Flat Steel Market
Overview to 2022:
Flat steel products refer to semi-finished steel products
such as sheets and plates. The global flat steel market is expected to capture
a modest CAGR of 6% over the forecast period of 2014-2022, asserts Market
Research Future (MRFR) in an in-depth study. The global flat steel market was
valued at USD 380 Bn in 2015.
Flat steel products are of immense importance to steelmakers
since they are used in diverse applications across various end-use industries.
Application in automobiles, construction, shipbuilding, industrial machinery,
and domestic appliances are among the primary uses of flat steel.
Booming construction industry acts as a major drive behind
the growth of the global flat steel market. Hot rolled flat steel sheets are
extensively used in the construction industry since they can be used to form
large-sized structures. Lower cost and malleability make them more desirable
for mass applications. Rebound in constructional activities in the US and
across Europe has initiated solid growth within the global flat steel market.
The automotive industry too is a key end user of the global
flat steel market. Flat steel products such as hot rolled coils & sheets
find their application in wheel-disc in the automotive segment. Typical
applications of cold rolled steel sheets involve automotive bodies since they
can be painted better than hot rolled steel. Growth in the consumer durable
sector will also support demand for steel products.
Rise in infrastructural activities across the globe,
especially in the emerging economies is responsible for shaping the growth of
the global flat steel market. Construction of highways, bridges, airports,
ports, water transportation, pre-fabricated buildings, and power projects
purveyed by government funding for the same induces high demand within the
global flat steel market. Other factors substantiating the growth of the market
include robust growth in demand for flat steel products used in the
manufacturing industry.
On the other hand, the growth of the global flat steel products
market might be affected negatively by fluctuations in the price of raw
materials.
Get FREE Sample Here@
https://www.marketresearchfuture.com/sample_request/1885
Segmentation
The global flat steel market has been segmented based on end
user and product type.
By end-user, the global flat steel market has been segmented
into automobiles, construction & infrastructure, transport, and others. In
developed countries, flat steel products are always in demand in the automobile
sector. Flat steel is extensively used in the building & infrastructure
sector due to advantages associated with flat steel such as design flexibility,
high strength, and increased durability. It also reduces maintenance costs. In
the energy sector, flat steel is used for the development of infrastructure.
By product type, the global flat steel market has been
segmented into coated sheet, cold rolled sheet, hot rolled sheet, and plates.
Regional Analysis
The key markets for flat steel include Asia Pacific (APAC),
Europe, North America, and the Rest of the World (RoW).
The global flat steel market is dominated by APAC. The
booming construction industry and ongoing extensive infrastructural activities
taking place in the developing economies of the region such as China, India,
and Japan have created favorable growth opportunities for the flat steel
market. South Korea too is a significant market in the region.
Europe is the second largest market for flat steel driven by
the existence of various key players in the region. The steadily growing
automotive industry is a key growth influencer of the Europe flat steel market.
Austria, Germany, France, Luxembourg, Sweden, and the UK are the key
contributors to the Europe market. However, some key players are hiking the
price of flat steel in the region which might affect the growth of the market
adversely.
North America market is driven by similar factors as Europe
and is expected to showcase substantial growth over the forecast period. The
reviving construction industry in the region is likely to augur well for the
growth of the market.
Competitive Landscape
The key players in the global flat steel market include
POSCO (South Korea), SSAB (Sweden), Essar Steel (India), Nippon Steel &
Sumitomo Metal Corporation (Japan), United Steel Corporation (USA),
ArcelorMittal (Luxembourg), Hyundai Steel Co. (South Korea), ThyssenKrupp
(Germany),
Voestalpine (Austria), and Tata Steel Ltd (India).
Related Report @ https://www.marketresearchfuture.com/categories/chemicals-market-report
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
No comments:
Post a Comment