Flat Steel Market Size to Hit USD 1,157.84 Billion by 2034

November 12, 2025

According to Towards Chemical and Materials, the global flat steel market size is calculated at USD 724.33 billion in 2025 and is expected to hit around USD 1,157.84 billion by 2034 from USD 763.09 billion in 2026, growing at a CAGR of 5.35% from 2025 to 2034.

Ottawa, Nov. 12, 2025 (GLOBE NEWSWIRE) -- The global flat steel market size was valued at USD 687.55 billion in 2024 and is anticipated to reach around USD 1,157.84 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.35% over the forecast period from 2025 to 2034. Asia Pacific dominated the Flat Steel market with a market share of 61% in 2024. The growth of the flat steel market is primarily driven by rising demand from the construction, automotive, and manufacturing industries. A study published by Towards Chemical and Materials a sister firm of Precedence Research.

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What is Flat Steel?

The flat steel market refers to the production and consumption of steel products that are rolled into flat sheets, plates, and coils, widely used across construction, automotive, machinery, and energy industries. In 2024, the market experienced steady growth driven by rising infrastructure development, urbanization, and manufacturing expansion in emerging economies.

Technological advancements in steel processing and the growing adoption of high-strength and lightweight steel variants further enhanced market efficiency and product performance. The automotive and construction sectors remained major consumers, especially with increasing demand for sustainable and durable materials. Additionally, the push towards green steel production and recycling initiatives aligned with global decarbonization goals.

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Flat Steel Market Report Highlights

Asia Pacific dominated the flat steel market and accounted for the largest revenue share of 61% in 2024.
By product type, the plates segment accounted for the largest revenue share of 66% in 2024.
By material type, the carbon steel segment held the largest revenue share of 70% in 2024.
By manufacturing process, the basic oxygen furnace (BOF) segment accounted for the largest revenue share of around 60% in 2024.
By end-use industry, the building & construction segment held the largest market share of 80% in 2024.

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AI Revolutionizes the Flat Steel Industry

Artificial Intelligence (AI) is revolutionizing the flat steel industry by enhancing production efficiency, quality control, and predictive maintenance. Through advanced data analytics and machine learning, manufacturers can optimize process parameters, reduce energy consumption, and minimize waste during steel rolling and finishing. AI-powered systems enable real-time monitoring of machinery, helping to prevent equipment failures and unplanned downtime. In quality management, AI-based inspection tools detect surface defects and inconsistencies with greater precision than manual methods. Additionally, AI supports smarter supply chain management by forecasting demand and improving inventory control.

Key Private Industry Investments for the Water Flat Steel Industry?

ArcelorMittal 's investment in sustainable flat steel: ArcelorMittal is heavily investing in new technologies to develop sustainable flat steel products with reduced carbon emissions to meet growing demand from environmentally conscious industries.
JSW Steel's major expansion projects: JSW Steel is investing billions in expansion, including a new 25 MT plant in Maharashtra and capacity boosts at existing facilities, signaling a major push to increase flat steel production.
AM/NS India's capacity expansion and new integrated plant: ArcelorMittal Nippon Steel India (AM/NS India) is significantly expanding its Hazira plant and building a new 7 MTPA integrated flat steel mill in Andhra Pradesh to capture rising domestic demand.
Tata Steel's partnership for electric vehicle steel: Tata Steel has partnered with an automotive manufacturer to provide high-performance flat steel for electric vehicle production, reflecting a strategic investment in the booming EV market.
ArcelorMittal 's acquisition of Essar Steel and formation of AM/NS India: In a landmark acquisition, ArcelorMittal and Nippon Steel acquired Essar Steel India to form AM/NS India, consolidating market presence and gaining control of a major integrated flat steel facility.

Flat Steel Market Report Scope

Report Attribute	Details
Market size value in 2025	USD 724.33 Billion
Revenue forecast in 2034	USD 1,157.84 Billion
Growth rate	CAGR of 5.35% from 2025 to 2034
Base year for estimation	2024
Historical data	2020 - 2025
Forecast period	2025 - 2034
Quantitative units	Revenue in Kilotons, USD million/billion, and CAGR from 2025 to 2034
Segments covered	Product Type, Material Type, Manufacturing Process, End-Use Industry, By Region
Regional scope	North America, Europe, Asia Pacific, Central & South America, Middle East , Africa
Key Companies Profiled	ArcelorMittal , Baosteel Group, Ezz Steel, HBIS Group, JFE Steel Corporation, Nippon Steel Corporation, Nucor , Outokumpu , POSCO, Tata Steel Limited, ThyssenKrupp AG, United States Steel Corporation, Voestalpine Group

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Flat Steel Properties and Manufacturing Method

Steel sheet/coil and steel plate are two typical names for flat steel products. Hot rolled coil (HRC), cold rolled coil (CRC), metallic coated steel, organic coated steel, coil plate, and reversing mill plate are some of the different varieties.

The majority of steel plate is produced in thicknesses ranging from 5 mm to 80mm. Plates are hot rolled coil overlaps in lower gauges. Steel plates are classified into two types: reversing mill plates and coil plates. Reversing mill plates are made by rolling a slab back and forth and have a higher thickness than coil plates. Coil plates, on the other hand, are produced by rolling in tandem mills in a single direction.

The thickness of steel sheet/coil is often less than 5mm. Hot-rolled sheet, cold-rolled sheet, metallic coated sheets, and organic coated sheets are also steel sheet products. Hot rolling is done when the recrystallisation temperature of steel exceeds 1700° F. Steel is easily deformed at this temperature. In comparison to cold rolled steel, HRC provides less precision and a lower surface polish after cooling.

HRC can be marketed for a variety of uses or further processed to produce cold rolled coils. Cold rolling is typically done at room temperature. It improves both the mechanical qualities and the surface finish.

CRC has a wide range of applications, primarily in construction and automotive. It can also be treated further to produce corrosion-resistant steel, often known as coated steel. Hot dip galvanized (HDG) steel is one of the most common varieties of metallic coated steel. It is zinc-coated to protect steel from corrosion by minimizing its exposure to the outside environment. Organic coated steel, also known as color coated steel or pre-painted galvanized iron (PPGI), can be made from metallic coated steel.

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Flat Steel Products

Flat steel comes in various forms, each tailored to specific applications. Here are some common types of flat steel:

Flat Steel Sheet : Flat steel sheets are thin, flat pieces of steel with consistent thickness. They are commonly used in construction, automotive manufacturing, and general fabrication. Flat steel sheets can be cut, bent, and formed into various shapes and sizes.
Flat Steel Plate : Flat steel plates are thicker and sturdier than sheets. They are utilized in heavy-duty applications that require high strength and load-bearing capacity. Flat steel plates are commonly employed in construction projects, shipbuilding, and industrial machinery.
Flat Steel Bar : Flat steel bars have a rectangular cross-section and are available in various widths and thicknesses. They are used in construction, manufacturing, and engineering projects. Flat steel bars are commonly utilized as structural components, supports, and brackets.
Flat Steel Bracket : Flat steel brackets are L-shaped components made from flat steel. They are widely used for supporting and joining structural elements in construction, furniture manufacturing, and shelving systems. Flat steel brackets provide stability and reinforcement.
Flat Steel Bar with Holes: Flat steel bars with holes are designed for easy fastening and installation. They feature pre-drilled holes along the length to accommodate bolts, screws, or other fasteners. These bars are commonly used in construction, infrastructure, and DIY projects.
Flat Steel Rod : Flat steel rods are long, slender pieces of steel with a flat cross-section. They are utilized in applications that require strength, rigidity, and stability. Flat steel rods are commonly employed in construction, fabrication, and machinery. Each type of flat steel has unique characteristics and applications, allowing for versatility in various industries. The choice of flat steel type depends on factors such as desired strength, thickness, surface finish, and specific application requirements.

The Weight and Sizes of Flat Steel Plates

The weight and dimensions of flat steel plates are critical in a variety of industries and applications. Flat steel plates are available in a variety of sizes to satisfy the needs of certain projects. The weight of a flat steel plate is determined by its size, thickness, and steel density. Because of the higher amount of steel, thicker plates often weigh more than thinner ones.

Flat steel plates are available in a variety of standard sizes, ranging from tiny dimensions for basic production to larger dimensions for structural uses. Plate sizes vary depending on region and standard, although they often fall within a range of thicknesses and widths. Thicknesses can range from a few millimeters to several inches, and widths can range from a foot to several feet or more. Flat steel plate lengths are usually standardized to facilitate handling and transit.

Flat steel plate weight and size are critical issues in industries such as construction, manufacturing, shipbuilding, and infrastructure development. Engineers and designers choose the proper plate size and weight to meet structural integrity, load-bearing capacity, and overall project requirements. Understanding the weight and dimensions of flat steel plates enables for precise material planning, efficient fabrication processes, and maximum resource usage.

To gain exact information on the weight and sizes of flat steel plates for specific purposes, reference industry standards, specifications, and suppliers. Furthermore, technological developments in steel production have resulted in the availability of custom-cut plates, allowing for greater flexibility in addressing the needs of individual projects.

The weight and sizes of flat steel plates can vary significantly depending on the specific dimensions and thicknesses. However, here are some general examples to provide a sense of the weight and size ranges:

Standard Thicknesses:

Common thicknesses for flat steel plates range from 1/8 inch (3.175 mm) to 1 inch (25.4 mm) or more.

Thicker plates, such as those used in heavy-duty applications, can have thicknesses exceeding 1 inch.

Standard Widths:

Flat steel plates typically come in widths ranging from 12 inches (304.8 mm) to 72 inches (1828.8 mm) or more.

Wider plates beyond 72 inches can also be available, depending on specific requirements.

Standard Lengths:

The standard length of flat steel plates is commonly 96 inches (2438.4 mm) or 120 inches (3048 mm).

Longer lengths, such as 240 inches (6096 mm) or custom lengths, may be available based on project specifications.

Weight Calculation:

The weight of a flat steel plate can be calculated by multiplying the plate’s length, width, and thickness with the density of the steel material.

The density of steel typically ranges from 7.85 g/cm³ to 8.05 g/cm³, depending on the specific grade.

Prices for flat steel (cost implications)

Flat steel prices are primarily determined by iron ore (raw material) pricing and slab (substrate for merchant/off-take agreement buyers). In Asia, there has been fierce competition from Russian and Indian HRC suppliers, as well as weak demand for finished steel in key slab importing countries such as Indonesia, Thailand, and Taiwan. This resulted in substantially cheaper slab prices when compared to Brazilian prices. Meanwhile, the downward trend has been stifled as slab suppliers declined to decrease their bids any more, claiming that they would be unable to recoup production expenses.

US purchasers have begun to return to the market in October, purchasing slabs from Brazil utilizing the remaining annual allotment (less than 0.5 Mt). This has aided Brazil’s export prices, which have reduced its loss from August levels to barely USD 5/t.

What are the Key Trends of the Flat Steel Market?

Shift towards Green Steel Production

The industry is undergoing a significant transition to produce low-carbon steel in response to tightening environmental regulations and consumer demand for eco-friendly materials. Steelmakers are investing heavily in new technologies, such as electric arc furnaces (EAFs) and hydrogen-based production, to achieve carbon-neutral steel. This green push is reshaping the production landscape and strategic initiatives of major players.

High Demand from Automotive and Construction

The market is driven by robust demand from key end-user industries like automotive and construction, particularly in emerging economies. There is a growing preference for lightweight and high-strength flat steel, especially in the automotive sector for electric vehicles and more fuel-efficient cars, as well as for durable infrastructure projects. This consistent demand pushes innovation in material properties and applications.

Digitalization and AI in Manufacturing

The flat steel industry is increasingly adopting digitization and AI to enhance operational efficiency and product quality. AI-driven technologies enable predictive maintenance, optimize resource consumption, and streamline production processes, while digital platforms also assist in managing logistics, finance, and quality control. This move towards Industry 4.0 is making manufacturing smarter and more productive.

Market Opportunity

Rising Demand for Green and High-Strength Steel: A Major Opportunity in the Market

A major opportunity in the flat steel market lies in the growing demand for green and high-strength steel driven by sustainability goals and evolving industrial needs. As governments and corporations worldwide aim to reduce carbon emissions, the push for eco-friendly steel production methods, such as hydrogen-based and electric arc furnace technologies, is accelerating.

High-strength and lightweight flat steels are increasingly favored in the automotive and construction sectors to enhance energy efficiency and structural performance. Manufacturers investing in advanced metallurgy and low-carbon production processes can gain a significant competitive advantage. Additionally, partnerships focused on recycling and circular economy initiatives are opening new growth avenues.

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Flat Steel Market Segmentation Insights

Product Type Insights

What Made Plates Product Type Lead the Flat Steel Market in 2024?

In 2024, the plates segment led the market, due to their extensive use in construction, shipbuilding, heavy machinery, and energy infrastructure. Increasing global investments in large-scale infrastructure projects, such as bridges, railways, and industrial plants, significantly boosted demand for steel plates. Their superior strength, durability, and ability to withstand high pressure made them essential for structural and fabrication applications.

The coated steel sheets segment is the second-largest segment, leading the market, due to their superior corrosion resistance, aesthetic appeal, and extended product lifespan. Growing demand from the automotive, construction, and appliance industries drove their widespread adoption for both functional and decorative applications. Technological advancements in coating materials, such as galvanization and color coating, have improved performance and sustainability.

Material Type Insights

Which Material Type Dominates the Flat Steel Market?

The carbon steel segment dominated the market in 2024, due to its wide availability, cost-effectiveness, and excellent mechanical properties. Its high strength and versatility make it the preferred choice for applications in construction, automotive manufacturing, and heavy machinery. The growing demand for durable and affordable materials in infrastructure projects further boosted its adoption. Technological improvements in refining and alloying processes enhanced the performance and corrosion resistance of carbon steel products.

The stainless-steel segment is growing fastest in the market, driven by its exceptional corrosion resistance, strength, and aesthetic appeal. Increasing demand from industries such as construction, automotive, food processing, and healthcare drove the widespread use of stainless-steel sheets and plates. The material's durability and low maintenance needs make it ideal for high-performance and hygienic applications.

End-use Industry Insights

What Made End-use Industry Lead the Flat Steel Market in 2024?

The building & construction segment led the market in 2024, due to rapid urbanization, infrastructure development, and government investments in smart city projects. Flat steel products, such as plates and coated sheets, were widely used in structural frameworks, roofing, and cladding due to their strength and durability. The growing trend towards sustainable and energy-efficient buildings further increased demand for advanced steel materials. Additionally, ongoing residential, commercial, and industrial construction projects in emerging economies fueled consistent market growth.

The automotive & aerospace segment is projected to grow fastest over the forecast period, driven by the rising demand for lightweight, high-strength materials that enhance fuel efficiency and performance. Automakers increasingly adopted advanced flat steel grades for body panels, chassis, and safety components to meet stringent emission and safety standards. In aerospace, flat steel was used in engine components, landing gear, and structural parts due to its durability and resistance to extreme conditions.

Regional Insights

The Asia Pacific flat steel market size was valued at USD 419.41 billion in 2024 and is expected to surpass around USD 706.98 billion by 2034, expanding at a compound annual growth rate (CAGR) of 5.37% over the forecast period from 2025 to 2034. Asia Pacific dominated the market with a 61% share in 2024.

Asia Pacific dominates the global market, fueled by rapid industrialization, urbanization, and infrastructure expansion across major economies such as China, India, and Japan. The region's booming construction sector and robust automotive manufacturing base continue to generate massive demand for flat steel products like sheets, coils, and plates. China remains the world's largest producer and consumer of flat steel, supported by its strong industrial ecosystem and government-backed infrastructure initiatives. India is also emerging as a key growth engine, driven by investments in smart cities, transportation, and renewable energy projects.

China Flat Steel Market Trends

The Chinese market is experiencing steady growth driven by strong demand from the construction, automotive, and manufacturing sectors. Government-led infrastructure projects and urban redevelopment initiatives continue to boost the consumption of steel sheets and plates. The country's focus on green steel production and carbon emission reduction is encouraging the adoption of energy-efficient and low-carbon manufacturing technologies.

North America's Flat Steel Market Accelerates with Innovation and Infrastructure Revival

North America is witnessing the fastest growth in the market, driven by renewed infrastructure investments and strong industrial demand. The US government's infrastructure modernization programs, including bridge repairs, highway expansion, and green building initiatives, are fueling the consumption of flat steel products. The region's thriving automotive and energy sectors are also contributing to rising demand for advanced high-strength and corrosion-resistant steel. Technological advancements in steel production, such as electric arc furnaces and AI-driven process optimization, are enhancing efficiency and sustainability.

U.S. Flat Steel Market Trends

The U.S. market is witnessing robust growth driven by strong demand from the construction, automotive, and energy sectors. Federal investments in infrastructure modernization and renewable energy projects are fueling the need for high-quality flat steel products. The shift towards lightweight and high-strength steel in automotive manufacturing is further accelerating market expansion. Additionally, domestic steel producers are focusing on sustainability through electric arc furnace technology and low-carbon production methods.

Europe Flat Steel Market Trends

Europe flat steel market achieved sizable share in 2024, attributed to the region’s well-established industrial base, strong manufacturing sectors, and advanced technological capabilities. The region's automotive, construction, and machinery industries are major consumers of flat steel products, driving consistent demand. Additionally, Europe's focus on innovation, sustainability, and high-quality steel production further supports its presence. The presence of key steel-producing countries like Germany, Italy, and France, coupled with the European Union's trade policies and economic integration, has solidified Europe’s position as a leading contributor to the global market.

Germany is anticipated to accumulate remarkable gains by 2030, propelled by the country’s strong industrial base, particularly in the automotive, machinery, and construction sectors. As Europe's largest steel producer, Germany benefits from advanced manufacturing technologies and a robust demand for high-quality steel products. The push toward sustainable production, green steel technologies, and Germany’s focus on infrastructure and innovation will further fuel market growth. The country’s strategic position within the European Union also enhances its trade opportunities, reinforcing Germany's key role in the flat steel market expansion.

France is poised to establish a considerable foothold during the forecast period, fueled by its strong industrial base and escalating demand from sectors like automotive, construction, and energy. France automotive industry’s focus on producing lightweight, fuel-efficient vehicles is driving the demand for high-quality flat steel products such as sheets and coils. Furthermore, ongoing infrastructure projects and the push for renewable energy infrastructure are anticipated to boost steel consumption further.

Top Companies in the Flat Steel Market & Their Offerings

China Baowu Steel Group: Offers an extensive range of carbon, alloyed, and silicon flat steel grades for automotive, construction, and other applications.
JFE Steel Corporation: Specializes in high-grade flat steel, including hot-rolled/cold-rolled sheets and heavy plates for automobiles, ships, and bridges.
HBIS Group: A major producer offering diverse flat steel products, including panels for automotive and home appliances, and coated sheets.
Thyssenkrupp Steel: Provides high-quality flat carbon steel products, including coated sheets for the automotive, construction, and packaging industries.
Voestalpine AG: Focuses on producing high-strength flat steel products for demanding applications, primarily for the automotive and energy sectors.
United States Steel Corporation: Offers a wide range of flat-rolled products, including hot-rolled, cold-rolled, and coated sheets for automotive and construction markets.
Steel Dynamics , Inc.: Manufactures flat-rolled steel products, including coated steel, using efficient electric arc furnace (EAF) mini-mills.
Nucor Corporation: Produces a comprehensive line of flat-rolled steel products, including hot-rolled and galvanized sheets, for diverse industrial and construction applications.
SSAB AB: Known for high-strength steels, specializing in quenched and tempered, hot-rolled, and cold-rolled flat steel for heavy transport and construction machinery.
Gerdau S.A.: Primarily a long steel producer, also offers flat steel products like heavy plates for the construction, industrial, and agricultural sectors.

More Insights in Towards Chemical and Materials:

Green Steel Market : The global green steel-market size was valued at USD 718.55 billion in 2024, grew to USD 763.10 billion in 2025, and is expected to hit around USD 1,311.30 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.20% over the forecast period from 2025 to 2034.
Steel Rebar Market : The global steel rebar market stands at 368.91 million tons in 2025 and is forecast to reach 530.10 million tons by 2034, growing at a compound annual growth rate (CAGR) of 4.11% over the forecast period from 2025 to 2034.
Structural Steel Market : The global structural steel market size accounted for USD 113.12 billion in 2024 and is predicted to increase from USD 119.12 billion in 2025 to approximately USD 188.63 billion by 2034, expanding at a CAGR of 5.24% from 2025 to 2034.
Carbon Steel Market : The global carbon steel market size is calculated at USD 1,072.38 billion in 2025 and is predicted to increase from USD 1,129.53 billion in 2026 and is projected to reach around USD 1,802.47 billion by 2035, The market is expanding at a CAGR of 5.33% between 2026 and 2035.
Stainless Steel Market : The global stainless steel market stood at approximately 14.19 million tons in 2025 and is anticipated to be likely to reach approximately 21.51 million tons in 2034. growing at a CAGR of 4.73% from 2025 to 2034.
Industrial and Institutional Cleaning Chemicals Market : The global industrial and institutional cleaning chemicals market size was reached at USD 83.97 billion in 2024 and is expected to be worth around USD 192.32 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.64% over the forecast period 2025 to 2034.
Conductive Silicone Rubber Market : The global conductive silicone rubber market size was valued at USD 8.95 billion in 2024 and is expected to hit around USD 20.71 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.75% over the forecast period from 2025 to 2034.

Flat Steel Market Top Key Companies:

ArcelorMittal
Baosteel Group
Ezz Steel
HBIS Group
JFE Steel Corporation
Nippon Steel Corporation
Nucor
Outokumpu
POSCO
Tata Steel Limited
ThyssenKrupp AG
United States Steel Corporation
Voestalpine Group

Recent Developments

In January 2025, India initiated a safeguard investigation into non-alloy and alloy steel flat products to assess potential harm from increased imports.
In January 2024, Fastmarkets introduced a new pricing index for European flat steel, reflecting products with reduced carbon emissions to promote sustainability.
In October 2025, the European Commission presented the formal proposal of rules to prevent tariff circumvention, with the novel ‘melt and pour’ origin rule expansion. This rule is made to strengthen the EU steel industry, with rules to come into effect on July 1, 2026.

Flat Steel Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. For this study, Towards Chemical and Materials has segmented the global Flat Steel Market

Product Type

Hot-Rolled Steel Sheets & Strips
Cold-Rolled Steel Sheets & Strips
Coated Steel Sheets
- Galvanized Steel
- Galvalume Steel
- Pre-painted Steel
Plates
- Structural Plates
- Boiler & Pressure Vessel Plates
- Shipbuilding Plates
- Heavy Plates
Electrical Steel
Tinplate

Material Type

Carbon Steel
- Low Carbon
- Medium Carbon
- High Carbon
Stainless Steel
- Austenitic
- Ferritic
- Martensitic
Alloy Steel
- Low-Alloy
- High-Alloy
Manufacturing Process
- Basic Oxygen Furnace (BOF)
- Electric Arc Furnace (EAF)
- Open Hearth Furnace (OHF)
- Induction Furnace

End-Use Industry

Building & Construction
Automotive & Aerospace
Mechanical Equipment
Consumer Goods & Appliances
Shipbuilding
Oil & Gas
Energy & Power
Railways
Others (Packaging, Electrical Equipment, Medical Devices)

By Regional

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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