Asia-Pacific's Flat-Rolled Steel Coils Market to Reach 202M Tons and $163.1B by 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Asia-Pacific - Flat-Rolled Steel in Coils - Market Analysis, Forecast, Size, Trends And Insights.

Rising demand for flat-rolled steel coils in the Asia-Pacific region is driving market growth, with an anticipated CAGR of +0.3% in market volume and +1.5% in market value from 2024 to 2035. By the end of 2035, the market volume is projected to reach 202 million tons, with a market value of $163.1 billion.

Driven by rising demand for flat-rolled steel coils in Asia-Pacific, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.3% for the period from 2024 to 2035, which is projected to bring the market volume to 202M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.5% for the period from 2024 to 2035, which is projected to bring the market value to $163.1B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of flat-rolled steel in coils decreased by -3.7% to 194M tons, falling for the sixth year in a row after two years of growth. Over the period under review, consumption showed a slight curtailment. The volume of consumption peaked at 229M tons in 2018; however, from 2019 to 2024, consumption stood at a somewhat lower figure.

The size of the flat-rolled steel coils market in Asia-Pacific shrank modestly to $138.3B in 2024, with a decrease of -3.9% 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). In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $152.3B. From 2022 to 2024, the growth of the market failed to regain momentum.

China (94M tons) remains the largest flat-rolled steel coils consuming country in Asia-Pacific, comprising approx. 48% of total volume. Moreover, flat-rolled steel coils consumption in China exceeded the figures recorded by the second-largest consumer, India (45M tons), twofold. Japan (16M tons) ranked third in terms of total consumption with an 8.2% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China amounted to -1.8%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+2.4% per year) and Japan (-4.3% per year).

In value terms, China ($67.3B) led the market, alone. The second position in the ranking was held by India ($31.4B). It was followed by Japan.

From 2013 to 2024, the average annual growth rate of value in China was relatively modest. The remaining consuming countries recorded the following average annual rates of market growth: India (+3.4% per year) and Japan (-3.2% per year).

The countries with the highest levels of flat-rolled steel coils per capita consumption in 2024 were South Korea (144 kg per person), Japan (129 kg per person) and Vietnam (70 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by India (with a CAGR of +1.4%), while consumption for the other leaders experienced more modest paces of growth.

Flat hot-rolled steel in coils (143M tons) constituted the product with the largest volume of consumption, comprising approx. 73% of total volume. Moreover, flat hot-rolled steel in coils exceeded the figures recorded for the second-largest type, flat cold-rolled steel in coils (52M tons), threefold.

For flat hot-rolled steel in coils, consumption shrank by an average annual rate of -1.2% over the period from 2013-2024.

In value terms, flat hot-rolled steel in coils ($97.4B) led the market, alone. The second position in the ranking was held by flat cold-rolled steel in coils ($40.9B).

For flat hot-rolled steel in coils, market remained relatively stable over the period from 2013-2024.

In 2024, approx. 227M tons of flat-rolled steel in coils were produced in Asia-Pacific; remaining constant against the previous year. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 5.9% against the previous year. As a result, production attained the peak volume of 244M tons. From 2015 to 2024, production growth remained at a somewhat lower figure.

In value terms, flat-rolled steel coils production dropped modestly to $169.1B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 38%. As a result, production reached the peak level of $172.4B. From 2022 to 2024, production growth failed to regain momentum.

China (124M tons) constituted the country with the largest volume of flat-rolled steel coils production, comprising approx. 54% of total volume. Moreover, flat-rolled steel coils production in China exceeded the figures recorded by the second-largest producer, India (44M tons), threefold. The third position in this ranking was taken by Japan (28M tons), with a 12% share.

In China, flat-rolled steel coils production remained relatively stable over the period from 2013-2024. In the other countries, the average annual rates were as follows: India (+2.0% per year) and Japan (-3.1% per year).

Flat hot-rolled steel in coils (170M tons) constituted the product with the largest volume of production, comprising approx. 75% of total volume. Moreover, flat hot-rolled steel in coils exceeded the figures recorded for the second-largest type, flat cold-rolled steel in coils (58M tons), threefold.

From 2013 to 2024, the average annual rate of growth in terms of the volume of flat hot-rolled steel in coils production was relatively modest.

In value terms, flat hot-rolled steel in coils ($121.4B) led the market, alone. The second position in the ranking was held by flat cold-rolled steel in coils ($47.6B).

For flat hot-rolled steel in coils, production expanded at an average annual rate of +1.6% over the period from 2013-2024.

In 2024, the amount of flat-rolled steel in coils imported in Asia-Pacific declined to 29M tons, with a decrease of -13.8% compared with 2023. In general, imports saw a slight descent. The most prominent rate of growth was recorded in 2023 with an increase of 13% against the previous year. Over the period under review, imports reached the maximum at 43M tons in 2016; however, from 2017 to 2024, imports failed to regain momentum.

In value terms, flat-rolled steel coils imports reduced to $20.1B in 2024. Over the period under review, imports saw a mild reduction. The growth pace was the most rapid in 2021 with an increase of 41%. As a result, imports attained the peak of $26.9B. From 2022 to 2024, the growth of imports failed to regain momentum.

In 2024, Vietnam (7.4M tons), distantly followed by Thailand (3.9M tons), India (3.4M tons), Malaysia (2.6M tons), Japan (2.5M tons), Indonesia (1.6M tons), China (1.4M tons) and South Korea (1.4M tons) represented the main importers of flat-rolled steel in coils, together making up 83% of total imports.

From 2013 to 2024, the biggest increases were recorded for Malaysia (with a CAGR of +3.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($5.2B), Thailand ($3.1B) and India ($2.3B) were the countries with the highest levels of imports in 2024, with a combined 53% share of total imports.

Vietnam, with a CAGR of +4.9%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Flat hot-rolled steel in coils was the major type of flat-rolled steel in coils in Asia-Pacific, with the volume of imports amounting to 24M tons, which was approx. 82% of total imports in 2024. It was distantly followed by flat cold-rolled steel in coils (5.2M tons), committing an 18% share of total imports.

Flat hot-rolled steel in coils experienced a relatively flat trend pattern with regard to volume of imports. flat cold-rolled steel in coils (-5.7%) illustrated a downward trend over the same period. Flat hot-rolled steel in coils (+11 p.p.) significantly strengthened its position in terms of the total imports, while flat cold-rolled steel in coils saw its share reduced by -10.6% from 2013 to 2024, respectively.

In value terms, flat hot-rolled steel in coils ($16.3B) constitutes the largest type of flat-rolled steel in coils imported in Asia-Pacific, comprising 81% of total imports. The second position in the ranking was held by flat cold-rolled steel in coils ($3.8B), with a 19% share of total imports.

For flat hot-rolled steel in coils, imports remained relatively stable over the period from 2013-2024.

The import price in Asia-Pacific stood at $693 per ton in 2024, surging by 1.6% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 55%. Over the period under review, import prices reached the maximum at $879 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Average prices varied noticeably amongst the major imported products. In 2024, the product with the highest price was flat cold-rolled steel in coils ($734 per ton), while the price for flat hot-rolled steel in coils stood at $684 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by flat hot-rolled steel coils (+0.7%).

In 2024, the import price in Asia-Pacific amounted to $693 per ton, rising by 1.6% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 55% against the previous year. The level of import peaked at $879 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Thailand ($794 per ton), while South Korea ($524 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Vietnam (+1.5%), while the other leaders experienced more modest paces of growth.

In 2024, approx. 62M tons of flat-rolled steel in coils were exported in Asia-Pacific; rising by 2.3% against the previous year. The total export volume increased at an average annual rate of +2.8% from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2023 with an increase of 26% against the previous year. Over the period under review, the exports reached the peak figure in 2024 and are expected to retain growth in the immediate term.

In value terms, flat-rolled steel coils exports declined to $37.4B in 2024. Total exports indicated a notable increase from 2013 to 2024: its value increased at an average annual rate of +2.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -14.9% against 2021 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 86% against the previous year. As a result, the exports reached the peak of $43.9B. From 2022 to 2024, the growth of the exports remained at a lower figure.

In 2024, China (31M tons) represented the main exporter of flat-rolled steel in coils, constituting 50% of total exports. It was distantly followed by Japan (15M tons), South Korea (5.5M tons), Taiwan (Chinese) (4.7M tons) and India (2.8M tons), together comprising a 45% share of total exports. Vietnam (2M tons) held a relatively small share of total exports.

From 2013 to 2024, average annual rates of growth with regard to flat-rolled steel coils exports from China stood at +12.3%. At the same time, Vietnam (+15.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +15.0% from 2013-2024. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.1%), India (-2.5%) and South Korea (-5.0%) illustrated a downward trend over the same period. While the share of China (+31 p.p.) and Vietnam (+2.3 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of India (-3.6 p.p.), Taiwan (Chinese) (-4.1 p.p.), Japan (-12.1 p.p.) and South Korea (-12.3 p.p.) displayed negative dynamics.

In value terms, China ($17B), Japan ($9.1B) and Taiwan (Chinese) ($3.9B) were the countries with the highest levels of exports in 2024, with a combined 80% share of total exports. South Korea, India and Vietnam lagged somewhat behind, together accounting for a further 18%.

Among the main exporting countries, Vietnam, with a CAGR of +16.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

In 2024, flat hot-rolled steel in coils (51M tons) was the major type of flat-rolled steel in coils, mixing up 82% of total exports. It was distantly followed by flat cold-rolled steel in coils (11M tons), generating an 18% share of total exports.

Flat hot-rolled steel in coils was also the fastest-growing in terms of exports, with a CAGR of +4.3% from 2013 to 2024. flat cold-rolled steel in coils (-1.8%) illustrated a downward trend over the same period. Flat hot-rolled steel in coils (+12 p.p.) significantly strengthened its position in terms of the total exports, while flat cold-rolled steel in coils saw its share reduced by -11.6% from 2013 to 2024, respectively.

In value terms, flat hot-rolled steel in coils ($29.4B) remains the largest type of flat-rolled steel in coils supplied in Asia-Pacific, comprising 79% of total exports. The second position in the ranking was held by flat cold-rolled steel in coils ($7.9B), with a 21% share of total exports.

For flat hot-rolled steel in coils, exports expanded at an average annual rate of +4.0% over the period from 2013-2024.

In 2024, the export price in Asia-Pacific amounted to $605 per ton, shrinking by -7.8% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 67% against the previous year. Over the period under review, the export prices attained the maximum at $829 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exported products. In 2024, the product with the highest price was flat cold-rolled steel in coils ($721 per ton), while the average price for exports of flat hot-rolled steel in coils amounted to $580 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by flat cold-rolled steel coils (+0.3%).

In 2024, the export price in Asia-Pacific amounted to $605 per ton, reducing by -7.8% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 67%. Over the period under review, the export prices hit record highs at $829 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2024, major exporting countries recorded the following prices: in Taiwan (Chinese) ($813 per ton) and Vietnam ($784 per ton), while China ($551 per ton) and Japan ($610 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the flat-rolled steel coils market in Asia-Pacific. 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.

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

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