Global Flat-Rolled Iron and Non-Alloy Steel Market to See Modest Growth with CAGR of +0.5% - News and Statistics - IndexBox

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IndexBox has just published a new report: World - Flat-Rolled Products Of Iron Or Non-Alloy Steel - Market Analysis, Forecast, Size, Trends and Insights.

The article discusses the anticipated rise in demand for flat-rolled products of iron or non-alloy steel on a global scale, with market performance expected to show continued growth. With a projected CAGR of +0.5% for volume and +1.1% for value from 2024 to 2035, the market is set to expand significantly by the end of the forecast period.

Driven by increasing demand for flat-rolled products of iron or non-alloy steel worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 27M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.1% for the period from 2024 to 2035, which is projected to bring the market value to $38.2B (in nominal wholesale prices) by the end of 2035.

In 2024, the amount of flat-rolled products of iron or non-alloy steel consumed worldwide amounted to 26M tons, growing by 4.7% against the previous year. Overall, consumption recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the consumption volume increased by 5.4%. As a result, consumption attained the peak volume of 27M tons. From 2018 to 2024, the growth of the global consumption remained at a lower figure.

The global flat-rolled steel products market size rose significantly to $33.9B in 2024, increasing by 7.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.6% over the period from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market reached the maximum level at $36.8B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The country with the largest volume of flat-rolled steel products consumption was China (8.2M tons), comprising approx. 31% of total volume. Moreover, flat-rolled steel products consumption in China exceeded the figures recorded by the second-largest consumer, the United States (2.2M tons), fourfold. Brazil (1.3M tons) ranked third in terms of total consumption with a 5% share.

In China, flat-rolled steel products consumption remained relatively stable over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (-0.2% per year) and Brazil (+1.0% per year).

In value terms, China ($9.7B) led the market, alone. The second position in the ranking was taken by the United States ($2.3B). It was followed by Brazil.

From 2013 to 2024, the average annual growth rate of value in China stood at +2.6%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+2.1% per year) and Brazil (+3.8% per year).

The countries with the highest levels of flat-rolled steel products per capita consumption in 2024 were South Korea (19 kg per person), Germany (15 kg per person) and Italy (9.6 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by South Korea (with a CAGR of +6.9%), while consumption for the other global leaders experienced more modest paces of growth.

In 2024, the amount of flat-rolled products of iron or non-alloy steel produced worldwide totaled 26M tons, surging by 4.5% against 2023. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 6.7%. As a result, production reached the peak volume of 27M tons. From 2018 to 2024, global production growth failed to regain momentum.

In value terms, flat-rolled steel products production stood at $34.3B in 2024 estimated in export price. Overall, the total production indicated a noticeable expansion from 2013 to 2024: its value increased at an average annual rate of +2.9% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -10.3% against 2022 indices. The pace of growth appeared the most rapid in 2021 when the production volume increased by 29% against the previous year. Over the period under review, global production reached the peak level at $38.3B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

China (9.9M tons) remains the largest flat-rolled steel products producing country worldwide, comprising approx. 38% of total volume. Moreover, flat-rolled steel products production in China exceeded the figures recorded by the second-largest producer, Germany (1.9M tons), fivefold. The United States (1.3M tons) ranked third in terms of total production with a 5% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China stood at +1.6%. The remaining producing countries recorded the following average annual rates of production growth: Germany (+2.2% per year) and the United States (-3.4% per year).

In 2024, the amount of flat-rolled products of iron or non-alloy steel imported worldwide totaled 5.2M tons, standing approx. at 2023 figures. Over the period under review, imports, however, continue to indicate a slight slump. The most prominent rate of growth was recorded in 2016 with an increase of 7.8% against the previous year. As a result, imports attained the peak of 6.5M tons. From 2017 to 2024, the growth of global imports failed to regain momentum.

In value terms, flat-rolled steel products imports contracted to $6.9B in 2024. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when imports increased by 46%. As a result, imports reached the peak of $9.9B. From 2023 to 2024, the growth of global imports failed to regain momentum.

In 2024, the United States (971K tons), distantly followed by Italy (511K tons) and Mexico (275K tons) were the key importers of flat-rolled products of iron or non-alloy steel, together mixing up 34% of total imports. The following importers - the Philippines (199K tons), Belgium (198K tons), Spain (156K tons), the United Arab Emirates (122K tons), Turkey (116K tons), Russia (115K tons) and the Netherlands (114K tons) - together made up 20% of total imports.

From 2013 to 2024, the biggest increases were recorded for Belgium (with a CAGR of +8.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.5B) constitutes the largest market for imported flat-rolled products of iron or non-alloy steel worldwide, comprising 22% of global imports. The second position in the ranking was taken by Italy ($633M), with a 9.2% share of global imports. It was followed by Mexico, with a 4.7% share.

In the United States, flat-rolled steel products imports increased at an average annual rate of +9.0% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Italy (-0.7% per year) and Mexico (+3.6% per year).

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm dominates imports structure, amounting to 4.9M tons, which was near 95% of total imports in 2024. Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (144K tons) and iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (125K tons) followed a long way behind the leaders.

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm experienced a relatively flat trend pattern with regard to volume of imports. iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (-3.3%) and iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-5.8%) illustrated a downward trend over the same period. While the share of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm (+2.7 p.p.) increased significantly in terms of the global imports from 2013-2024, the share of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-2 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($6.5B) constitutes the largest type of flat-rolled products of iron or non-alloy steel imported worldwide, comprising 95% of global imports. The second position in the ranking was held by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($190M), with a 2.8% share of global imports.

For iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm, imports remained relatively stable over the period from 2013-2024. For the other products, the average annual rates were as follows: iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-3.8% per year) and iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (-2.4% per year).

In 2024, the average flat-rolled steel products import price amounted to $1,330 per ton, falling by -8.4% against the previous year. Over the period under review, import price indicated a slight increase from 2013 to 2024: its price increased at an average annual rate of +1.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, flat-rolled steel products import price decreased by -19.1% against 2022 indices. The pace of growth appeared the most rapid in 2022 when the average import price increased by 41% against the previous year. As a result, import price attained the peak level of $1,644 per ton. From 2023 to 2024, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major imported products. In 2024, the product with the highest price was iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin ($1,470 per ton), while the price for iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($1,324 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (+2.1%), while the other products experienced more modest paces of growth.

The average flat-rolled steel products import price stood at $1,330 per ton in 2024, with a decrease of -8.4% against the previous year. Over the period under review, import price indicated a mild increase from 2013 to 2024: its price increased at an average annual rate of +1.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, flat-rolled steel products import price decreased by -19.1% against 2022 indices. The most prominent rate of growth was recorded in 2022 when the average import price increased by 41%. As a result, import price reached the peak level of $1,644 per ton. From 2023 to 2024, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2024, major importing countries recorded the following prices: in the United States ($1,548 per ton) and Spain ($1,341 per ton), while Belgium ($1,090 per ton) and Mexico ($1,160 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Belgium (+4.0%), while the other global leaders experienced more modest paces of growth.

In 2024, overseas shipments of flat-rolled products of iron or non-alloy steel decreased by -0.7% to 4.9M tons, falling for the second consecutive year after three years of growth. In general, exports recorded a slight reduction. The pace of growth was the most pronounced in 2016 with an increase of 4.8% against the previous year. The global exports peaked at 6M tons in 2017; however, from 2018 to 2024, the exports failed to regain momentum.

In value terms, flat-rolled steel products exports shrank to $6.2B in 2024. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2022 when exports increased by 36% against the previous year. As a result, the exports attained the peak of $9.3B. From 2023 to 2024, the growth of the global exports failed to regain momentum.

China was the main exporting country with an export of about 1.7M tons, which reached 35% of total exports. Germany (782K tons) ranks second in terms of the total exports with a 16% share, followed by the Netherlands (8.5%) and Japan (8.1%). The following exporters - Turkey (154K tons), Belgium (145K tons), India (141K tons), Spain (141K tons), Slovakia (126K tons) and Canada (126K tons) - each amounted to a 17% share of total exports.

From 2013 to 2024, average annual rates of growth with regard to flat-rolled steel products exports from China stood at +6.0%. At the same time, Turkey (+17.3%) and India (+5.4%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.3% from 2013-2024. Germany experienced a relatively flat trend pattern. By contrast, Spain (-1.5%), Belgium (-1.6%), Canada (-1.7%), the Netherlands (-1.9%), Japan (-3.9%) and Slovakia (-9.1%) illustrated a downward trend over the same period. While the share of China (+18 p.p.), Turkey (+2.6 p.p.) and Germany (+2.1 p.p.) increased significantly in terms of the global exports from 2013-2024, the share of Japan (-3.1 p.p.) and Slovakia (-4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest flat-rolled steel products supplying countries worldwide were China ($1.7B), Germany ($1.2B) and the Netherlands ($698M), with a combined 57% share of global exports. Japan, Belgium, Canada, Spain, Slovakia, Turkey and India lagged somewhat behind, together comprising a further 26%.

In terms of the main exporting countries, Turkey, with a CAGR of +16.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm dominates exports structure, accounting for 4.8M tons, which was near 97% of total exports in 2024. Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (92K tons) held a little share of total exports.

In value terms, iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($5.9B) remains the largest type of flat-rolled products of iron or non-alloy steel supplied worldwide, comprising 94% of global exports. The second position in the ranking was held by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($246M), with a 4% share of global exports.

From 2013 to 2024, the average annual rate of growth in terms of the value of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm exports was relatively modest. With regard to the other exported products, the following average annual rates of growth were recorded: iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (+7.3% per year) and iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (-1.8% per year).

In 2024, the average flat-rolled steel products export price amounted to $1,264 per ton, shrinking by -8% against the previous year. Overall, export price indicated a slight increase from 2013 to 2024: its price increased at an average annual rate of +1.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, flat-rolled steel products export price decreased by -20.7% against 2022 indices. The pace of growth appeared the most rapid in 2022 an increase of 35%. As a result, the export price reached the peak level of $1,594 per ton. From 2023 to 2024, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($2,668 per ton), while the average price for exports of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($1,230 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (+8.9%), while the other products experienced more modest paces of growth.

The average flat-rolled steel products export price stood at $1,264 per ton in 2024, reducing by -8% against the previous year. Overall, export price indicated a mild expansion from 2013 to 2024: its price increased at an average annual rate of +1.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, flat-rolled steel products export price decreased by -20.7% against 2022 indices. The pace of growth appeared the most rapid in 2022 when the average export price increased by 35% against the previous year. As a result, the export price attained the peak level of $1,594 per ton. From 2023 to 2024, the average export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($1,935 per ton), while China ($971 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Belgium (+5.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global flat-rolled steel products market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

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The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles