Global Flat Carbon Steel Market

The global Flat Carbon Steel market is estimated to reach USD 592.96 billion by 2030 with a CAGR of 3.8% during the forecast period 2022-2030. It was valued at USD 456.72 billion in 2022. . The increasing urbanization, rising increasing investments in building & infrastructure are the major factors restoring the growth of the global flat carbon steel market. Furthermore, the growing awareness among the consumers about the benefits of flat carbon steels such as high strength, design flexibility, and low maintenance & construction cost and the growing use of electric vehicles in the automotive industries among the key factors expected to grow over the forecast period to drive the global market’s growth for flat Carbon Steel.

What is Flat Carbon Steel?

Steel is an important raw material to use in producing various products that are critical to economic development. Steel may transform into various forms to make it easier to employ in various products. Carbon steel is low carbon steel that can be used as a flat plate, sheet, or block. The carbon content of carbon steel is approximately 0.04% to 0.30%. Carbon steel is used for gas and oil production because of its constructability, availability, and low cost compared to other materials. It is malleable and ductile and has relatively low tensile strengths. Steel sheets, coils, plates, and flat slabs which are non-stop or discrete are called flat metallic products. Flat carbon steel is used in automotive & transportation, building & construction and other industries.

Growth Driver

Growing need for the production of consumer appliances and rising construction industries

The growing interest in steel from the development, construction and car industries is important for developing the flat carbon steel market. Flat carbon steel is made into level sheets and strips utilized for shipbuilding, wire, vehicle bodies, and other local devices. Flat carbon steel is picking up nearness in the car business, attributable to the developing utilization of lightweight materials in car structures. The extending framework of advancement in the developing economies also contributes vigorously to developing a flat carbon steel showcase.

Opportunities

Increased investment in infrastructure development

The construction and infrastructure industry, which involves residential, commercial, and industrial sectors, is one of the important consumers of carbon steel products. Carbon steel is a primary raw material for manufacturing structural frameworks, rectangular tubing, high-strength plates, and other construction components due to its flexibility, strength, and lightweight. These structural products have applications in various construction activities. Therefore, the increasing construction and infrastructure projects across developing and developed nations will support growth opportunities in the flat carbon steel market.

Restraints

The fluctuating cost of crude material

There are some Restraints in the flat carbon steel market, such as the high capital-intensive nature, fluctuating cost of crude material of flat carbon steel production and alternatives available for steel in the automobile industries. These factors may harm the global flat carbon steel market’s growth.

Pre-Covid-19 impact on the global Flat Carbon Steel market

The increased adoption of Flat Carbon Steel in the Building & Infrastructure, Automotive & Other Transport sectors has stimulated global Flat Carbon Steel demand during the pre-covid era. Furthermore, the high adoption of hot-rolled coils, plates, galvanized coils, cold-rolled coils in building & infrastructure, automotive industries and Growing demand for flat carbon steel from the automotive, marine, railways, and aerospace sectors are helped growth of the global flat carbon steel market during the pre-covid period.

Covid-19 impact on the global Flat Carbon Steel market

Due to the sudden outbreak of the Covid-19 pandemic, strict regulations enforced in several countries and flat carbon steel suspended import and export activities. The Covid-19 pandemic affects the global economy, impacts production and demand, disrupts supply chains and markets, and has economic implications for businesses and financial markets: economic slowdown, latest scenarios, and Covid-19 pandemic across the industry. The market has been most affected by hot-rolled, cold-rolled, galvanized plates, pre-painted steel, and flat carbon steel. The demand for flat carbon steel is expected to drop significantly due to the disrupted supply chains.

Post Covid-19 impact on the global Flat Carbon Steel market

The COVID-19 epidemic has resulted in a slower growth rate in the construction and industrial sectors, and the market will likely grow relatively slowly through the forecast period. However, introducing new techniques to reduce environmental impact and produce carbon-neutral steel have experienced a significant growth market which is expected to drive the demand for the market in the coming year. the emerging manufacturing sector and the growing use of electric vehicles in the automotive industries are expected to grow the flat carbon market during the forecast period.

Product Segmental Analysis

Based on the Product, the global Flat Carbon Steel market is categorized into Hot- Rolled Coils, Cold-Rolled Coils, Galvanized Coils, Plates, Pre-Painted steel Coils, and Tinplate. The Hot- rolled coils segment reported for the highest market percentage within \ The Hot- rolled coils segment’s growth is attributed to their strength and durability, making them suitable for automotive, general industry tubes, tanks and domestic appliances. Furthermore, flat carbon steel wide range of hot-rolled coils from a variety of origins and mills, hot-rolled coils are used in structural forming grades, high or ultra-high-strength low alloy steels, structural steels, steels for deep drawing and cold forming application.

Application Segmental Analysis

Based on the Type, the global Flat Carbon Steel market is categorized into Building & Infrastructure, Automotive & Other Transport, Mechanical Equipment, and Others. The building & infrastructure segment holds the largest market share in 2021 and is projected to grow significantly during the forecast period, 2022-2030. The segment’s growth is owing to the increasing adoption of Flat Carbon Steel in Building & Infrastructure applications, and it is high adoption for sustainable, cost-effective, and durable materials durable, and cost-effective materials. An increase in investments in infrastructure, rising industrialization, and an increase in global population are factors driving the building & Infrastructure segment of the global market.

Region Segmental Analysis

The global Flat Carbon Steel market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America has the highest market share in 2021 and is estimated to rise significantly during the forecast period, 2022-2030. This growth is concerned with the growing demand from the building and infrastructure industry, which is the key factor expected to drive the market’s growth. Moreover, the significant number of automotive manufacturers and significant economic growth have led to the consumption of Flat carbon steel in this region. Furthermore, the Asia Pacific region also has a growing Flat Carbon Steel market due to the manufacturing and production hubs in the countries like India, China, and Japan. This region sees growing demand for flat carbon steel from several end-user industries.

Competitor Analysis

Companies include ArcelorMittal S.A., Baosteel Group, China Baowu Group Ltd., Donkuk Steel, Essar Steel India Ltd., Jindal Steel & Power Ltd., JFE Steel corporation., Nippon Steel & Sumitomo Metal Corporation, Nucor Corporation, Nssme Group, Posco Steel, Steel Authority of India Ltd., Tata Steel Ltd, United States Steel Corporation, Vestal Pine Group, Others Prominent Players in the global flat carbon steel market. Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global flat carbon steel manufacturing firm
• Global flat carbon steel providers
• Local governments
• Regulatory bodies
• Suppliers
• Retailers

Recent Developments

• In Dec 2019, ArcelorMittal announced the purchase of Essar Steel India Limited, a fully integrated flat carbon steel mill in Gujarat, India.
• In Nov2019, POSCO Steel launched INNOVILT, a premium steel product for the construction industries. It is projected to boost the value of steel products for construction INNOVILT to supply high-quality, sustainable high-value steel products and lead the construction market.
• In November 2019, China Baowu Iron and Steel Group Co., Ltd., Taiyuan Iron and Steel Group Co., Ltd., and Shandong Xinhai Technology Co., Ltd. inked a strategic cooperation framework agreement in Jinan.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 456.72 Billion
The revenue forecast in 2028	USD 592.97 Billion
Growth Rate	CAGR of 3.8% from 2020 to 2027.
Historical data	2017-2019
Forecast period	2021 – 2028
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	ArcelorMittal S.A., Baosteel Group, China Baowu Group Ltd., Donkuk Steel, Essar Steel India Ltd., Jindal Steel & Power Ltd., JFE Steel corporation., Nippon Steel & Sumitomo Metal Corporation, Nucor Corporation, Nssme Group, Posco Steel, Steel Authority of India Ltd., Tata Steel Ltd, United States Steel Corporation, Vestal Pine Group, Others Prominent Players

Market Modelling

By Product Type

• Hot- Rolled Coils
• Cold-Rolled Coils
• Galvanized Coils
• Plates
• Pre-Painted steel Coils
• Tinplate’s

By Application

• Building & Infrastructure
• Automotive & Other Transport
• Mechanical Equipment
• Others

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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