Global Flat Steel Market To Be Driven By The Increasing Government Infrastructure Activities In The Forecast Period Of 2022-2027
May 14, 2022
The new report by Expert Market Research titled, ‘Global Flat Steel Market Report and Forecast 2022-2027’, 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.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2020): USD 853.6 Billion
- Forecast CAGR (2022-2027): 3.7%
The increasing government infrastructure activities and increasing automobile industry is driving the market growth. Various advancements in flat steel technology is also aiding the market growth. The market is witnessing growth due to the increasing demand for flat steel and a rise in the number of end-use sectors in emerging economies. Flat steels are economical and offer effective mechanical properties, which is driving the market growth. The rapidly expanding construction industry is predicted to boost the demand for flat steel in building and infrastructure applications. Additionally, favourable government initiatives and advances in flat steel technology are expected to help the industry’s growth.
Industry Definition and Major Segments
Flat steel refers to a type of processed metal that is generated via melting and stretching under an applied force. Flat steel is used in industries like automobile, domestic appliances, shipbuilding, and construction. It has high malleability and moldability.
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The major products of flat steel are:
- Sheets and Strips
The market can be broadly categorised on the basis of its material into:
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Tool Steel
On the basis of application, the market can be broadly segmented into:
- Building and Infrastructure
- Automotive and Other Transport
- Mechanical Equipment
The regional market of flat steel includes:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Technological improvement and increase in research and development activities is driving the demand of flat steel. Steel can be recycled and reused, which will lead to increase in the market in future. The industry is predicted to develop because to the growing global population and the increasing transportation needs. In this context, the flat steel sector is predicted to increase as the need for lightweight automobiles grows due to its low fuel consumption qualities.
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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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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