As per the latest report by IMARC Group, titled “Flat Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global flat steel market reached a value of US$
444.9 Billion in 2021. Flat steel refers to thin sheets or plates of steel rolled from semifinished steel slabs, billets and ingots. Some most commonly used flat steel products are hot-rolled and cold-rolled sheets, heavy plates, coated steel, slabs, billets, wire rods, blooms, and bars. Since these products are eco-friendly, cost-effective, and energy-efficient, they are widely utilized to manufacture consumer durables, truck trailers, electrical cable trays, strips, and structural beams. They also improve the durability, strength, quality, anti-corrosion properties, design flexibility, and ductility of the product while enhancing their overall service life. As a result, flat steel finds extensive applications across the construction, automotive, packaging and manufacturing industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Flat Steel Market Trends:
The expanding construction and automotive industries represent the primary factors driving the global market. With the rising residential and commercial construction activities, flat steel is extensively being used in high and low-rise buildings, security fencing, bridge deck plates, cladding and roofing, harbors, and coastal and flood defense systems. Additionally, the rising adoption of flat steel for manufacturing automobile structures, engine blocks, panels, doors, fuel tanks, gears, suspensions, braking systems, wheels, and steering, has catalyzed the market growth. Besides this, automobile manufacturers are increasingly utilizing flat and advanced high strength steel (AHSS) to reduce the overall weight and enhance the fuel efficiency of vehicles. This, in confluence with the growing usage of recycled steel scrap, is creating a positive market outlook. Furthermore, the implementation of favorable government policies, rising automobile sales, and increasing infrastructural development across the globe are some of the other factors bolstering the market growth. Looking forward, the market is projected to grow at a CAGR of 5.6% during the forecast period (2022-2027).
- Based on the product, the market has been bifurcated into sheets and strips, and plates.
- On the basis of the material, the market has been divided into carbon, alloy, stainless and tool steel.
- Based on the application, the market has been classified into building and infrastructure, automotive and other transport, mechanical equipment, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Allegheny Technologies Incorporated, ArcelorMittal S.A. (Mittal Steel Company), China Steel Corporation, Hyundai Steel Co. Ltd., JFE Steel Corporation (JFE Holdings, Inc.), Nippon Steel Corporation, POSCO, SSAB AB, Tata Steel Ltd., ThyssenKrupp AG, United States Steel Corporation, and voestalpine Stahl GmbH (voestalpine Group).
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