their fuel efficiency, is likely to boost the flat steel industry growth.
The flat steel market dynamics and trends are being driven by increased government investments in infrastructure development. The rapidly growing construction sector is expected to boost demand for flat steel in various building and infrastructure projects. Additionally, favourable government initiatives and advancements in flat steel technologies are estimated to boost the growth of the industry. Moreover, recyclability and reusability offered by flat steel are also expected to add to its overall popularity in the coming years.
Flat Steel Industry Outlook
According to the Society of Indian Automobile Manufacturers (SIAM), the domestic sales distribution in India for 2021-22 indicated a strong preference for two-wheelers, which comprised 77% of the market. Passenger vehicles represented 18% of sales, while commercial vehicles made up 4%. Three-wheelers made up 1% of the market, highlighting their particular use in various urban and rural areas. This niche application contributes to flat steel market revenue, as flat steel products like sheets and strips are crucial for manufacturing automotive components such as body panels, chassis, and structural parts.
China led global light vehicle production with a 9.1% increase from 2022 to 2023, reaching nearly 28 million units. The European Union followed, showing an 11.3% growth to approximately 12 million units. Japan saw a significant rise of 17.4%, producing around 7 million vehicles. The United States experienced an 8.5% increase, producing about 7 million cars, indicating stable growth. India's production grew by 6.8%, totalling around 4 million units. South Korea's production climbed by 13.6%, reaching approximately 3 million units. Mexico achieved a 19.0% growth, producing nearly 2 million units. Canada recorded the highest growth rate among the top producers with a 23.4% increase, producing over 1 million vehicles.
Germany led EU car production in 2023 with 3,959,322 units, reflecting an 18.7% increase from 2022. Spain produced 1,869,988 units, marking a 7.4% rise, while Czechia's output grew by 14.9% to 1,395,211 units. Slovakia's production increased by 9.5%, reaching 1,062,058 units. France's car production saw a modest 1.2% growth to 959,404 units, maintaining stable performance.
Italy experienced a significant increase of 11.9%, producing 542,218 vehicles. Hungary's production also grew substantially by 11.6%, reaching 504,907 units. Belgium recorded an impressive growth of 18.1%, with 287,211 units produced. Sweden experienced a 9.8% rise in car production, reaching 276,070 units. Overall, car production in the European Union grew by 11.3%, with total units increasing from 10,896,821 in 2022 to 12,126,604 in 2023. This growth is boosting the flat steel industry revenue, as the EU automotive sector's emphasis on innovation and sustainability drives higher demand for high-quality flat steel.
Key Players in the Global Flat Steel Market and Their Key Initiatives
ArcelorMittal
- Launched the XCarb initiative to promote carbon-neutral steel production to meet the growing demand of the flat steel market.
- Commissioned the Torero plant in Belgium.
PT KRAKATAU NIPPON STEEL SUMIKIN (KNSS)
- Increased production capacity for high-strength automotive steel sheets.
- Opened a new Galvanizing, Annealing and Processing Line (GAPL) plant in Cilegon.
Baosteel Group Corporation
- Committed to premiumisation, smart, and green production.
- Partnered with Aramco and PIF.
Tata Steel Limited
- Acquired Neelachal Ispat Nigam Limited to capture the flat steel market opportunities.
- Invested £1.25 billion in Electric Arc Furnace technology at Port Talbot, UK.
Leading Companies in the Flat Steel Market
The company's focus is on manufacturing premium flat steel products, catering to various industries with cutting-edge technology and dependable solutions.
- ArcelorMittal
- PT KRAKATAU NIPPON STEEL SUMIKIN (KNSS)
- Baosteel Group Corporation
- Tata Steel Limited
- JFE Steel Corporation
Global Flat Steel Industry Segmentation
Market Breakup by Product
- Sheets and Strips
- Plates
Market Breakup by Material
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
Market Breakup by Application
- Building and Infrastructure
- Automotive and Other Transport
- Mechanical Equipment
- Others
Market Breakup by Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 177 |
| Forecast Period | 2025 - 2034 |
| Estimated Market Value (USD) in 2025 | $951.89 Billion |
| Forecasted Market Value (USD) by 2034 | $1360 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/x6fmjs
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
