The new report by Expert Market Research titled, Global Flat Steel Market Trends, Size, Share, Scope, Analysis, Report and Forecast 2023-2028, gives an in-depth analysis of the global flat steel market, assessing the market based on its segments like products, materials, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 853.6 billion
- Forecast CAGR (2023-2028): 3.7%
- Forecast Market Size (2027): USD 992 billion
The thriving building and construction industry is driving the flat steel market, owing the rising demand for flat steel bars in garage doors, latches and heaters, and various components in the residential construction. Over the forecast period, the rapid urbanisation and steady development of commercial structures owing to the increasing standards of living are anticipated to propel the demand for flat steel in the forecast period.
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Moreover, the increasing demand for flat steel in the automotive industry in order to enhance safety and strength of the automobiles is likely to spearhead the market growth in the forecast period. Geographically, the Asia Pacific region accounts for a significant share in the market owing to the increasing investments in multihousing projects due to the rising population in India and China.
Flat Steel Industry Definition and Major Segments
Flat steel a type of metal which has a flat surface and is treated with zinc to help prevent the corrosion of a substrate. It is a processed metal which is generated through the melting and stretching under an applied force.
Flat steel products consist of both sheets and steel plates and are used across wide range of applications in various industries including automotive, domestic appliances, and construction, among others.
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On the basis of product, the market can be segmented into:
- Sheets and Strips
Based on material, the market can be classified into:
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
The significant applications of the product are as follows:
- Building and Infrastructure
- Automotive and Other Transport
- Mechanical Equipment
The regional markets for flat steel include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Flat Steel Market Trends
The key trends in the flat steel market include the technological advancements in the mechanical equipment in order to accelerate the mechanical operations in various end-use industries including construction, and automotive, among others.
Meanwhile, the increasing sales of electric vehicles and technical upgradations in the existing traditional fuel-based vehicles are anticipated to accelerate the demand for flat steel in the forecast period. The dramatic increase in the production of steel in the emerging economies owing to the significant growth attained by the commercial construction industry is likely to augment the market growth in the forecast period.
Key Market Players
The major players in the market are ArcelorMittal, PT KRAKATAU NIPPON STEEL SUMIKIN (KNSS), Baosteel Group Corporation, Tata Steel Limited, and JFE Steel Corporation, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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