The U.S. flat steel market was valued at approximately $77.6 billion in 2022 and is expected to grow at a CAGR of 4.6% from 2023 to 2030. The market is supported by recovering demand following the impact of COVID-19 and expanding demand from the automotive and construction sectors.
The U.S. flat steel market was valued at approximately $77.6 billion in 2022. The market is expected to expand at a CAGR of 4.6% during the forecast period from 2023 to 2030. Demand for automotive and construction applications remains firm, driven by cost reductions and improved quality, and HRC is expected to remain the leading product.
The COVID-19 pandemic brought production and construction activity to a standstill, causing demand to temporarily decline. However, the market's growth has been supported since 2021 by renewed growth in industries such as automotive and construction. The adoption of electric arc furnaces (EAFs) is advancing as an emerging technology, and the development of green steel is a market focus amid efforts to reduce CO2 emissions.
By type, hot-rolled coil (HRC) is expected to maintain the largest market share, while cold-rolled coil (CRC) and sheet are expected to grow moderately. By application, construction accounts for the largest share of demand, and flat steel is widely used in vehicles and transportation, machinery and equipment, energy, packaging, and other sectors. Major companies include Nucor, U.S. Steel, Cleveland-Cliffs, and Ansteel.